Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
Entity Registrant Name | China Index Holdings Ltd |
Entity Central Index Key | 0001749797 |
Entity Interactive Data Current | Yes |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Class A ordinary shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 72,475,630 |
Class B ordinary shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 23,636,706 |
COMBINED AND CONSOLIDATED BALAN
COMBINED AND CONSOLIDATED BALANCE SHEETS - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | ¥ 214,076 | ¥ 164,202 |
Short-term investments | 125,000 | |
Accounts receivable, net of allowance for doubtful accounts | 24,243 | 15,534 |
Prepaid expenses and other current assets | 4,566 | 693 |
Prepayments to and amounts due from related parties | 4,820 | 1,970 |
Total current assets | 372,705 | 182,399 |
Non-current assets: | ||
Property and equipment, net | 2,873 | 3,932 |
Right of use assets | 49,595 | |
Total non-current assets | 52,468 | 3,932 |
Total assets | 425,173 | 186,331 |
Current liabilities: | ||
Accounts payable | 7,844 | 5,184 |
Amounts due to related parties (including amounts due to related parties of VIE without recourse to the Company of RMB33 and RMB130 as of December 31, 2018 and 2019, respectively) | 7,734 | 680 |
Deferred revenue | 203,531 | 143,254 |
Income taxes payable | 23,396 | 14,480 |
Accrued expenses and other liabilities (including accrued expenses and other liabilities of VIE without recourse to the Company of RMB30 and RMB322 as of December 31, 2018 and 2019, respectively) | 84,250 | 79,532 |
Total current liabilities | 326,755 | 243,130 |
Non-current liabilities: | ||
Long-term lease liabilities | 37,679 | |
Other non-current liabilities | 39,757 | 15,496 |
Total non-current liabilities | 77,436 | 15,496 |
Total liabilities | 404,191 | 258,626 |
Commitments and contingencies | ||
EQUITY (DEFICIT): | ||
Treasury shares (6,712,694 shares as of December 31, 2019) | (46) | |
Capital deficit | (135,179) | |
Retained earnings | 155,324 | |
Parent Company deficit | (72,522) | |
Accumulated other comprehensive income | 220 | 227 |
Total equity (deficit) | 20,982 | (72,295) |
Total liabilities and equity (deficit) | 425,173 | ¥ 186,331 |
Class A ordinary shares | ||
EQUITY (DEFICIT): | ||
Ordinary shares | 500 | |
Class B ordinary shares | ||
EQUITY (DEFICIT): | ||
Ordinary shares | ¥ 163 |
COMBINED AND CONSOLIDATED BAL_2
COMBINED AND CONSOLIDATED BALANCE SHEETS (Parenthetical) ¥ in Thousands | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥) |
Amounts due to related parties | ¥ | ¥ 7,734 | ¥ 680 |
Accrued expenses and other current liabilities | ¥ | ¥ 84,250 | 79,532 |
Number of shares issuable upon conversion of Class B ordinary share | 1 | |
Treasury shares | 6,712,694 | |
Class A ordinary shares | ||
Ordinary shares, shares authorized | 1,000,000,000 | |
Ordinary shares, issued shares | 72,475,630 | |
Ordinary shares, outstanding shares | 65,762,936 | |
Number of shares issuable upon conversion of Class B ordinary share | 1 | |
Class B ordinary shares | ||
Ordinary shares, shares authorized | 1,000,000,000 | |
Ordinary shares, issued shares | 23,636,706 | |
Ordinary shares, outstanding shares | 23,636,706 | |
VIEs | ||
Amounts due to related parties | ¥ | ¥ 130 | 33 |
Accrued expenses and other current liabilities | ¥ | ¥ 322 | ¥ 30 |
COMBINED AND CONSOLIDATED STATE
COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Revenues (including revenues from related parties of RMB4,131, RMB4,543 and RMB43,678 for the years ended December 2017, 2018 and 2019, respectively) | ¥ 579,650 | ¥ 421,024 | ¥ 335,037 |
Cost of revenues | |||
Cost of revenues (including cost of revenues resulting from transactions with related parties of RMB11,844, RMB9,504 and RMB11,082 for the years ended December 2017, 2018 and 2019, respectively) | (110,492) | (87,733) | (83,118) |
Gross profit | 469,158 | 333,291 | 251,919 |
Operating expenses: | |||
Selling and marketing expenses (including selling and marketing expenses resulting from transactions with related parties of RMB5,306, RMB4,320 and RMB4,761 for the years ended December 2017, 2018 and 2019, respectively) | (99,020) | (77,731) | (60,469) |
General and administrative expenses (including general and administrative expenses resulting from transactions with related parties of RMB9,158, RMB10,524 and RMB9,383 for the years ended December 2017, 2018 and 2019, respectively) | (82,615) | (66,993) | (47,252) |
Operating income | 287,523 | 188,567 | 144,198 |
Interest income | 2,200 | 664 | 1,828 |
Change in fair value of warrants | (1,152) | ||
Gains on sale of short-term investments | 714 | 4,842 | 2,129 |
Government grants | 903 | 1,395 | 868 |
Income before income taxes | 290,188 | 195,468 | 149,023 |
Income tax expenses | (44,737) | (30,048) | (20,870) |
Net income | 245,451 | 165,420 | 128,153 |
Other comprehensive income (loss) | |||
Foreign currency translation adjustments, net of nil income taxes | (7) | 49 | (82) |
Unrealized holding gains on short-term investments, net of RMB266, RMB726 and RMB107 income taxes for the years ended December 31, 2017, 2018 and 2019, respectively | 607 | 4,116 | 1,863 |
Less: Reclassification adjustment for gains on short-term investments realized in net income, net of RMB266, RMB726 and RMB107 income taxes for the years ended December 31, 2017, 2018 and 2019, respectively | (607) | (4,116) | (1,863) |
Total comprehensive income | ¥ 245,444 | ¥ 165,469 | ¥ 128,071 |
Earnings per share for Class A and Class B ordinary shares | |||
Basic and Diluted | ¥ 2.74 | ¥ 1.85 | ¥ 1.43 |
Weighted average number of Class A and Class B ordinary shares and ordinary shares equivalents outstanding: | |||
Basic | 89,515,153 | 89,399,642 | 89,399,642 |
Diluted | 89,545,710 | 89,399,642 | 89,399,642 |
COMBINED AND CONSOLIDATED STA_2
COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | ¥ 579,650 | ¥ 421,024 | ¥ 335,037 |
Cost of revenues | 110,492 | 87,733 | 83,118 |
Selling and marketing expenses | 99,020 | 77,731 | 60,469 |
General and administrative expenses | 82,615 | 66,993 | 47,252 |
Tax on foreign currency translation adjustments | 0 | 0 | 0 |
Tax on unrealized holding gains on available-for-sale securities | 107 | 726 | 266 |
Tax on reclassification adjustment for gains on available-for-sale securities realized in net income | 107 | 726 | 266 |
Related parties | |||
Revenues | 43,678 | 4,543 | 4,131 |
Cost of revenues | 11,082 | 9,504 | 11,844 |
Selling and marketing expenses | 4,761 | 4,320 | 5,306 |
General and administrative expenses | ¥ 9,383 | ¥ 10,524 | ¥ 9,158 |
COMBINED AND CONSOLIDATED STA_3
COMBINED AND CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY - CNY (¥) | Ordinary SharesClass A ordinary shares | Ordinary SharesClass B ordinary shares | Treasury Shares | Capital deficitFang Holding Limited's share-based awards | Capital deficit | Retained Earnings | Parent Company Investment (Deficit)Fang Holding Limited's share-based awards | Parent Company Investment (Deficit) | Foreign currency translation adjustments | Unrealized gain on available-for- sale securities | Fang Holding Limited's share-based awards | Total |
Beginning Balance at Dec. 31, 2016 | ¥ 228,135,000 | ¥ 260,000 | ¥ 228,395,000 | |||||||||
Changes in STATEMENTS OF EQUITY (DEFICIT) | ||||||||||||
Net income | 128,153,000 | 128,153,000 | ||||||||||
Foreign currency translation adjustments, net of nil income taxes | (82,000) | (82,000) | ||||||||||
Unrealized holding gains on available-for-sale securities, net of income taxes | ¥ 1,863,000 | 1,863,000 | ||||||||||
Reclassification adjustment for gains on available-for-sale securities realized in net income, net of income taxes | (1,863,000) | (1,863,000) | ||||||||||
Share-based compensation | ¥ 6,283,000 | ¥ 6,283,000 | ||||||||||
Net transfers to Parent | (336,751,000) | (336,751,000) | ||||||||||
Ending Balance at Dec. 31, 2017 | 25,820,000 | 178,000 | 25,998,000 | |||||||||
Changes in STATEMENTS OF EQUITY (DEFICIT) | ||||||||||||
Net income | 165,420,000 | 165,420,000 | ||||||||||
Foreign currency translation adjustments, net of nil income taxes | 49,000 | 49,000 | ||||||||||
Unrealized holding gains on available-for-sale securities, net of income taxes | 4,116,000 | 4,116,000 | ||||||||||
Reclassification adjustment for gains on available-for-sale securities realized in net income, net of income taxes | (4,116,000) | (4,116,000) | ||||||||||
Share-based compensation | 6,808,000 | 6,808,000 | ||||||||||
Net transfers to Parent | (270,570,000) | (270,570,000) | ||||||||||
Ending Balance at Dec. 31, 2018 | (72,522,000) | 227,000 | (72,295,000) | |||||||||
Changes in STATEMENTS OF EQUITY (DEFICIT) | ||||||||||||
Net income | ¥ 155,324,000 | 90,127,000 | 245,451,000 | |||||||||
Foreign currency translation adjustments, net of nil income taxes | (7,000) | (7,000) | ||||||||||
Unrealized holding gains on available-for-sale securities, net of income taxes | 607,000 | 607,000 | ||||||||||
Reclassification adjustment for gains on available-for-sale securities realized in net income, net of income taxes | ¥ (607,000) | (607,000) | ||||||||||
Share-based compensation | ¥ 4,340,000 | ¥ 3,894,000 | ¥ 8,234,000 | |||||||||
Net transfers to Parent | (160,401,000) | (160,401,000) | ||||||||||
Capitalization at separation | ¥ 500,000 | ¥ 23,636,706 | ¥ (139,519,000) | ¥ 138,902,000 | ||||||||
Capitalization at separation (in shares) | 65,762,936 | 163,000 | (46) | |||||||||
Ending Balance at Dec. 31, 2019 | ¥ 500,000 | ¥ 23,636,706 | ¥ (135,179,000) | ¥ 155,324,000 | ¥ 220,000 | ¥ 20,982,000 | ||||||
Ending Balance (in shares) at Dec. 31, 2019 | 65,762,936 | 163,000 | (46) |
COMBINED AND CONSOLIDATED STA_4
COMBINED AND CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
COMBINED AND CONSOLIDATED STATEMENTS OF (DEFICIT) EQUITY | |||
Tax on foreign currency translation adjustments | ¥ 0 | ¥ 0 | ¥ 0 |
Tax on unrealized holding gains on available-for-sale securities | 107 | 726 | 266 |
Tax on reclassification adjustment for gains on available-for-sale securities realized in net income | ¥ 107 | ¥ 726 | ¥ 266 |
COMBINED AND CONSOLIDATED STA_5
COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | ¥ 245,451 | ¥ 165,420 | ¥ 128,153 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Share-based compensation expense | 8,234 | 6,808 | 6,283 |
Depreciation | 1,119 | 1,188 | 697 |
Reduction in the carrying amount of the right-of-use assets | 4,984 | ||
Allowance for doubtful account | 4,842 | ||
Gains on sale of short-term investments | (714) | (4,842) | (2,129) |
Change in fair value of warrants | 1,152 | ||
(Gain) loss on disposal of property and equipment | 2 | (6) | (42) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (13,551) | (7,239) | (2,308) |
Prepayments to and amounts due from related parties | (4,820) | (1,970) | |
Prepaid expenses and other current assets | (3,871) | (321) | 1,231 |
Accounts payable | 2,660 | 1,494 | 1,770 |
Amounts due to related parties | 7,028 | 680 | (350) |
Deferred revenue | 60,272 | 13,622 | 38,651 |
Income tax payable | 8,916 | (8,128) | 7,155 |
Accrued expenses and other liabilities | 4,384 | 20,329 | 13,001 |
Long-term lease liabilities | (14,930) | ||
Other non-current liabilities | 22,881 | 15,484 | |
Net cash provided by operating activities | 334,039 | 202,519 | 192,112 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of short-term investments | (340,000) | (1,300,000) | (500,000) |
Proceeds from sales of short-term investments | 215,714 | 1,304,842 | 502,129 |
Purchase of property and equipment | (63) | (65) | (2,121) |
Proceeds from disposal of property and equipment | 1 | 26 | 112 |
Net cash provided by (used in) investing activities | (124,348) | 4,803 | 120 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Cash advance from related parties | 3,815 | ||
Repayment of cash advances from related parties | (3,815) | ||
Net transfers to the Parent Company | (160,194) | (270,570) | (336,751) |
Net cash used in financing activities | (160,194) | (274,385) | (332,936) |
Effect of foreign currency exchange rate changes on cash and cash equivalents | 377 | 77 | (91) |
Net (decrease) increase in cash and cash equivalents | 49,874 | (66,986) | (140,795) |
Cash and cash equivalents as of the beginning of the year | 164,202 | 231,188 | 371,983 |
Cash and cash equivalents as of the end of the year | 214,076 | 164,202 | 231,188 |
Supplemental disclosure of cash flow information: | |||
Income tax paid | 12,940 | ¥ 22,692 | ¥ 13,715 |
Issuance of warrants in connection with the separation from Fang | ¥ 207 |
Description of the organization
Description of the organization and principle activities | 12 Months Ended |
Dec. 31, 2019 | |
Description of the organization and principle activities | |
Description of the organization and principle activities | 1. (a) Organization and Principal Activities China Index Holdings Limited (“CIH” or the “Company”), formerly known as Selovo Investments Limited, is an exempted company with limited liability and was re-domiciled from the British Virgin Islands to the Cayman Islands on July 26, 2018. The Company separated from Fang Holdings Limited (“Fang” or the “Parent”) on June 11, 2019 (the “separation”), becoming an independent publicly traded company as a result of a pro rata distribution (the “distribution”) of all outstanding shares of CIH Class A ordinary shares to shareholders of Fang. On June 11, 2019, Fang’s shareholders of record received one share of CIH Class A ordinary shares for every one share of Fang ordinary shares held as of the record date. CIH ordinary shares began trading under the ticker symbol “CIH” on the NASDAQ on June 12, 2019. The Company, through its wholly-owned subsidiaries and consolidated variable interest entity (“VIE”), offers real estate data and analytics tools to customers. The Company also offers customers, primarily real estate developers, one-stop marketing solutions to promote their brands and enable customers to post and market their commercial properties and lands through the Company’s online marketing portals. All of the Company’s operations are located in the People’s Republic of China (“PRC”) with nearly all of its customers located in the PRC. (b) Contractual Arrangements In order to continue to operate its business after the separation of the Company from Fang in compliance with PRC regulatory requirements which restrict foreign ownership of value added telecommunications, CIH, through Beijing Zhong Zhi Shi Zheng Information Technology Co., Ltd ("WFOE"), which is a PRC operating entity of the Company, entered into a series of contractual agreements and arrangements ("VIE Agreements") with (1) Zhong Zhi Hong Yuan Information Technology Co., Ltd (“Zhong Zhi Hong Yuan”), a PRC legal entity, and (2) the shareholders of Zhong Zhi Hong Yuan, including Mr. Vincent Tianquan Mo, chairman of the board of directors and the controlling shareholder of the Company, and Ms. Yu Huang, director, chief executive officer and president of the Company. Zhong Zhi Hong Yuan was established by Mr. Mo and Ms. Huang on June 11, 2018. The registered capital of Zhong Zhi Hong Yuan is RMB1.5 million. Zhong Zhi Hong Yuan obtained a license of telecommunications and information services, or ICP license on July 2, 2019, from the government in order to carry out commercial Internet content provision operations in China. All of the equity interests of Zhong Zhi Hong Yuan are legally held by Mr. Mo and Ms. Huang. Both individuals are nominee equity holders of Zhong Zhi Hong Yuan and holding their equity interests on behalf of CIH. Through the VIE Agreements, the nominee equity holders of Zhong Zhi Hong Yuan have granted all their legal rights including voting rights and disposition rights of their equity interests in Zhong Zhi Hong Yuan to CIH. The nominee equity holders of Zhong Zhi Hong Yuan do not participate significantly in income and loss and do not have the power to direct the activities of Zhong Zhi Hong Yuan that most significantly impact its economic performance. Accordingly, Zhong Zhi Hong Yuan is considered a VIE. CIH has a controlling financial interest in the VIE because CIH has (i) the power to direct activities of the VIE that most significantly impact the economic performance of the VIE; and (ii) the obligation to absorb the expected losses and the right to receive expected residual return of the VIE that could potentially be significant to the VIE. Thus, CIH is the primary beneficiary of the VIE. Under the terms of the VIE Agreements, CIH has (i) the right to receive economic benefits that could potentially be significant to the VIE in the form of service fees under the exclusive technical consultancy and services agreement; (ii) the right to receive all dividends declared by the VIE and the right to all undistributed earnings of the VIE; (iii) the right to receive the residual benefits of the VIE through its exclusive option to acquire 100% of the equity interests in the VIE, to the extent permitted under PRC law. Accordingly, the financial statements of the VIE are consolidated in the Company’s combined and consolidated financial statements. Under the terms of the VIE Agreements, the VIE’s nominee equity holders have no rights to the net assets nor have the obligations to fund the deficit, and such rights and obligations have been vested to CIH. All of the equity (net assets) and net loss of the VIE are attributed to CIH. The key terms of the VIE Agreements are as follows: Equity Pledge Agreement. Pursuant to the equity pledge agreement, each nominee equity holder of the VIE has pledged all of his or her equity interest in the VIE to guarantee the VIE’s performance under the exclusive technical consultancy and services agreement. If the VIE or its nominee equity holder breach their contractual obligations under this agreement, WFOE, as pledgee, will be entitled to certain rights regarding the pledged interests, including receiving proceeds from the auction or sale of all or part of the pledged interests of the VIE in accordance with the law. Each nominee equity holder of the VIE agrees that, during the term of the equity pledge agreement, he or she will not dispose of the pledged equity interests or create or allow any encumbrance on the pledged equity interests without the prior written consent of WFOE. WFOE also has the right to receive dividends of the VIE from its nominee equity holder. The equity pledge agreements remain effective for 10 years commencing from June 11, 2018 and can be extended at the sole discretion of WFOE. The pledge was registered with the relevant local administration for industry and commerce in July 2018 and will remain binding until the VIE and their nominee equity holders discharge all their obligations under the contractual arrangements. The registration of the equity pledge enables the WFOE to enforce the equity pledge against third parties who acquire the equity interests of the VIE in good faith. Shareholders’ Proxy Agreement. Under the shareholders’ proxy agreement, the nominee equity holders agreed to irrevocably entrust WFOE to exercise their rights as the registered equity holders of the VIE to attend shareholders’ meetings, cast votes on all matters of the VIE requiring shareholder approval. WFOE may assign part or all of these proxy rights to its designated employees. WFOE will be indemnified for any loss under this agreement. This agreement will also be binding upon successors of the parties or transferees of the parties’ equity interests. This agreement will remain in effect until terminated upon written consent by all the parties to the agreement or by their successors. Exclusive Technical Consultancy and Services Agreement. Under the exclusive technical consultancy and services agreement among WFOE and the VIE, WFOE has the exclusive right to provide the VIE with technical services relating to its business. In exchange for these services, the VIE has agreed to make monthly payments to the service provider for such services at an amount determined by the time consumed, the seniority of employees of WFOE providing services to the VIE and amounts agreed by WFOE and the VIE for services provided. Without WFOE’s prior written consent, the VIE agrees not to accept the same or any similar services provided by any third party. WFOE own the intellectual property rights arising out of the performance of this agreement. The agreement has an original term of 10 years commencing from June 11, 2018 which can be extended by WFOE at their sole discretion, or can be terminated by WFOE upon 30 days’ advance notice. Operating Agreement. Under the operating agreement, WFOE has undertaken to enter into guarantee contracts with third parties, as required by third parties, to guarantee the performance of the VIE under its business contracts with third parties. In return, the VIE is required to pledge its accounts receivable and mortgage all of its assets as counter security to WFOE. Each of the VIE and the nominee equity holders has agreed not to enter into any transaction that would substantially affect the assets, rights, obligations or operations of the VIE without the prior written consent of WFOE. The agreement has an original term of 10 years which can be extended prior to the expiration with written confirmation from WFOE, or can be terminated by WFOE upon 30 days’ advance notice. Exclusive Call Option Agreement. Pursuant to the exclusive call option agreements, each equity holder of the VIE has irrevocably granted CIH and WFOE an exclusive option to purchase, or have its designated person or persons to purchase, at its discretion, to the extent permitted under PRC law, all or part of the equity interests in the VIE. The purchase price shall be the minimum price permitted under PRC law. Without CIH and WFOE’s prior written consent, the VIE shall not 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, provide any loans to any third parties, enter into any material contract with a value of more than RMB100,000 (except those contracts entered into in the ordinary course of business), conduct mergers or acquisitions or make any investments, or distribute dividends to the shareholders. Each shareholder of the VIE has agreed that, without CIH and WFOE’s prior written consent, he or she will not dispose his or her equity interests in the VIE or create or allow any encumbrance on their equity interests. Moreover, without CIH and WFOE’s prior written consent, no dividend will be distributed to the VIE’s equity holders, and if any of the equity holders receives any profit, interest, dividend or proceeds of share transfer or liquidation, the equity holder must give such profit, interest, dividend and proceeds to CIH and WFOE or their designated person(s). The agreement has an original term of 10 years commencing from June 11, 2018 which can be extended at the sole discretion of CIH and WFOE. Loan Agreement. Pursuant to the loan agreement among WFOE and the equity holders of the VIE, WFOE made loans in an aggregate amount of RMB1.5 million to the equity holders of the VIE solely for making contributions to the business development of the VIE. Pursuant to the loan agreement, the equity holders of the VIE shall repay the loan by transfer of all his or her equity interest in the VIE to WFOE or their designated person(s). The equity holders of the VIE must pay all of the proceeds from sale of such equity interests to WFOE. The loan must be repaid immediately under certain circumstances, including, among others, if a foreign investor is permitted to operate the value added telecommunication service business and CIH and WFOE elect to exercise its exclusive equity purchase option. The loan agreement has an original term of 10 years commencing from June 11, 2018 which will be automatically extended until WFOE agree and is permitted to directly hold the equity interest of the VIE under applicable laws of the PRC. The equity holders of the VIE shall not repay such loans in advance unless it is otherwise provided in this agreement. The Company relies on the VIE Agreements to operate and control the VIE. All of the VIE Agreements are governed by PRC laws and provide for the resolution of disputes through arbitration in China. Accordingly, these contracts would be interpreted in accordance with PRC laws and any disputes would be resolved in accordance with PRC legal procedures. The legal system in the PRC is not as developed as in some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements. In the event that the Company is unable to enforce these contractual arrangements, or if the Company suffers significant delay or other obstacles in the process of enforcing these contractual arrangements, it may not be able to exert effective control over the VIE and relevant rights and licenses held by it which the Company requires in order to operate its business, and its ability to conduct its business may be negatively affected. In the opinion of management, based on the legal opinion obtained from the Company's PRC legal counsel, the above contractual arrangements are legally binding and enforceable and do not violate current PRC laws and regulations. However, there are uncertainties regarding the interpretation and application of existing and future PRC laws and regulations. Accordingly, the Company cannot be assured that PRC regulatory authorities will not ultimately take a contrary view to its opinion. If the current ownership structure of the Company and the VIE Arrangements are found to be in violation of any existing or future PRC laws and regulations, the PRC government could: (a) revoking the business and operating licenses of the Company; (b) levying fines on the Company; (c) confiscating any of the income that they deem to be obtained through illegal operations; (d) shutting down the Company’s services; (e) discontinuing or restricting the Company’s operations in China; (f) imposing conditions or requirements with which the Company may not be able to comply; (g) requiring the Company to change its corporate structure and contractual arrangements; (h) restricting or prohibiting the use of the proceeds from overseas offering to finance the Company’s VIE’s business and operations; and (i) taking other regulatory or enforcement actions that could be harmful to the Company’s business. If the imposition of any of these penalties or requirement to restructure the Company’s corporate structure causes it to lose the rights to direct the activities of the VIE or the Company’s right to receive its economic benefits, the Company would no longer be able to consolidate the financial results of the VIE in its combined and consolidated financial statements. In the opinion of management, the likelihood of deconsolidation of the VIE is remote based on current facts and circumstances. The Company’s involvement with VIE under the VIE Agreements affected the Company’s combined and consolidated financial position, results of operations and cash flows as indicated below. All intercompany transactions and balances with the Company and its wholly-owned subsidiaries have been eliminated upon consolidation. The assets and liabilities of the VIE that were included in the accompanying combined and consolidated financial statements as of December 31, 2018 and 2019 are as follows: As of December 31, 2018 2019 Total assets 1,429 1,113 Total liabilities 63 452 The financial performance and cash flows of the VIE that were included in the accompanying combined and consolidated financial statements for the years ended December 31, 2018 and 2019 are as follows: For the Year Ended December 31, 2018 2019 Revenues — 26 Net loss (134) (705) Net cash used in operating activities (71) (318) Net cash provided by financing activities 1,500 — Net cash provided by financing activity represents capital injection in the VIE by nominee equity holders, which was eliminated upon consolidation. In accordance with the VIE Agreements, CIH has the power to direct the activities of the VIE. Therefore, the Company considers that there are no assets in the VIE that can be used only to settle obligations of the VIE, except for the registered capital of the VIE in the amount of RMB1,500 as of December 31, 2019. None of the assets of the VIE have been pledged or collateralized. The creditors of the VIE do not have recourse to the general credit of CIH and WFOE. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | 2. (a) Basis of Presentation and Principles of Consolidation The accompanying combined and consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (''GAAP''). In connection with the Company’s separation from Fang, the direct and indirect equity interests of all of the Company’s operating subsidiaries and intermediate holding companies were transferred from Fang to the Company, when the Company was still one of Fang’s subsidiaries, through a series of transactions, which were completed in May 2019. As a result of these transactions, the Company assumed all of the business and operations of real estate information, analytics and marketplace services business from Fang by acquiring the relevant portion of the businesses historically not conducted by the Company. The Company separated from Fang on June 11, 2019, becoming an independent publicly traded company as a result of a pro rata distribution of all outstanding shares of CIH ordinary shares to shareholders of Fang. The financial statements presented herein represent (i) prior to June 11, 2019, the combined financial statements of Fang’s real estate information, analytics and marketplace services business when the Company was a wholly owned subsidiary of Fang and (ii) subsequent to June 11, 2019, the consolidated financial statements of the Company as a separate publicly traded company following its separation from Fang. The combined financial statements have been prepared on a stand-alone basis and are derived from Fang's consolidated financial statements and underlying accounting records. The combined financial statements include all revenues, costs, assets and liabilities directly attributable to the Company either through specific identification or allocation. Allocation of Expenses Prior to the separation, Fang has historically performed centralized functions on behalf of the Company. Accordingly, certain Fang’s costs have been allocated to the Company and reflected as expenses in the combined and consolidated financial statements for the years ended December 31, 2017 and 2018, and the period between January 1, 2019 and June 11, 2019. Expense allocation primarily relate to centralized functions, including finance, accounting, treasury, tax, legal, internal audit and human resources functions. In addition, expense allocations include, among other costs, IT maintenance and professional fees. All of the allocations of costs are deemed to have been incurred and settled through parent company deficit in the period when the costs were recorded. The allocations of costs were based on the number of staff of the Company relative to Fang’s total number of staff, or the Company’s revenues relative to Fang’s total revenues, where appropriate. Management considers the allocation methodologies used to be reasonable and appropriate reflections of the historical parent expenses attributable to the Company. The expenses reflected in the combined and consolidated financial statements may not be indicative of the actual expenses that would have been incurred during the periods presented if the Company had operated as a separate, stand-alone entity. It is not practicable to estimate actual costs that would have been incurred had the Company been a stand-alone company during the periods presented. Following the separation from Fang, the Company performs these functions using its own resources or purchased services. The following table sets forth cost of revenues, selling and marketing expenses, and general and administrative expenses, allocated from Fang for the years ended December 31, 2017 and 2018, and the period between January 1, 2019 and June 11, 2019: For the period For the Year Ended between January 1 December 31, and June 11, 2017 2018 2019 Cost of revenues 3,853 4,622 2,309 Selling and marketing expenses 2,218 441 305 General and administrative expenses 5,410 4,856 1,723 Total 11,481 9,919 4,337 Cash Management and Treasury The Company funds its operations through cash generated from operating activities. Prior to June 11, 2019, excess cash has historically been repatriated to Fang through intercompany advances. Transfers of cash both to and from Fang are included within parent company investment (deficit) on the combined statements of equity (deficit). Fang has issued debt for general corporate purposes but in no case has any such debt been guaranteed or assumed by the Company or otherwise secured by the assets of the Company. As Fang’s debt and related interest is not directly attributable to the Company, no such amounts have been allocated to the combined financial statements before the separation. Parent Company Deficit Parent company deficit in the combined and consolidated balance sheets represents Fang’s historical investment in the Company, the Company’s accumulated net earnings after income taxes, and the net effect of transactions with and allocations from Fang prior to June 11, 2019. The combined and consolidated statements of equity (deficit) include net cash transfers to and from Fang and the Company. All intercompany transactions that are not cash settled through parent company deficit in the accompanying combined and consolidated balance sheets are considered to be settled at the time the transaction is recorded. The total net effect of the settlement of these transactions is reflected in financing activities in the accompanying combined and consolidated statements of cash flows. Upon the separation, parent company deficit formed the Company’s ordinary shares, treasury shares and capital deficit. The consolidated financial statements include the financial statements of the Company, its wholly-owned subsidiaries and the VIE. All intercompany transactions and balances among the Company, its wholly-owned subsidiaries and the VIE have been eliminated upon consolidation. (b) Use of Estimates The preparation of the combined and consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of expenses during the reporting periods. Significant items subject to such estimates and assumptions include the collectability of accounts receivable, estimated stand-alone selling prices of performance obligations, the accruals for tax uncertainties and allocation of expenses, fair value of the warrants and share-based compensation awards, and the incremental borrowing rate used in calculating operating lease liabilities. Changes in facts and circumstances may result in revised estimates. Actual results could materially differ from those estimates. (c) Foreign Currency The functional currency of the Company’s non-PRC subsidiaries is United States Dollars (“US$”), whereas the functional currency of the Company’s PRC subsidiaries and the VIE is Chinese Renminbi (“RMB”). Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rate at the balance sheet date. The resulting exchange differences are recorded in general and administrative expenses in the combined and consolidated statements of comprehensive income. The Company uses RMB as its reporting currency. Assets and liabilities of entities with functional currencies other than RMB are translated into RMB using the exchange rate on the balance sheet date. Revenues and expenses are translated into RMB at average rates prevailing during the reporting period. The resulting foreign currency translation adjustment are recorded in accumulated other comprehensive income within equity. Since the RMB is not a fully convertible currency, all foreign exchange transactions involving RMB must take place either through the People’s Bank of China (the "PBOC") or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC. (d) Cash and Cash Equivalents Cash and cash equivalents represent cash on hand, demand deposits and highly liquid investments placed with banks, which have original maturities of three months or less at the date of purchase and are readily convertible to known amounts of cash. Cash and cash equivalents maintained at banks consist of the following: As of December 31, 2018 2019 RMB denominated bank deposits with financial institutions in the PRC 162,292 182,180 RMB denominated bank deposits with financial institutions in Hong Kong Special Administrative Region ("HK SAR") 727 1,212 US dollar denominated bank deposits with a financial institution in HK SAR 970 1,904 HK dollar denominated bank deposits with a financial institution in HK SAR 177 264 USD denominated bank deposits with a financial institution in BVI — 28,494 (e) Short-term Investments Short-term investments include financial products, which are mainly deposits with variable interest rates placed with financial institutions. The Company classifies the financial products as available-for-sale securities, which are recorded at fair value. Unrealized holding gains and losses, net of the related income tax effect, on available-for-sale securities are excluded from earnings and reported as a separate component of accumulated other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific-identification basis. During the years ended December 31, 2017, 2018 and 2019, the Company invested RMB500,000, RMB1,300,000 and RMB340,000 in financial products managed by a financial institution in the PRC. The terms of the financial products range between 7 days and 76 days. The Company recorded a gain of RMB2,129, RMB4,842 and RMB714 on the financial products, which was included in gains on sale of short-term investments in the combined and consolidated statements of comprehensive income for the years ended December 31, 2017, 2018 and 2019, respectively. The financial products matured before December 31, 2017 and 2018, respectively. The balance of RMB125,000 was recorded in the consolidated balance sheet as of December 31, 2019, including RMB70,000 and RMB55,000 acquired on December 25 and December 18,2019, and matured on January 13 and January 17, 2020, respectively. (f) Property and Equipment, Net Property and equipment are stated at cost less depreciation and any impairment. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Electronic equipment 3 to 5 years Office furniture 5 years Leasehold improvement Shorter of the lease term or the estimated useful life of the assets Ordinary maintenance and repairs are charged to expenses as incurred, while replacements and betterments are capitalized. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value of the item disposed and proceeds realized thereon. (g) Operating Leases The Company leases premises for offices under non-cancellable operating leases. There are no capital improvement funding, lease concessions, escalated rent provisions or contingent rent in the lease agreements. The Company has no legal or contractual asset retirement obligations at the end of the lease term. The Company early adopted Accounting Standard Codification (“ASC”) Topic 842 Leases , as of January 1, 2019, using a modified retrospective method for leases that exist at, or are entered into after, January 1, 2019, and has not recast the comparative years presented in the combined and consolidated financial statements. Prior to the adoption of ASC Topic 842, operating leases were not recognized on the balance sheet of the Company, but payments made under operating lease are charged to the combined and consolidated statements of comprehensive income on a straight-line basis over the term of underlying lease. Upon adoption of ASC Topic 842, Right of use (“ROU”) assets and lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease term. As the rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate at the lease commencement date in determining the imputed interest and present value of lease payments. The incremental borrowing rate was determined based on the rate of interest that the Company would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The incremental borrowing rate is primarily influenced by the risk-free interest rate of China, the Company’s credit rating and lease term. The Company has elected not to recognize ROU assets or lease liabilities for leases with an initial term of 12 months or less and recognizes a single lease cost on a straight-line basis over the remaining lease term for the operating leases. (h) Impairment of Long-lived Assets Long-lived assets, including property and equipment and right of use assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of a long-lived asset or asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying value of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment loss is recognized by the amount that the carrying value exceeds the estimated fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third party independent appraisals, as considered necessary. Assets to be disposed are reported at the lower of carrying amount or fair value less costs to sell, and are no longer depreciated. No impairment of long-lived assets was recognized for any of the years presented. (i) Revenue Recognition The Company derives revenues by (i) providing data and analytics services, including database subscription and customized analytics services and (ii) providing marketplace services, including promotion services and listing services. Periods prior to January 1, 2018 Prior to January 1, 2018, revenues for each type of service were recognized only when the following criteria were met: (a) persuasive evidence of an arrangement exists; (b) price is fixed or determinable; (c) delivery of services has occurred; and (d) collectability is reasonably assured. For multiple-element arrangements involving a combination of data and analytics services, promotion services and listing services, the Company allocated revenue to all deliverables based on their relative selling prices. The Company used a hierarchy to determine the selling price to be used for allocating revenue to deliverables: (i) vendor-specific objective evidence of fair value ("VOSE"), (ii) third-party evidence of selling price ("TPE") and (iii) best estimate of selling price ("ESP"). VSOE generally existed only when the Company sold the deliverable separately and was the price actually charged by the Company for that deliverable. ESPs reflected the Company’s best estimates of what the selling prices of elements would be if they were sold regularly on a stand-alone basis. Value-added taxes ("VAT") and surcharges collected from customers and remitted to governmental authorities were presented on a gross basis, and included in both revenues and cost of revenues. For the year ended December 31, 2017, VAT and surcharges was RMB18,889. All service fees received in advance of the provision of services were initially recorded as deferred revenue and subsequently recognized as revenues when the related services were performed by the Company. Information and Analytics Services Data Services The Company derives revenues by providing access and analytics tools, including appraisal and rating modules, and city maps, based on its proprietary database of commercial real estate information, typically through a fixed monthly fee for its subscription-based services. Revenues from subscription-based services were recognized on a straight-line basis over the subscription period. Analytics Services Revenues derived from customized research reports were recognized when the Company delivered the reports to customers. There are no contractual customer acceptance provisions. For the year ended December 31, 2017, sales returns were minimal. The Company provides data monitoring and survey services over a period of time, generally less than one year. Revenues were recognized on a straight-line basis over the term of the agreement. See Note 9 in details of analytics services revenue from Fang. Marketplace Services Promotion Services The Company offers promotion services, consisting of a number of online and offline themed campaigns, including industry forums, periodic updates and online promotions to its customers to promote their brands. The arrangement contained a number of defined but not identical or similar acts to be performed over the period of one year. The deliverables under the arrangement were treated as a combined unit of accounting as each of the deliverable did not have standalone value. The costs related to each separate deliverable were not determinable. Revenues of promotion services were recognized on a straight-line basis over the period of one year. Listing Services Listing services comprise of commercial property listing and agent services for commercial properties. Commercial listing services entitle customers to post and make changes to information for commercial properties on the website and mobile apps for a specified period of time, which typically range from one to three months, in exchange for a fixed fee. Revenues were recognized on a straight-line basis over the service period. The Company also acts as an agent on behalf of Fang on listing services for commercial properties. Revenues were recognized when Fang and its customers entered into a sales contract, and reported on net basis as the Company was not the primary obligor in the transactions, did not have general inventory risk and did not have reasonable latitude to establish the exchange price with a customer for the services. See Note 9 for details of listing services revenue from Fang. Periods commencing January 1, 2018 Since the early adoption of Accounting Standard Codification (“ASC”) Topic 606 , Revenue from Contracts with Customers starting from January 1, 2018, the Company recognizes revenues upon the satisfaction of its performance obligation (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services, excluding amounts collected on behalf of third parties (for example, value-added taxes). For each performance obligation satisfied over time, the Company recognizes revenue over time by measuring the progress toward complete satisfaction of that performance obligation. If the Company does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time. The Company’s contracts with customers often include promises to transfer multiple products and services. For these contracts, the Company accounts for individual performance obligations separately if they are capable of being distinct and distinct within the context of the contract. Determining whether products and services are considered distinct performance obligations may require significant judgment. Judgment is also required to determine the stand-alone selling price ("SSP") for each distinct performance obligation. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. Information and Analytics Services Data Services The Company derives revenues by providing access and analytics tools, including appraisal and rating, and land modules, based on its proprietary database of commercial real estate information, typically through a fixed monthly fee for its subscription-based services. The Company determines that the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract and the earning process is straight-line. Revenues from subscription-based services are recognized on a straight-line basis over the subscription period. Analytics Services The Company derives revenues by providing customized research reports to customers. There are no contractual customer acceptance provisions. Revenues from customized research reports are recognized when the Company delivers the reports to customers, which is when the control over the report has been transferred to customers. The Company provides data monitoring and survey services over a period of time, generally less than one year. Revenues are recognized on a straight-line basis over the term of the agreement since the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract and the earning process is straight-line. See Note 9 in details of analytics services revenue from Fang and other related parties. Marketplace Services Promotion Services The Company offers promotion services, consisting of a number of online and offline themed campaigns, including industry forums, periodic updates and online promotions to its customers to promote their brands. The promotion services contain a number of defined but not identical or similar activities to be performed over the period of one year. These activities are to fulfill the promotion service and are not separate promises in the contract. The Company determines that each day of the promotion service is distinct because the customer can benefit from each increment of service on its own (that is, it is capable of being distinct) and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the Company’s ability to fulfill another day of service or the benefit to the customer of another day of service. The Company determines that it is providing a series of distinct goods or services because the services provided each day are substantially the same, the customer simultaneously receives and consumes the benefits provided by the Company as the Company performs, and the same measure of progress would be used to measure the Company’s progress toward satisfying its promise to provide the promotion services. Revenues of promotion services are recognized on a straight-line basis over the period of one year. Listing Services Listing services comprise of commercial property listing and listing agent services for commercial properties. Commercial listing services entitle customers to post and make changes to information for commercial properties on the website and mobile apps for a specified period of time, which typically range from one to three months, in exchange for a fixed fee. Revenues are recognized on a straight-line basis over the service period. The Company determines that its performance pattern to be straight-line since the customer simultaneously receives and consumes the benefits provided by the Company as the Company performs during the term of the contract and the earning process is straight-line. The Company also acts as an agent on behalf of Fang on listing services for commercial properties. The Company determines that it acts as an agent for the listing service because it does not obtain control of the listing service from Fang before the service is transferred to the customer. Revenues are recognized when Fang and its customers enter into a sales contract and reported on net basis. See Note 9 for details of listing services revenue from Fang. Contract Balances The Company bills its customers based upon contractual schedules, which normally is based on the passage of time. The timing of revenue recognition, billings and cash collections result in accounts receivable and contract liabilities (i.e. deferred revenue). Accounts receivable are recognized in the period when the Company has transferred products or provided services to its customers and when its right to consideration is unconditional. Amounts collected on accounts receivable are included in net cash provided by operating activities in the combined and consolidated statements of cash flows. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The Company reviews its allowance for doubtful accounts on a customer-by-customer basis. Accounts receivable are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2018 and 2019, the Company does not have any off-balance-sheet credit exposure related to its customers. An allowance for doubtful accounts of RMB nil and RMB4,842 were recorded as of December 31, 2018 and 2019, respectively. There were no write-offs of accounts receivable for the years ended December 31, 2017, 2018 and 2019. Deferred revenue (a contract liability) is recognized when the Company has an obligation to transfer goods or services to a customer for which the Company has received consideration from the customer, or for which an amount of consideration is due from the customer. (j) Advertising Expenses Advertising costs are expensed as incurred and included in selling and marketing expenses in the combined and consolidated statements of comprehensive income. For the years ended December 31, 2017, 2018 and 2019, advertising expenses were RMB1,769, RMB805 and RMB5,270, respectively. (k) Research and Development Expenses Research and development expenses are expensed as incurred. The Company has reclassified research and development expenses in the amount of RMB17,219 and RMB20,761 for the years ended December 31, 2017 and 2018, respectively, to general and administrative expenses, instead of presenting them separately, in the Company’s combined and consolidated statements of comprehensive income, to conform to its current year presentation. Research and development expenses was RMB32,032 for the year ended December 31, 2019. (l) Employee Benefits Pursuant to relevant PRC regulations, the Company is required to make contributions to various defined contribution plans organized by municipal and provincial PRC governments. The contributions are made for each PRC employee at rates ranging from 25.35 % to 43.1 % on a standard salary base as determined by local social security bureau. Contributions to the defined contribution plans are charged to the combined and consolidated statements of comprehensive income when the related service is provided. For the years ended December 31, 2017, 2018 and 2019, the costs of the Company’s obligations to the defined contribution plans amounted to RMB13,129, RMB15,006 and RMB14,281 respectively. The Company has no other obligation for the payment of employee benefits associated with these plans beyond the contributions described above. (m) Government Grants Government grant is recognized when there is reasonable assurance that the Company will comply with the conditions attach to it and the grant will be received. Government grant for the purpose of giving immediate financial support to the Company with no future related costs or obligation is recognized in the Company’s combined and consolidated statements of comprehensive income when the grant becomes receivable. The government grants with certain operating conditions are recorded as liabilities when received and will be recorded as government grant when the conditions are met. RMB868, RMB1,395 and RMB903 of government grants were recognized for the years ended December 31, 2017, 2018 and 2019, respectively. (n) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss and tax credit carryforwards, if any. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the combined and consolidated statements of comprehensive income in the period the change in tax rates or tax laws is enacted. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset deferred tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle deferred tax liabilities and assets on a net basis or their deferred tax assets and liabilities will be realized simultaneously. The Company reduces the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is "more-likely-than-not" that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a "more-likely-than-not" realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of futures profitability, the duration of statutory carryforward periods, the Company’s experience with operating loss and tax credit carryforwards, if any, not expiring. The Company recognizes in its financial statements the impact of a tax position if that position is "more-likely-than-not" to prevail based on the facts and technical merits of the position. Tax positions that meet the "more-likely-than-not" recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Interest and penalties recognized related to an unrecognized tax benefits are classified as income tax expense in the combined and consolidated statements of comprehensive income. (o) Share Based Compensation Prior to the separation, certain of the Company’s employees participate in Fang’s share-based compensation plans. All grants of share-based awards to employees classified as equity awards are recognized in the financial statements based on their grant date fair values. The Company recognizes compensation cost for an equity classified award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant date fair value of such award that is vested at that date. For equity awards that contain both a service condition and a performance condition, the Company recognizes compensation cost on a tranche-by-tranche basis. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed. The cancellation of an award and the concurrent grant of a replacement award are accounted for as a modification of the terms of the cancelled award. Modification accounting is applied if there is a change in the fair value or vesting conditions of the cancelled and repl |
ACCOUNTS RECEIVABLE, NET OF ALL
ACCOUNTS RECEIVABLE, NET OF ALLOWANCE FOR DOUBTFUL ACCOUNTS | 12 Months Ended |
Dec. 31, 2019 | |
ACCOUNTS RECEIVABLE, NET OF ALLOWANCE FOR DOUBTFUL ACCOUNTS | |
ACCOUNTS RECEIVABLE, NET OF ALLOWANCE FOR DOUBTFUL ACCOUNTS | 3. Accounts receivable, net of allowance for doubtful accounts were summarized as follows: As of December 31, 2018 2019 Accounts receivable 15,534 29,085 Allowance for doubtful accounts — (4,842) Accounts receivable, net of allowance for doubtful accounts 15,534 24,243 The movement of the allowance for doubtful accounts for the year ended as of December 31, 2019 is as follows: For the Year Ended December 31, 2018 2019 Balance as of the beginning of the year — — Additions charged to bad debt expense — 4,842 Balance as of the end of the year — 4,842 |
RIGHT OF USE ASSETS
RIGHT OF USE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
RIGHT OF USE ASSETS | |
RIGHT OF USE ASSETS | 4. The Company leases offices from Fang and third parties. The Company has elected not to recognize ROU assets or lease liabilities for leases from third parties with an initial term of 12 months or less. The Company entered a lease framework agreement (the Agreement) with Fang, pursuant to which the Company leases offices from Fang’s wholly-owned subsidiaries at annual rental fee of RMB7,621. The Agreement is effective from January 1, 2018 with initial lease term of 10 years. As of December 31, 2018, the lease prepayment to these Fang’s wholly-owned subsidiaries were RMB1,970. The balance was reclassified into the balance of ROU assets as of January 1, 2019, as the result of adoption of ASC Topic 842. The following table summarizes the effect on the combined balance sheets as a result of adopting ASC Topic 842. As of December 31, As of January 1, 2018 Effect of Adoption 2019 RMB RMB RMB Prepaid expenses and other current assets 1,970 (1,970) — Right-of-use assets — 54,579 54,579 Long-term lease liabilities — (52,609) (52,609) The Company adopted ASC Topic 842 on January 1, 2019, using a modified retrospective method for the lease. ROU assets and lease liabilities are recognized for the operating leases under the Agreement based on the present value of lease payments over the remaining lease term of 9 years as of January 1, 2019. As the rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate of 4.83% in determining the imputed interest and present value of lease payments. The ROU assets and the amortization were summarized as follows: As of December 31, 2019 Right of use assets 54,579 Less: Accumulated amortization (4,984) Right of use assets 49,595 Cash paid for amounts included in the measurement of operating lease liabilities was RMB17,567 for the year ended December 31, 2019. Rental expense was allocated to the following expense items: For the Year Ended December 31, 2019 Cost of revenues 2,108 General and administrative expenses 1,802 Selling and marketing expenses 3,711 Total rental expenses 7,621 Maturities of the lease liabilities as of December 31, 2019 were as follows: Years Ended December 31, RMB’000 2020 — 2021 3,326 2022 7,621 2023 7,621 2024 7,621 Thereafter 22,863 Total undiscounted lease payments 49,052 Less: Imputed interest (11,373) Present value of lease liabilities balance 37,679 Amounts due within 12 months — Long-term lease liabilities 37,679 Amounts of lease liabilities due within 12 months was nil, as the Company prepaid RMB11,916 to Fang for rental expenses as of December 31, 2019, which was included in the balance of right-of-use assets. As previously disclosed in the combined financial statements for the year ended December 31, 2018 and under the previous lease standard (Topic 840), future minimum annual lease payments for the year subsequent to December 31, 2018 and in aggregate were as follows: RMB’000 2019 5,651 2020 7,621 2021 7,621 2022 7,621 2023 and thereafter 38,105 66,619 Rent expenses incurred under operating leases were RMB12,108 and RMB7,861 for the years ended December 31, 2017 and 2018, respectively, which included rent expenses on offices leased from third parties with an initial term of 12 months or less. |
ACCRUED EXPENSES AND OTHER LIAB
ACCRUED EXPENSES AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | |
ACCRUED EXPENSES AND OTHER LIABILITIES | 5. As of December 31, 2018 2019 Accrued payroll and employee benefits 59,176 61,190 Others 20,356 23,060 Total 79,532 84,250 Others mainly include value added tax and other tax payables. |
OTHER NON-CURRENT LIABILITIES
OTHER NON-CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
OTHER NON-CURRENT LIABILITIES. | |
OTHER NON-CURRENT LIABILITIES | 6. As of December 31, Note 2018 2019 Unrecognized tax benefits 8 15,496 38,383 Warrants — 1,374 Total 15,496 39,757 Fang issued convertible notes to certain institutional investors in 2015, and an aggregate amount of US$250 million of such convertible notes remained outstanding as of June 11, 2019. These convertible notes bear an interest rate of 1.5% per annum until due in 2022. The holders have the right, from time to time, to convert all or any portion of the convertible notes into Fang’s Class A ordinary shares at an initial conversion rate of 27.9086 Fang’s Class A ordinary shares per US$1,000 principal amount, subject to adjustment under the terms of the convertible notes. In connection with the separation and distribution, the Company agreed to issue a warrant to each of the holders of such convertible notes, which entitled them to purchase for nominal consideration such number of CIH’s Class A ordinary shares as calculated based on the number of Fang Class A ordinary shares upon the assumed conversion of the convertible notes immediately prior to or on the record date if and only if such holders subsequently decide to convert the convertible notes. The holders will be able to purchase up to 6,977,150 Class A ordinary shares in the aggregate based on the initial conversion rate into Fang’s Class A ordinary shares and a one-for-one distribution rate into CIH’s Class A ordinary shares. In the event that holders subsequently decide not to convert the convertible notes, and instead, demand payment of principal and accrued interest upon maturity of the convertible notes, the warrant will be canceled and the right to purchase CIH’s Class A ordinary shares will be forfeited. In addition, the Company also agreed to provide a guarantee for the benefit of the holders, under which the Company is liable to the payment obligations under the convertible notes in the event that Fang fails to discharge its primary payment obligations under the convertible notes or certain circumstances relating to the Company, including, among others, change-in-control transactions or certain fundamental changes to the Company’s share capital. On October 28 and December 31, 2019, Fang repurchased portion of the convertible notes from certain holders in an amount of US$55 million and US$28 million, respectively. The relative warrants were cancelled and the right to purchase the CIH’s Class A ordinary shares was forfeited, correspondingly. As of December 31, 2019, the remaining contractual life of the warrants was 2.80 years. The following is a summary of the outstanding and exercisable warrants balance: As of December 31, 2019: Number of Warrants Outstanding as of January 1 — Issuance 6,977,150 Cancelled (2,314,739) Outstanding as of December 31 4,662,411 The Company accounted for these warrants at fair value with changes in fair value recorded in earnings at each reporting period. The fair values of the warrants as of June 11, 2019 and December 31, 2019 were calculated using the binomial option pricing model with the following assumptions: As of June 11, 2019 As of December 31, 2019 Expected volatility 39~40 % 42 % Expected dividends yield nil nil Expected term (in years) 3.29 ~3.40 years 2 .73 ~2 .84 years Risk-free interest rate per annum 1.89 % 1.6 % The table below reflects the components effecting the change in fair value for the year ended December 31, 2019: For the Year Ended December 31, 2019 Balance as of January 1 — Issuance 207 Change in fair value 1,152 Foreign currency translation adjustment 15 Balance as of December 31 1,374 |
REVENUES
REVENUES | 12 Months Ended |
Dec. 31, 2019 | |
REVENUES | |
REVENUES | 7. Revenues consist of the following: For the Year Ended December 31, 2017 2018 2019 Information and analytics services Data services 91,829 125,147 138,643 Analytics services 65,529 81,054 129,905 Subtotal 157,358 206,201 Marketplace services Promotion services 168,024 189,718 244,154 Listing services 9,655 25,105 66,948 Subtotal 177,679 214,823 311,102 Total 335,037 421,024 The Company adopted ASC Topic 606 as of January 1, 2018. The Company applied ASC Topic 606 using the modified retrospective method for contracts which were not completed at the date of initial adoption. Results for reporting periods beginning after January 1, 2018 are presented under the new revenue recognition, while prior period amounts are not adjusted and continue to be reported in accordance with ASC Topic 605, Revenue Recognition. The adoption of new revenue standard did not impact retained earnings as of January 1, 2018. The Company’s revenues are presented net of value-added tax collected on behalf of governments starting from January 1, 2018. Prior to January 1, 2018, value-added tax collected on behalf of governments were presented as gross in both revenues and cost of revenues. The Company has elected to adopt the practical expedient for incremental costs to obtain a contract with a customer, i.e. sales commissions, with amortization periods of one year or less to be recorded in selling and marketing expenses when incurred. Changes in the Company’s deferred revenue for the years ended December 31, 2018 and 2019 are presented in the following table: For the Year Ended December 31, 2018 2019 Deferred revenue as of January 1 137,860 143,254 Cash received in advance, net of VAT 423,354 544,140 Revenue recognized from opening balance of deferred revenue (127,630) (142,697) Revenue recognized from deferred revenue arising during current year (282,087) (341,166) Reclassification of VAT payable as of January 1, 2018 as a result of adoption of ASC Topic 606 (8,243) — Deferred revenue as of December 31 143,254 203,531 The Company has elected the practical expedient not to disclose the information about remaining performance obligations which are part of contracts that have an original expected duration of one year or less. |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2019 | |
TAXATION | |
TAXATION | 8. TAXATION Cayman Islands Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gains. In addition, upon payments of dividends by the Company to its shareholders, no Cayman Islands withholding tax will be imposed. British Virgin Islands ("BVI") Under the current laws of the BVI, the Company’s subsidiaries incorporated in the BVI is not subject to tax on income or capital gains. In addition, upon payments of dividends by the entity to their shareholders, no BVI withholding tax will be imposed. Hong Kong Under the Hong Kong tax laws, subsidiaries in Hong Kong are subject to the Hong Kong profits tax rate at 16.5% and they are exempted from income tax on their foreign-derived income and there are no withholding taxes in Hong Kong on remittance of dividends. A two-tiered profits tax rates regime was introduced in 2018 where the first HK$2 million of assessable profits earned by a company will be taxed at half of the current tax rate (8.25%) whilst the remaining profits will continue to be taxed at 16.5%. There is an anti-fragmentation measure where each group will have to nominate only one company in the group to benefit from the progressive rates. The Company did not make any provisions for Hong Kong profit tax as there were no assessable profits derived from or earned in Hong Kong for any of the periods presented. China In March 2007, a new enterprise income tax law (the "New EIT Law") in the PRC was enacted which became effective on January 1, 2008. The New EIT Law applies a unified 25% enterprise income tax ("EIT") rate to both foreign invested enterprises and domestic enterprises, unless a preferential EIT rate is otherwise stipulated. On April 14, 2008, relevant governmental regulatory authorities released further qualification criteria, application procedures and assessment processes for meeting the High and New Technology Enterprise ("HNTE") status under the New EIT Law which would entitle qualified and approved entities to a favorable EIT tax rate of 15%. In April 2009, the State Administration for Taxation ("SAT") issued Circular Guoshuihan [2009] No. 203 ("Circular 203") stipulating that entities which qualified for the HNTE status should apply with in-charge tax authorities to enjoy the reduced EIT rate of 15% provided under the New EIT Law starting from the year when the new HNTE certificate becomes effective. The HNTE certificate is effective for a period of three years and can be renewed for another three years. Subsequently, an entity needs to re-apply for the HNTE status in order to be able to enjoy the preferential tax rate of 15%. Income tax returns of PRC subsidiaries and the VIE are filed on an individual entity basis. The Company has calculated its income tax provision using the separate return method in these combined and consolidated financial statements. Beijing Zhong Zhi Shi Zheng, one of the Company’s PRC subsidiaries obtained the HNTE certificate in November 2015 and renewed it in September 2018, hence was entitled to the preferential income tax rate of 15% for the years between December 31, 2015 to December 31, 2020. Xinjiang Zhong Zhi, one of the Company’s PRC subsidiaries was entitled to a tax holiday for five years starting from 2017, because it was established in the Xinjiang Huoerguosi Economic and Technological Development Zone. Xinjiang Zhong Zhi Shi Zheng, one of the Company's PRC subsidiaries was entitled to a tax holiday for five years starting from the year when it generates revenues, because it was established in the Xinjiang Huoerguosi Economic and Technological Development Zone. As of December 31, 2019, Xinjiang Zhong Zhi Shi Zheng has not generated any revenues. Beijing Zhong Zhi Xun Bo, one of the Company’s PRC subsidiaries obtained the Software Enterprise status with effect from January 1, 2013. Accordingly, Beijing Zhong Zhi Xun Bo was entitled to two-year EIT exemption for the years ended December 31, 2013 and 2014 and a reduced EIT rate of 12.5% for the years ended December 31, 2015, 2016 and 2017. Beijing Zhong Zhi Xun Bo obtained the HNTE certificate in September 2018, hence was entitled to the preferential income tax rate of 15% in the years ended December 31, 2018, 2019 and 2020. The PRC tax authorities have up to five years to conduct examinations of the Company’s tax filings. Accordingly, the PRC subsidiaries’ tax years 2015 through 2019 remain open to examination by the respective taxing jurisdictions. The components of income before income taxes are as follows: For the Year Ended December 31, 2017 2018 2019 PRC 148,443 194,154 291,928 HK 590 1,314 (427) Cayman Islands — — (1,354) BVI (10) — 41 Total income before income taxes 149,023 195,468 290,188 The Company’s income tax expense recognized in the combined and consolidated statements of comprehensive income consists of the following: For the Year Ended December 31, 2017 2018 2019 Current income tax expense - PRC 20,870 29,719 44,737 Current income tax expense - HK — 329 — Total income tax expense 20,870 30,048 44,737 The actual income tax expense reported in the combined and consolidated statements of comprehensive income for each of the years ended December 31, 2017, 2018 and 2019 differs from the amount computed by applying the PRC statutory income tax rate to income before income taxes due to the following: For the Year Ended December 31, 2017 2018 2019 PRC statutory income tax rate 25 % 25 % 25 % Increase (decrease) in effective income tax rate resulting from: Research and development bonus deduction (2.9) % (1.7) % (3.3) % Non-deductible selling, general and administrative expenses 1.9 % 1.6 % 1.4 % Effect of preferential tax rates (9.9) % (9.5) % (9.1) % Change in valuation allowance — — 0.1 % Non-taxable income (0.1) % — — Interest and penalties on unrecognized tax benefits — — 1.3 % Actual income tax rate 14.0 % 15.4 % 15.4 % The principal components of deferred income tax assets are as follows: As of December 31, 2018 2019 RMB RMB Deferred income tax assets Net operating loss carry forwards 78 273 Long-term lease liabilities — 5,652 Less: Valuation allowance (78) (273) Total deferred income tax assets, net — 5,652 Deferred income tax liabilities Right of use assets — 5,652 Total deferred income tax liabilities — 5,652 Net deferred income tax assets — — Net deferred income tax liabilities — — The movements of the valuation allowance are as follows: For the Year Ended December 31, 2017 2018 2019 Balance as of the beginning of the year — (24) (78) Additions of valuation allowance (24) (54) (195) Balance as of the end of the year (24) (78) (273) The valuation allowance as of December 31, 2018 and 2019 were primarily provided for the deferred income tax assets of certain Company’s PRC subsidiaries and the VIE, which were at cumulative loss positions. In assessing the realization of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible or utilizable. Management considers projected future taxable income and tax planning strategies in making this assessment. As of December 31, 2019, the Company had net operating loss from certain of its PRC subsidiaries and the VIE of RMB1,126, which can be carried forward to offset future taxable profit. The net operating loss of RMB2, RMB95, RMB215 and RMB814 will expire by 2022, 2023, 2024 and 2025, if unused. A reconciliation of the beginning and ending amount of total unrecognized tax benefits, exclusive of related interest and penalties, for the years ended December 31, 2017, 2018 and 2019 is as follows: For the Year Ended December 31, 2017 2018 2019 Balance as of the beginning of the year — — 15,496 Increase relating to prior year tax positions — — 6,051 Increase related to current year tax positions — 15,484 13,157 Foreign currency translation adjustment — 12 6 Balance as of the end of the year — 15,496 34,710 As of December 31, 2018 and 2019, the Company had recorded RMB15,496 and RMB34,710 as an accrual for unrecognized tax benefits, and nil and RMB3,673 as related interest and penalties, respectively, which are included in other non-current liabilities. The unrecognized tax benefits represent the estimated tax expenses the Company would be required to pay, should the deductible expenses for tax purpose recognized in accordance with tax laws and regulations. The unrecognized tax benefits would impact the effective tax rate if recognized. The Company is currently unable to provide an estimate of a range of total amount of unrecognized tax benefits that is reasonably possible to change significantly within the next twelve months. For the years ended December 31, 2017, 2018 and 2019, the Company recognized nil, nil and RMB3,673 in income tax expenses for interest and penalties related to unrecognized tax benefits, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 9. RELATED PARTY TRANSACTIONS For the years ended December 31, 2017, 2018 and 2019, significant related party transactions were as follows: For the Year Ended December 31, Note 2017 2018 2019 Listing service revenue from Fang 9 (1) 4,543 Analytics services revenue 9 (2) — Costs and expenses allocated from Fang, excluding the share-based compensation costs and expenses related to Fang’s share-based awards 2 (a) 9,919 Rent expenses 4 7,621 IT service fee 9 (3) — — Software license fee 9 (4) — — Cash advance from related parties 9 (7) — — Repayment of cash advance from related parties 9 (7) — 3,815 — Share-based compensation expenses related to Fang’s share-based awards 9(8) 6,808 As of December 31, 2018 and 2019, prepayments to and amounts due from related parties are as follows: As of December 31, Note 2018 2019 Prepayments to and amounts due from related parties Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. 4 638 — Beijing Shi Ji Jia Tian Xia Technology Development Co., Ltd. 4 1,332 — Beihai Long Island Hotel Co., Ltd 9 (2) — 1,500 Beijing CheTianXia Information Co., Ltd. 9 (2) — 3,320 Total 1,970 4,820 As of December 31, 2018 and 2019, the amounts due to related parties are as follows: As of December 31, Note 2018 2019 Amounts due to related parties Beijing SouFun Science & Technology Development Co., Ltd. 9 (5) 680 — Fang 9 (6) — 7,734 Total 680 7,734 (1) The Company acts as an agent on behalf of Fang on listing services for commercial properties. The Company recorded the revenues on net basis when Fang and its customers enter into a sales contract. On January 1, 2020, the Company and Fang agreed to terminate the cooperation agreement. (2) On August 26, 2019, the Company entered into a contract with CheTianXia and Guangxi Pukai, pursuant to which the Company was engaged in providing analytics services for the sale of land use right assets and the total contract consideration was RMB20,000, over a period of shorter of (1) eighteen months effective from January 1, 2019 or (2) upon completion of the sales of the assets. On August 26, 2019, the Company entered into a contract with Beihai Long Island, pursuant to which the Company was engaged in providing analytics services for the sales of properties and the total contract consideration was RMB10,000, over a period of shorter of (1) twelve months effective from July 1, 2019 or (2) upon completion of the sales of the properties. The transactions were approved by the Company’s Board of Director on August 22, 2019. The Company recognized revenue of analytics services on a cumulative catch-up basis since the effective dates of the contracts and recognized RMB12,579 and RMB4,717 for the year ended December 31,2019, respectively. (3) (4) (5) (6) (7) (8) |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
SHARE-BASED COMPENSATION. | |
SHARE-BASED COMPENSATION | 10. SHARE-BASED COMPENSATION Prior to the separation, certain of the Company's employees participated in Fang's 2010 Stock Related Award Incentive Plan (the “2010 Plan”) and 2015 Stock Related Award Incentive Plan (the “2015 Plan”), which provided employees with certain share-based awards as described below. Accordingly, certain costs related to the Plan have been allocated to the Company and are reflected in cost of revenues and operating expenses in the combined and consolidated statements of comprehensive income. Stock related award incentive plan of 2010 On August 4, 2010, Fang’s board of directors and shareholders approved the 2010 Plan pursuant to which Fang may issue up to 10% of the total number of ordinary shares, including ordinary shares issuable upon conversion of any preferred shares to its employees. The awards are typically subject to a four-year service vesting condition and performance conditions with a contractual life of ten years. Stock related award incentive plan of 2015 On June 4, 2015, Fang’s board of directors and shareholders approved the 2015 Plan pursuant to which Fang may issue up to 1.5% of the total number of ordinary shares, including ordinary shares issuable upon conversion of any preferred shares to its directors and employees. The awards are typically subject to a four-year service vesting condition and multiple performance conditions with a contractual life of ten years. During the year ended December 31, 2017, the board of the directors of Fang approved the grant of options to certain officers and employees of the Company to purchase 8,940 ordinary shares of Fang at exercise prices of US$18.10 per share. These options vest over a period of 4 years. The options have a contractual term of 10 years. On August 29, 2017 (the ‘‘Replacement Date’’), Fang’s board of directors approved to replace 112,040 share options granted during the years ended December 31, 2016 under the 2015 Plan for 20 employees of the Company with 31,060 share options and 80,980 restricted shares. The exercise price of 31,060 share options was reduced from US$27.20~US$30.00 per share to US$18.10 per share. The replacement awards were subject to graded vesting over four years from the Replacement Date, in which 25% of the awards vest as of the end of each of the next four years. The total incremental share-based compensation of RMB5,548 resulting from the modification is recognized over the new requisite service period. The total unamortized share-based compensation of RMB6,090 resulting from the modification is recognized over the original requisite service period. On August 29, 2017, Fang’s board of directors approved to grant 37,504 restricted shares to 12 employees. The restricted shares were subject to graded vesting over four years, in which 25% of the awards vest as of the end of each of the next four years. On June 7, 2019, Fang’s board of directors approved the grant of options to certain officers and employees of the Company to purchase 268,500 ordinary shares of Fang with the exercise price of US$5.85 per share. These options vest over a period of 4 years. The options have a contractual term of 10 years. In order to protect Fang’s equity awards holders from changes in the awards’ value following the separation, the Company issued the equivalent number of CIH’s equity awards to the holders of Fang's equity awards (including both the Company and Fang’s employees) with substantially the same remaining vesting terms and conditions as applied to Fang’s equity awards to make them whole under the separation. These CIH equity awards have a nominal exercise price and may be exercisable if and to the extent that the corresponding Fang's equity awards are exercised. The modified equity awards have the same terms and conditions as the awards held immediately before the separation. Share options A summary of Fang’s share options activities held by the Company’s employees for the year ended December 31, 2019 was as follows: Weighted Weighted Average Number of Average Remaining Aggregate Share Exercise Price Contractual Intrinsic Options US$ Years Value US$ Outstanding as of December 31, 2018 296,701 18.77 5.87 18,813 Granted 268,500 5.85 Transferred (a) 48,810 15.94 Forfeited (19,245) 7.83 Expired (4,413) 17.94 Outstanding as of December 31, 2019 590,353 13.03 7.19 — Vested and expected to vest as of December 31, 2019 (b) 429,353 11.28 4.98 — Exercisable as of December 31, 2019 268,353 18.72 5.08 — (a) reflects Fang’s share options previously granted to Fang’s employees who were transferred to the Company upon the separation (b) Vested and expected to vest as of December 31, 2019 represents fully vested Fang’s share options and unvested Fang’s share options held by the Company’s employees, for which the requisite service period has not been rendered but that are expected to vest based on the achievement of a performance condition as of December 31, 2019. The aggregate intrinsic value was nil as of December 31, 2019, because the exercise price is in excess of the fair value of Fang’s ordinary share as of December 31, 2019. The fair values of the share options granted by Fang to the Company’s employees for the years ended December 31, 2017 and 2018, and during the period from January 1, 2019 to June 11, 2019 are as follows: For the period between January 1 Year Ended December 31, and June 11, 2017 2018 2019 US$ US$ US$ Weighted average grant date fair value of option per share 8.45 — 2.88 Aggregate grant date fair value of options 338,000 — 773,280 Total intrinsic value of Fang’s share options exercised by the Company’s employees for the years ended December 31, 2017, 2018 and 2019 was US$365,694 (equivalent to RMB2,392), US$676,680 (equivalent to RMB4,476) and nil,respectively. A summary of CIH’s share options activity held by both the Company’s employees and Fang’s employees during the period from June 11, 2019 to December 31, 2019 was as follows: Weighted Weighted Average Number of Average Remaining Aggregate Share Exercise Price Contractual Instrinsic Options US$ Years Value US$ Outstanding as of December 31, 2018 — — Converted from Fang’s share options (a) 7,407,190 0.001 Forfeited (94,976) 0.001 Expired (84,243) 0.001 Outstanding as of December 31, 2019 7,227,971 0.001 4.97 26,302,586 Vested and expected to vest as of December 31, 2019 (b) 6,340,010 0.001 4.09 23,071,295 Exercisable as of December 31, 2019 5,452,048 0.001 3.68 19,840,003 (a) Share options converted from Fang’s share options, including 590,011 and 6,817,179 share options held by the Company’s and Fang’s employees, respectively, as a result of the modification of Fang’s share options prior to the separation. (b) Vested and expected to vest as of December 31, 2019 represents fully vested CIH’s share options and unvested CIH’s share options held by the Company’s and Fang’s employees, for which the requisite service period has not been rendered but that are expected to vest based on the achievement of a performance condition as of December 31, 2019. The aggregate intrinsic value in the table above represents the difference between the fair value of CIH's ordinary share as of December 31, 2019 and the exercise price of CIH’s share options, which may be exercisable if and to the extent that the corresponding Fang's share options are exercised. As of December 31, 2019, there was RMB5,434 of unrecognized share-based compensation cost related to CIH and Fang’s share options held by the Company’s employees that are expected to be recognized over a weighted-average vesting period of 2.88 years. Fang and the Company estimated the fair value of share options granted to the Company’s employees as of the date of grant, using the binomial option pricing model with the following assumptions: For the period between For the period between January 1 and June 11, June 11 and December 31, 2019 2019 Expected volatility % 38.7%~45.4 % Expected dividends yield nil nil Expected term (in years) years 0.55~9.99 years Risk-free interest rate per annum % 1.9%~2.2 % Exercise multiple 2.2-2.8 2.2~2.8 The volatility assumption was estimated based on the historical volatility of Fang and comparable companies in the same business, with a time horizon close to the expected term of the CIH and Fang’s share options. The dividend yield of nil was based on estimated dividend distribution for the share options granted in the foreseeable future. The expected term was remaining contract life of the share options. The risk-free rate was estimated based on the market yield of US Treasury Bonds and Notes with maturity terms equal to the expected term of the share options. The expected exercise multiple was estimated as the average ratio of the share price to the exercise price of when employees would decide to voluntarily exercise their vested options. Restricted Shares A summary of Fang’s restricted shares held by the Company’s employees for the year ended December 31, 2019 was stated below: Weighted Average Grant Number of Shares Date Fair Value US$ Unvested as of December 31, 2018 113,297 17.55 Transferred (a) 19,875 Vested (59,429) Forfeited (10,885) Unvested as of December 31, 2019 62,858 17.55 (a) reflects Fang’s restricted shares previously granted to Fang’s employees who transferred into the Company upon the separation. A summary of CIH’s restricted shares held by both the Company’s and Fang’s employees for the year ended December 31, 2019 was stated below: Weighted Average Grant Date Fair Number of Shares Value US$ Unvested as of December 31, 2018 — — Converted from Fang's restricted shares (a) 1,029,433 0.34 Vested (340,013) Forfeited (17,390) Unvested as of December 31, 2019 672,030 0.34 (a) Restricted shares converted from Fang’s restricted shares, including 97,849 and 931,584 restricted shares held by the Company’s and Fang’s employees, respectively, as a result of the modification of Fang’s restricted shares prior to the separation. As of December 31, 2019, there was RMB3,034 of unrecognized share-based compensation cost related to CIH and Fang’s restricted shares held by the Company’s employees that are expected to be recognized over a weighted-average vesting period of 1.66 years. Total share-based compensation expense of CIH’s and Fang’s share-based awards granted to CIH’s employees was as follows: For the Year Ended December 31, 2017 2018 2019 Cost of revenues 3,545 2,157 1,537 Selling expenses 410 366 787 General and administrative expenses 2,328 4,285 5,910 Total 6,283 6,808 8,234 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
EQUITY | |
EQUITY | 11. Ordinary Shares On May 2, 2019, Fang’s board of directors approved the distribution of its shares of CIH ordinary shares to holders of Fang’s ordinary shares on a pro rata basis. On June 11, 2019, Fang’s shareholders of record as of May 28, 2019 received a dividend distribution of one Class A ordinary share for every one Fang ordinary share (whether a Fang Class A ordinary share or a Fang Class B ordinary share) held as of the record date. On June 11, 2019, the Company completed the legal separation from Fang, and the Company began trading “regular way” under the ticker symbol “CIH” on the NASDAQ on June 12, 2019. Based on 71,775,686 Fang Class A ordinary shares and 24,336,650 Fang Class B ordinary shares issued and outstanding on May 28, 2019, the record date, 96,112,336 Class A ordinary shares was distributed, of which 23,636,706 was re-designated as Class B ordinary shares and distributed to Mr. Vincent Tianquan Mo, and 6,712,694 was issued as treasury shares in connection with the separation and recorded at par value . Upon the separation on June 11, 2019, the Company authorized 1,000,000,000 shares for Class A and Class B in aggregate, with a par value of US$0.001. As of December 31, 2019, there were 65,762,936 and 23,636,706 Class A and Class B shares outstanding, respectively. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting rights. Each Class A ordinary share is entitled to one vote per share whereas each Class B ordinary share is entitled to 10 votes per share. Each Class B ordinary share is convertible into one Class A ordinary share at any time by its holder, but Class A ordinary shares are not convertible into Class B ordinary shares unless approved by the Company’s board of directors. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 12. On June 11, 2019, Fang’s shareholders of record as of May 28, 2019 received one share of CIH Class A ordinary shares for every one share of Fang’s ordinary shares held as of the record date. For all the periods presented prior to June 11, 2019, basic and diluted earnings per share were computed using the number of shares of CIH ordinary shares outstanding as of June 11, 2019, the date on which the CIH ordinary shares were distributed to Fang’s shareholders, since there were no dilutive securities until after the separation. The following table sets forth the computation of basic and diluted earnings per share for the years indicated: For the Year Ended December 31, 2017 2018 2019 Numerator: Net income attributable to Class A and Class B ordinary shareholders 128,153 165,420 245,451 Denominator: Weighted average number of Class A and Class B ordinary shares outstanding 89,399,642 89,399,642 89,399,642 Weighted average number of vested restricted shares — — 115,511 Denominator for basic net income per Class A and Class B ordinary share 89,399,642 89,399,642 89,515,153 Dilutive effect of unvested restricted shares — — 30,557 Denominator for diluted net income per Class A and Class B ordinary share 89,399,642 89,399,642 89,545,710 Net income per Class A and Class B ordinary share —Basic and Diluted 1.43 1.85 2.74 4,662,411 warrants and 7,227,971 share options outstanding as of December 31, 2019 were not included in the calculation of diluted earnings per share for the year ended December 31, 2019, because all necessary conditions have not been satisfied by the end of the year, and nil shares would be issuable if the end of the year were the end of the contingency period. |
PARENT COMPANY ONLY CONDENSED F
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 13. For the presentation of the parent company only condensed financial information, the Company records its investment in subsidiaries and consolidated VIE, under the equity method of accounting as prescribed in ASC Topic 323, Investments-Equity Method and Joint Ventures . Such investments are presented on the condensed balance sheets as “Investment in subsidiaries and consolidated VIE” and the subsidiaries and consolidated VIE’s income as “Share of income from subsidiaries and consolidated VIE” on the condensed statements of comprehensive income. The parent company only condensed financial information should be read in conjunction with the Company’s consolidated financial statements. a) Condensed balance sheets As of December 31, 2019 ASSETS Current assets: Prepaid expenses and other current assets 2 Non-current assets: Investments in subsidiaries and consolidated VIE 22,762 Total assets 22,764 LIABILITIES AND EQUITY Current liabilities: Amounts due to related parties 338 Accrued expenses and other liabilities 70 Total current liabilities 408 Non-current liabilities: Other non-current liabilities 1,374 Total liabilities 1,782 Commitments and contingencies — Equity: Class A ordinary shares (US$0.001 per share, 1,000,000,000 shares authorized for Class A and Class B in aggregate as of December 31, 2019; 72,475,630 shares issued as of December 31, 2019; 65,762,936 shares outstanding as of December 31, 2019) 500 Class B ordinary shares (US$0.001 per share, 1,000,000,000 shares authorized for Class A and Class B in aggregate as of December 31, 2019; 23,636,706 shares issued and outstanding as of December 31, 2019; each Class B ordinary share is convertible into one Class A ordinary share) 163 Treasury shares (46) Capital deficit (135,179) Retained earnings 155,324 Accumulated other comprehensive income 220 Total equity 20,982 Total liabilities and equity 22,764 b) Condensed statement of comprehensive income For the Year Ended December 31, 2019 Total operating expenses (202) Change in fair value of the warrants (1,152) Share of income from subsidiaries and consolidated VIE 246,805 Income before income taxes 245,451 Income tax expense — Net income 245,451 Other comprehensive loss Foreign currency translation adjustments, net of nil income taxes (7) Total comprehensive income 245,444 There’s no cash receipts or payment for the year ended December 31, 2019. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 14. The recent outbreak of a novel strain of coronavirus named as COVID-19, has spread rapidly since January 2020. The epidemic has resulted in quarantines, travel restrictions, and the temporary closure of facilities in China and many other countries for the past few months. In March 2020, the World Health Organization declared the COVID-19 a pandemic. Government efforts to contain the spread of COVID-19 through city lockdowns or “stay-at-home” orders, widespread business closures, restrictions on travel and emergency quarantines, among others, have caused disturbance to the Company’s business operations. The Company has taken measures to reduce the impact of the COVID-19 outbreak, including monitoring its employees’ health on a daily basis and optimizing its technology system to support remote work arrangements. The Company has experienced business disturbance due to quarantine measures to contain the spread of COVID-19, and experienced delayed cash collection of accounts receivables and slowdown of revenue growth in the first quarter of 2020. Given the uncertainty around the extent and timing of the potential future spread or mitigation of the COVID-19 and around the imposition or relaxation of protective measures, the Company cannot reasonably estimate the impact for the remainder of fiscal year 2020. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation and Principles of Consolidation | (a) Basis of Presentation and Principles of Consolidation The accompanying combined and consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (''GAAP''). In connection with the Company’s separation from Fang, the direct and indirect equity interests of all of the Company’s operating subsidiaries and intermediate holding companies were transferred from Fang to the Company, when the Company was still one of Fang’s subsidiaries, through a series of transactions, which were completed in May 2019. As a result of these transactions, the Company assumed all of the business and operations of real estate information, analytics and marketplace services business from Fang by acquiring the relevant portion of the businesses historically not conducted by the Company. The Company separated from Fang on June 11, 2019, becoming an independent publicly traded company as a result of a pro rata distribution of all outstanding shares of CIH ordinary shares to shareholders of Fang. The financial statements presented herein represent (i) prior to June 11, 2019, the combined financial statements of Fang’s real estate information, analytics and marketplace services business when the Company was a wholly owned subsidiary of Fang and (ii) subsequent to June 11, 2019, the consolidated financial statements of the Company as a separate publicly traded company following its separation from Fang. The combined financial statements have been prepared on a stand-alone basis and are derived from Fang's consolidated financial statements and underlying accounting records. The combined financial statements include all revenues, costs, assets and liabilities directly attributable to the Company either through specific identification or allocation. Allocation of Expenses Prior to the separation, Fang has historically performed centralized functions on behalf of the Company. Accordingly, certain Fang’s costs have been allocated to the Company and reflected as expenses in the combined and consolidated financial statements for the years ended December 31, 2017 and 2018, and the period between January 1, 2019 and June 11, 2019. Expense allocation primarily relate to centralized functions, including finance, accounting, treasury, tax, legal, internal audit and human resources functions. In addition, expense allocations include, among other costs, IT maintenance and professional fees. All of the allocations of costs are deemed to have been incurred and settled through parent company deficit in the period when the costs were recorded. The allocations of costs were based on the number of staff of the Company relative to Fang’s total number of staff, or the Company’s revenues relative to Fang’s total revenues, where appropriate. Management considers the allocation methodologies used to be reasonable and appropriate reflections of the historical parent expenses attributable to the Company. The expenses reflected in the combined and consolidated financial statements may not be indicative of the actual expenses that would have been incurred during the periods presented if the Company had operated as a separate, stand-alone entity. It is not practicable to estimate actual costs that would have been incurred had the Company been a stand-alone company during the periods presented. Following the separation from Fang, the Company performs these functions using its own resources or purchased services. The following table sets forth cost of revenues, selling and marketing expenses, and general and administrative expenses, allocated from Fang for the years ended December 31, 2017 and 2018, and the period between January 1, 2019 and June 11, 2019: For the period For the Year Ended between January 1 December 31, and June 11, 2017 2018 2019 Cost of revenues 3,853 4,622 2,309 Selling and marketing expenses 2,218 441 305 General and administrative expenses 5,410 4,856 1,723 Total 11,481 9,919 4,337 Cash Management and Treasury The Company funds its operations through cash generated from operating activities. Prior to June 11, 2019, excess cash has historically been repatriated to Fang through intercompany advances. Transfers of cash both to and from Fang are included within parent company investment (deficit) on the combined statements of equity (deficit). Fang has issued debt for general corporate purposes but in no case has any such debt been guaranteed or assumed by the Company or otherwise secured by the assets of the Company. As Fang’s debt and related interest is not directly attributable to the Company, no such amounts have been allocated to the combined financial statements before the separation. Parent Company Deficit Parent company deficit in the combined and consolidated balance sheets represents Fang’s historical investment in the Company, the Company’s accumulated net earnings after income taxes, and the net effect of transactions with and allocations from Fang prior to June 11, 2019. The combined and consolidated statements of equity (deficit) include net cash transfers to and from Fang and the Company. All intercompany transactions that are not cash settled through parent company deficit in the accompanying combined and consolidated balance sheets are considered to be settled at the time the transaction is recorded. The total net effect of the settlement of these transactions is reflected in financing activities in the accompanying combined and consolidated statements of cash flows. Upon the separation, parent company deficit formed the Company’s ordinary shares, treasury shares and capital deficit. The consolidated financial statements include the financial statements of the Company, its wholly-owned subsidiaries and the VIE. All intercompany transactions and balances among the Company, its wholly-owned subsidiaries and the VIE have been eliminated upon consolidation. |
Use of Estimates | (b) Use of Estimates The preparation of the combined and consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of expenses during the reporting periods. Significant items subject to such estimates and assumptions include the collectability of accounts receivable, estimated stand-alone selling prices of performance obligations, the accruals for tax uncertainties and allocation of expenses, fair value of the warrants and share-based compensation awards, and the incremental borrowing rate used in calculating operating lease liabilities. Changes in facts and circumstances may result in revised estimates. Actual results could materially differ from those estimates. |
Foreign Currency | (c) Foreign Currency The functional currency of the Company’s non-PRC subsidiaries is United States Dollars (“US$”), whereas the functional currency of the Company’s PRC subsidiaries and the VIE is Chinese Renminbi (“RMB”). Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the applicable exchange rate at the balance sheet date. The resulting exchange differences are recorded in general and administrative expenses in the combined and consolidated statements of comprehensive income. The Company uses RMB as its reporting currency. Assets and liabilities of entities with functional currencies other than RMB are translated into RMB using the exchange rate on the balance sheet date. Revenues and expenses are translated into RMB at average rates prevailing during the reporting period. The resulting foreign currency translation adjustment are recorded in accumulated other comprehensive income within equity. Since the RMB is not a fully convertible currency, all foreign exchange transactions involving RMB must take place either through the People’s Bank of China (the "PBOC") or other institutions authorized to buy and sell foreign exchange. The exchange rates adopted for the foreign exchange transactions are the rates of exchange quoted by the PBOC. |
Cash and Cash Equivalents | (d) Cash and Cash Equivalents Cash and cash equivalents represent cash on hand, demand deposits and highly liquid investments placed with banks, which have original maturities of three months or less at the date of purchase and are readily convertible to known amounts of cash. Cash and cash equivalents maintained at banks consist of the following: As of December 31, 2018 2019 RMB denominated bank deposits with financial institutions in the PRC 162,292 182,180 RMB denominated bank deposits with financial institutions in Hong Kong Special Administrative Region ("HK SAR") 727 1,212 US dollar denominated bank deposits with a financial institution in HK SAR 970 1,904 HK dollar denominated bank deposits with a financial institution in HK SAR 177 264 USD denominated bank deposits with a financial institution in BVI — 28,494 |
Short-term Investments | (e) Short-term Investments Short-term investments include financial products, which are mainly deposits with variable interest rates placed with financial institutions. The Company classifies the financial products as available-for-sale securities, which are recorded at fair value. Unrealized holding gains and losses, net of the related income tax effect, on available-for-sale securities are excluded from earnings and reported as a separate component of accumulated other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific-identification basis. During the years ended December 31, 2017, 2018 and 2019, the Company invested RMB500,000, RMB1,300,000 and RMB340,000 in financial products managed by a financial institution in the PRC. The terms of the financial products range between 7 days and 76 days. The Company recorded a gain of RMB2,129, RMB4,842 and RMB714 on the financial products, which was included in gains on sale of short-term investments in the combined and consolidated statements of comprehensive income for the years ended December 31, 2017, 2018 and 2019, respectively. The financial products matured before December 31, 2017 and 2018, respectively. The balance of RMB125,000 was recorded in the consolidated balance sheet as of December 31, 2019, including RMB70,000 and RMB55,000 acquired on December 25 and December 18,2019, and matured on January 13 and January 17, 2020, respectively. |
Property and Equipment, Net | (f) Property and Equipment, Net Property and equipment are stated at cost less depreciation and any impairment. Property and equipment are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Electronic equipment 3 to 5 years Office furniture 5 years Leasehold improvement Shorter of the lease term or the estimated useful life of the assets Ordinary maintenance and repairs are charged to expenses as incurred, while replacements and betterments are capitalized. When items are retired or otherwise disposed of, income is charged or credited for the difference between net book value of the item disposed and proceeds realized thereon. |
Operating Leases | (g) Operating Leases The Company leases premises for offices under non-cancellable operating leases. There are no capital improvement funding, lease concessions, escalated rent provisions or contingent rent in the lease agreements. The Company has no legal or contractual asset retirement obligations at the end of the lease term. The Company early adopted Accounting Standard Codification (“ASC”) Topic 842 Leases , as of January 1, 2019, using a modified retrospective method for leases that exist at, or are entered into after, January 1, 2019, and has not recast the comparative years presented in the combined and consolidated financial statements. Prior to the adoption of ASC Topic 842, operating leases were not recognized on the balance sheet of the Company, but payments made under operating lease are charged to the combined and consolidated statements of comprehensive income on a straight-line basis over the term of underlying lease. Upon adoption of ASC Topic 842, Right of use (“ROU”) assets and lease liabilities are recognized upon lease commencement for operating leases based on the present value of lease payments over the lease term. As the rate implicit in the lease cannot be readily determined, the Company uses its incremental borrowing rate at the lease commencement date in determining the imputed interest and present value of lease payments. The incremental borrowing rate was determined based on the rate of interest that the Company would have to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The incremental borrowing rate is primarily influenced by the risk-free interest rate of China, the Company’s credit rating and lease term. The Company has elected not to recognize ROU assets or lease liabilities for leases with an initial term of 12 months or less and recognizes a single lease cost on a straight-line basis over the remaining lease term for the operating leases. |
Impairment of Long-lived Assets | (h) Impairment of Long-lived Assets Long-lived assets, including property and equipment and right of use assets are evaluated for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. Recoverability of a long-lived asset or asset group to be held and used is measured by a comparison of the carrying amount of an asset or asset group to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying value of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment loss is recognized by the amount that the carrying value exceeds the estimated fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third party independent appraisals, as considered necessary. Assets to be disposed are reported at the lower of carrying amount or fair value less costs to sell, and are no longer depreciated. No impairment of long-lived assets was recognized for any of the years presented. |
Revenue Recognition | (i) Revenue Recognition The Company derives revenues by (i) providing data and analytics services, including database subscription and customized analytics services and (ii) providing marketplace services, including promotion services and listing services. Periods prior to January 1, 2018 Prior to January 1, 2018, revenues for each type of service were recognized only when the following criteria were met: (a) persuasive evidence of an arrangement exists; (b) price is fixed or determinable; (c) delivery of services has occurred; and (d) collectability is reasonably assured. For multiple-element arrangements involving a combination of data and analytics services, promotion services and listing services, the Company allocated revenue to all deliverables based on their relative selling prices. The Company used a hierarchy to determine the selling price to be used for allocating revenue to deliverables: (i) vendor-specific objective evidence of fair value ("VOSE"), (ii) third-party evidence of selling price ("TPE") and (iii) best estimate of selling price ("ESP"). VSOE generally existed only when the Company sold the deliverable separately and was the price actually charged by the Company for that deliverable. ESPs reflected the Company’s best estimates of what the selling prices of elements would be if they were sold regularly on a stand-alone basis. Value-added taxes ("VAT") and surcharges collected from customers and remitted to governmental authorities were presented on a gross basis, and included in both revenues and cost of revenues. For the year ended December 31, 2017, VAT and surcharges was RMB18,889. All service fees received in advance of the provision of services were initially recorded as deferred revenue and subsequently recognized as revenues when the related services were performed by the Company. Information and Analytics Services Data Services The Company derives revenues by providing access and analytics tools, including appraisal and rating modules, and city maps, based on its proprietary database of commercial real estate information, typically through a fixed monthly fee for its subscription-based services. Revenues from subscription-based services were recognized on a straight-line basis over the subscription period. Analytics Services Revenues derived from customized research reports were recognized when the Company delivered the reports to customers. There are no contractual customer acceptance provisions. For the year ended December 31, 2017, sales returns were minimal. The Company provides data monitoring and survey services over a period of time, generally less than one year. Revenues were recognized on a straight-line basis over the term of the agreement. See Note 9 in details of analytics services revenue from Fang. Marketplace Services Promotion Services The Company offers promotion services, consisting of a number of online and offline themed campaigns, including industry forums, periodic updates and online promotions to its customers to promote their brands. The arrangement contained a number of defined but not identical or similar acts to be performed over the period of one year. The deliverables under the arrangement were treated as a combined unit of accounting as each of the deliverable did not have standalone value. The costs related to each separate deliverable were not determinable. Revenues of promotion services were recognized on a straight-line basis over the period of one year. Listing Services Listing services comprise of commercial property listing and agent services for commercial properties. Commercial listing services entitle customers to post and make changes to information for commercial properties on the website and mobile apps for a specified period of time, which typically range from one to three months, in exchange for a fixed fee. Revenues were recognized on a straight-line basis over the service period. The Company also acts as an agent on behalf of Fang on listing services for commercial properties. Revenues were recognized when Fang and its customers entered into a sales contract, and reported on net basis as the Company was not the primary obligor in the transactions, did not have general inventory risk and did not have reasonable latitude to establish the exchange price with a customer for the services. See Note 9 for details of listing services revenue from Fang. Periods commencing January 1, 2018 Since the early adoption of Accounting Standard Codification (“ASC”) Topic 606 , Revenue from Contracts with Customers starting from January 1, 2018, the Company recognizes revenues upon the satisfaction of its performance obligation (upon transfer of control of promised goods or services to customers) in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods or services, excluding amounts collected on behalf of third parties (for example, value-added taxes). For each performance obligation satisfied over time, the Company recognizes revenue over time by measuring the progress toward complete satisfaction of that performance obligation. If the Company does not satisfy a performance obligation over time, the performance obligation is satisfied at a point in time. The Company’s contracts with customers often include promises to transfer multiple products and services. For these contracts, the Company accounts for individual performance obligations separately if they are capable of being distinct and distinct within the context of the contract. Determining whether products and services are considered distinct performance obligations may require significant judgment. Judgment is also required to determine the stand-alone selling price ("SSP") for each distinct performance obligation. In instances where SSP is not directly observable, such as when the Company does not sell the product or service separately, the Company determines the SSP using information that may include market conditions and other observable inputs. Information and Analytics Services Data Services The Company derives revenues by providing access and analytics tools, including appraisal and rating, and land modules, based on its proprietary database of commercial real estate information, typically through a fixed monthly fee for its subscription-based services. The Company determines that the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract and the earning process is straight-line. Revenues from subscription-based services are recognized on a straight-line basis over the subscription period. Analytics Services The Company derives revenues by providing customized research reports to customers. There are no contractual customer acceptance provisions. Revenues from customized research reports are recognized when the Company delivers the reports to customers, which is when the control over the report has been transferred to customers. The Company provides data monitoring and survey services over a period of time, generally less than one year. Revenues are recognized on a straight-line basis over the term of the agreement since the customer simultaneously receives and consumes benefits provided by the Company’s performance as the Company performs during the term of the contract and the earning process is straight-line. See Note 9 in details of analytics services revenue from Fang and other related parties. Marketplace Services Promotion Services The Company offers promotion services, consisting of a number of online and offline themed campaigns, including industry forums, periodic updates and online promotions to its customers to promote their brands. The promotion services contain a number of defined but not identical or similar activities to be performed over the period of one year. These activities are to fulfill the promotion service and are not separate promises in the contract. The Company determines that each day of the promotion service is distinct because the customer can benefit from each increment of service on its own (that is, it is capable of being distinct) and each increment of service is separately identifiable because no day of service significantly modifies or customizes another and no day of service significantly affects either the Company’s ability to fulfill another day of service or the benefit to the customer of another day of service. The Company determines that it is providing a series of distinct goods or services because the services provided each day are substantially the same, the customer simultaneously receives and consumes the benefits provided by the Company as the Company performs, and the same measure of progress would be used to measure the Company’s progress toward satisfying its promise to provide the promotion services. Revenues of promotion services are recognized on a straight-line basis over the period of one year. Listing Services Listing services comprise of commercial property listing and listing agent services for commercial properties. Commercial listing services entitle customers to post and make changes to information for commercial properties on the website and mobile apps for a specified period of time, which typically range from one to three months, in exchange for a fixed fee. Revenues are recognized on a straight-line basis over the service period. The Company determines that its performance pattern to be straight-line since the customer simultaneously receives and consumes the benefits provided by the Company as the Company performs during the term of the contract and the earning process is straight-line. The Company also acts as an agent on behalf of Fang on listing services for commercial properties. The Company determines that it acts as an agent for the listing service because it does not obtain control of the listing service from Fang before the service is transferred to the customer. Revenues are recognized when Fang and its customers enter into a sales contract and reported on net basis. See Note 9 for details of listing services revenue from Fang. Contract Balances The Company bills its customers based upon contractual schedules, which normally is based on the passage of time. The timing of revenue recognition, billings and cash collections result in accounts receivable and contract liabilities (i.e. deferred revenue). Accounts receivable are recognized in the period when the Company has transferred products or provided services to its customers and when its right to consideration is unconditional. Amounts collected on accounts receivable are included in net cash provided by operating activities in the combined and consolidated statements of cash flows. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The Company reviews its allowance for doubtful accounts on a customer-by-customer basis. Accounts receivable are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2018 and 2019, the Company does not have any off-balance-sheet credit exposure related to its customers. An allowance for doubtful accounts of RMB nil and RMB4,842 were recorded as of December 31, 2018 and 2019, respectively. There were no write-offs of accounts receivable for the years ended December 31, 2017, 2018 and 2019. Deferred revenue (a contract liability) is recognized when the Company has an obligation to transfer goods or services to a customer for which the Company has received consideration from the customer, or for which an amount of consideration is due from the customer. |
Advertising Expenses | (j) Advertising Expenses Advertising costs are expensed as incurred and included in selling and marketing expenses in the combined and consolidated statements of comprehensive income. For the years ended December 31, 2017, 2018 and 2019, advertising expenses were RMB1,769, RMB805 and RMB5,270, respectively. |
Research and Development Expense | (k) Research and Development Expenses Research and development expenses are expensed as incurred. The Company has reclassified research and development expenses in the amount of RMB17,219 and RMB20,761 for the years ended December 31, 2017 and 2018, respectively, to general and administrative expenses, instead of presenting them separately, in the Company’s combined and consolidated statements of comprehensive income, to conform to its current year presentation. Research and development expenses was RMB32,032 for the year ended December 31, 2019. |
Employee Benefits | (l) Employee Benefits Pursuant to relevant PRC regulations, the Company is required to make contributions to various defined contribution plans organized by municipal and provincial PRC governments. The contributions are made for each PRC employee at rates ranging from 25.35 % to 43.1 % on a standard salary base as determined by local social security bureau. Contributions to the defined contribution plans are charged to the combined and consolidated statements of comprehensive income when the related service is provided. For the years ended December 31, 2017, 2018 and 2019, the costs of the Company’s obligations to the defined contribution plans amounted to RMB13,129, RMB15,006 and RMB14,281 respectively. The Company has no other obligation for the payment of employee benefits associated with these plans beyond the contributions described above. |
Government Grants | (m) Government Grants Government grant is recognized when there is reasonable assurance that the Company will comply with the conditions attach to it and the grant will be received. Government grant for the purpose of giving immediate financial support to the Company with no future related costs or obligation is recognized in the Company’s combined and consolidated statements of comprehensive income when the grant becomes receivable. The government grants with certain operating conditions are recorded as liabilities when received and will be recorded as government grant when the conditions are met. RMB868, RMB1,395 and RMB903 of government grants were recognized for the years ended December 31, 2017, 2018 and 2019, respectively. |
Income Taxes | (n) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred income tax assets and liabilities are recognized based on the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss and tax credit carryforwards, if any. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the periods in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates or tax laws is recognized in the combined and consolidated statements of comprehensive income in the period the change in tax rates or tax laws is enacted. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset deferred tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle deferred tax liabilities and assets on a net basis or their deferred tax assets and liabilities will be realized simultaneously. The Company reduces the carrying amounts of deferred tax assets by a valuation allowance, if based on the available evidence, it is "more-likely-than-not" that such assets will not be realized. Accordingly, the need to establish valuation allowances for deferred tax assets is assessed at each reporting period based on a "more-likely-than-not" realization threshold. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of futures profitability, the duration of statutory carryforward periods, the Company’s experience with operating loss and tax credit carryforwards, if any, not expiring. The Company recognizes in its financial statements the impact of a tax position if that position is "more-likely-than-not" to prevail based on the facts and technical merits of the position. Tax positions that meet the "more-likely-than-not" recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. Interest and penalties recognized related to an unrecognized tax benefits are classified as income tax expense in the combined and consolidated statements of comprehensive income. |
Share Based Compensation | (o) Share Based Compensation Prior to the separation, certain of the Company’s employees participate in Fang’s share-based compensation plans. All grants of share-based awards to employees classified as equity awards are recognized in the financial statements based on their grant date fair values. The Company recognizes compensation cost for an equity classified award with only service conditions that has a graded vesting schedule on a straight-line basis over the requisite service period for the entire award, provided that the cumulative amount of compensation cost recognized at any date at least equals the portion of the grant date fair value of such award that is vested at that date. For equity awards that contain both a service condition and a performance condition, the Company recognizes compensation cost on a tranche-by-tranche basis. To the extent the required vesting conditions are not met resulting in the forfeiture of the share-based awards, previously recognized compensation expense relating to those awards is reversed. The cancellation of an award and the concurrent grant of a replacement award are accounted for as a modification of the terms of the cancelled award. Modification accounting is applied if there is a change in the fair value or vesting conditions of the cancelled and replacement award, or a change in the classification of the cancelled and replacement award. In modification in which the employee agrees to a longer vesting period in exchange for a repriced fully vested option, the Company accounts for the incremental fair value of the award calculated at the date of the modification and recognizes the amount over the newly established service period of the modified award. In modification in which the employee agrees to a longer vesting period in exchange for a repriced unvested option, the Company separately accounts for the incremental fair value computed for the modification and recognizes the amount over the total remaining requisite service period with any remaining amount of unamortized compensation cost from the original award over the remaining portion of the original requisite service period. |
Treasury Shares | (p) Treasury Shares Treasury shares is accounted for under the cost method. These shares have no voting rights and are not entitled to receive dividends and are excluded from the weighted average outstanding shares in calculation of earnings per share. |
Statutory Reserves | (q) Statutory Reserves In accordance with the laws applicable to China’s Foreign Investment Enterprises, the Company's PRC subsidiaries registered as WFOEs have to make appropriations from its after-tax profit (as determined under the Accounting Standards for Business Enterprises as promulgated by the Ministry of Finance of PRC ("PRC GAAP")) to a general reserve fund. The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the company. In addition, in accordance with the Company Laws of the PRC, the Company's PRC subsidiaries and the VIE registered as PRC domestic companies must make appropriations from its after-tax profit as determined under the PRC GAAP to non-distributable reserve funds including a statutory surplus fund and a discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the after-tax profits as determined under the PRC GAAP. Appropriation is not required if the surplus fund has reached 50% of the registered capital of the company. Appropriation to the discretionary surplus fund is made at the discretion of the company. The use of the statutory reserves is restricted to the off-setting of losses or increasing capital of the respective company. All these reserves are not allowed to be transferred to their investors in terms of cash dividends, loans or advances, nor can they be distributed except under liquidation. As of December 31, 2016, the statutory reserve has reached 50% of the registered capital of the Company's PRC subsidiaries. The accumulated balance of the statutory reserves as of December 31, 2018 and 2019 were RMB2,765 and RMB2,765, respectively. |
Contingencies | (r) Contingencies In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. |
Segment Reporting | (s) Segment Reporting The Company uses the management approach in determining its operating segments. The management approach considers the internal reporting used by the Company’s chief operating decision maker for making decisions about the allocation of resources to and the assessment of the performance of the segments of the Company. Management has determined that the Company has one operating segment, which is the real estate information, analytics and marketplace services segment. Substantially all of the Company’s operations and customers are located in the PRC. Consequently, no geographic information is presented. |
Fair Value Measurements | (t) Fair Value Measurements The Company applies ASC Topic 820, Fair Value measurements and Disclosures , for fair value measurements financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring and nonrecurring basis. ASC Topic 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. ASC Topic 820 establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC Topic 820 establishes three levels of inputs that may be used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: · Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. · Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. · Level 3 inputs are unobservable inputs for the asset or liability. The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety. In situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects management’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by management based on the best information available in the circumstances. Financial assets and liabilities of the Company primarily consist of cash and cash equivalents, short-term investments, accounts receivable, amount due from related parties, accounts payable, amounts due to related parties, income tax payable, accrued expenses and other liabilities, long-term lease liabilities and warrants. The carrying amounts of cash and cash equivalents, accounts receivable, amount due from related parties, accounts payable, amounts due to related parties, income tax payable and accrued expenses and other liabilities as of December 31, 2018 and 2019, approximate their fair values due to short maturity. Short-term investments include financial products issued by a financial institution, which are valued based on prices per units quoted by the financial institution. They are categorized in Level 2 of the fair value hierarchy. The Company classifies the warrants within Level 3 in the fair value hierarchy because it utilizes unobservable inputs to determine their fair value on a recurring basis. The carrying amount of long-term lease liabilities approximates fair value as the related interest rates approximate rates currently offered by financial institutions for similar debt instruments of comparable maturities. The Company’s non-financial assets, such as property and equipment and right of use assets, would be measured at fair value only if they were determined to be impaired. |
Earnings Per Share | (u) Earnings Per Share Basic earnings per share is computed by dividing net income attributable to holders of ordinary shares by the weighted average number of ordinary shares or ordinary share equivalents outstanding during the period using the two-class method. Vested restricted shares are included in the calculation of the weighted-average number of shares of ordinary shares as ordinary share equivalents. Under the two-class method, any net income is allocated between ordinary shares and other participating securities based on their participating rights. A net loss is not allocated to participating securities when the participating securities does not have contractual obligation to share losses. Diluted earnings per share is calculated by dividing net income attributable to ordinary shareholders by the weighted average number of ordinary shares used in calculating basic net earnings per ordinary share and dilutive ordinary equivalent shares outstanding during the period. Dilutive ordinary equivalent shares consist of ordinary shares issuable upon the exercise of outstanding share options and unvested restricted shares (using the treasury stock method). Ordinary equivalent shares are calculated based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. Ordinary equivalent shares are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive. |
Recently Issued Accounting Standards | (v) Recently Issued Accounting Standards In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) . ASU 2018-13 modifies certain disclosure requirements on fair value measurements, including (i) clarifying narrative disclosure regarding measurement uncertainty from the use of unobservable inputs, if those inputs reasonably could have been different as of the reporting date, (ii) adding certain quantitative disclosures, including (a) changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and (b) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and (iii) removing certain fair value measurement disclosure requirements, including (a) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, (b) the policy for timing of transfers between levels of the fair value hierarchy and (c) the valuation processes for Level 3 fair value measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company is permitted to early adopt any removed or modified disclosures and delay adoption of the additional disclosures until their effective date. The Company is currently evaluating the effect of the disclosure requirements of ASU 2018-13 will have on its consolidated financial statements and does not expect the impact to have a material effect. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . ASU 2016-13 was further amended in November 2019 by ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). As a result, ASC Topic 326, Financial Instruments — Credit Losses is effective for public companies for annual reporting periods, and interim periods within those years beginning after December 15, 2019. For all other entities, it is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. As the Company is an “emerging growth company” and elects to apply for the new and revised accounting standards at the effective date for a private company, ASU 2016-13 will be applied for the fiscal year ending December 31, 2023. The Company is currently evaluating the impact of adopting this standard on its combined and consolidated financial statements. |
Description of the organizati_2
Description of the organization and principle activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Description of the organization and principle activities | |
Schedule of assets and liabilities of VIE included in combined financial statements | As of December 31, 2018 2019 Total assets 1,429 1,113 Total liabilities 63 452 |
Schedule of financial performance and cash flows of VIE included in the combined financial statements | For the Year Ended December 31, 2018 2019 Revenues — 26 Net loss (134) (705) Net cash used in operating activities (71) (318) Net cash provided by financing activities 1,500 — |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of the allocation of expenses from the Parent Company | For the period For the Year Ended between January 1 December 31, and June 11, 2017 2018 2019 Cost of revenues 3,853 4,622 2,309 Selling and marketing expenses 2,218 441 305 General and administrative expenses 5,410 4,856 1,723 Total 11,481 9,919 4,337 |
Cash and cash equivalents maintained at banks | As of December 31, 2018 2019 RMB denominated bank deposits with financial institutions in the PRC 162,292 182,180 RMB denominated bank deposits with financial institutions in Hong Kong Special Administrative Region ("HK SAR") 727 1,212 US dollar denominated bank deposits with a financial institution in HK SAR 970 1,904 HK dollar denominated bank deposits with a financial institution in HK SAR 177 264 USD denominated bank deposits with a financial institution in BVI — 28,494 |
Estimated useful life of property and equipment | Category Estimated Useful Life Electronic equipment 3 to 5 years Office furniture 5 years Leasehold improvement Shorter of the lease term or the estimated useful life of the assets |
ACCOUNTS RECEIVABLE, NET OF A_2
ACCOUNTS RECEIVABLE, NET OF ALLOWANCE FOR DOUBTFUL ACCOUNTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ACCOUNTS RECEIVABLE, NET OF ALLOWANCE FOR DOUBTFUL ACCOUNTS | |
Schedule of accounts receivable net of allowance for doubtful accounts | As of December 31, 2018 2019 Accounts receivable 15,534 29,085 Allowance for doubtful accounts — (4,842) Accounts receivable, net of allowance for doubtful accounts 15,534 24,243 |
Schedule of allowance for doubtful accounts | For the Year Ended December 31, 2018 2019 Balance as of the beginning of the year — — Additions charged to bad debt expense — 4,842 Balance as of the end of the year — 4,842 |
RIGHT OF USE ASSETS (Tables)
RIGHT OF USE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
RIGHT OF USE ASSETS | |
Schedule of summarizes the effect on the combined balance sheets | As of December 31, As of January 1, 2018 Effect of Adoption 2019 RMB RMB RMB Prepaid expenses and other current assets 1,970 (1,970) — Right-of-use assets — 54,579 54,579 Long-term lease liabilities — (52,609) (52,609) |
Schedule of ROU assets and their amortization | As of December 31, 2019 Right of use assets 54,579 Less: Accumulated amortization (4,984) Right of use assets 49,595 |
Schedule of rental expenses | For the Year Ended December 31, 2019 Cost of revenues 2,108 General and administrative expenses 1,802 Selling and marketing expenses 3,711 Total rental expenses 7,621 |
Schedule of future lease payments under operating lease liabilities | Years Ended December 31, RMB’000 2020 — 2021 3,326 2022 7,621 2023 7,621 2024 7,621 Thereafter 22,863 Total undiscounted lease payments 49,052 Less: Imputed interest (11,373) Present value of lease liabilities balance 37,679 Amounts due within 12 months — Long-term lease liabilities 37,679 |
Schedule of future minimum annual lease payments | RMB’000 2019 5,651 2020 7,621 2021 7,621 2022 7,621 2023 and thereafter 38,105 66,619 |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | |
Schedule of accrued expenses and other current liabilities | As of December 31, 2018 2019 Accrued payroll and employee benefits 59,176 61,190 Others 20,356 23,060 Total 79,532 84,250 |
OTHER NON-CURRENT LIABILITIES (
OTHER NON-CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
OTHER NON-CURRENT LIABILITIES. | |
Schedule of other non-current liabilities | As of December 31, Note 2018 2019 Unrecognized tax benefits 8 15,496 38,383 Warrants — 1,374 Total 15,496 39,757 |
summary of the outstanding and exercisable warrants balance | Number of Warrants Outstanding as of January 1 — Issuance 6,977,150 Cancelled (2,314,739) Outstanding as of December 31 4,662,411 |
Schedule of fair value assumptions of warrants | As of June 11, 2019 As of December 31, 2019 Expected volatility 39~40 % 42 % Expected dividends yield nil nil Expected term (in years) 3.29 ~3.40 years 2 .73 ~2 .84 years Risk-free interest rate per annum 1.89 % 1.6 % |
Schedule of components effecting the change in fair value | For the Year Ended December 31, 2019 Balance as of January 1 — Issuance 207 Change in fair value 1,152 Foreign currency translation adjustment 15 Balance as of December 31 1,374 |
REVENUES (Tables)
REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
REVENUES | |
Schedule of revenue | For the Year Ended December 31, 2017 2018 2019 Information and analytics services Data services 91,829 125,147 138,643 Analytics services 65,529 81,054 129,905 Subtotal 157,358 206,201 Marketplace services Promotion services 168,024 189,718 244,154 Listing services 9,655 25,105 66,948 Subtotal 177,679 214,823 311,102 Total 335,037 421,024 |
Schedule of changes in deferred revenue | For the Year Ended December 31, 2018 2019 Deferred revenue as of January 1 137,860 143,254 Cash received in advance, net of VAT 423,354 544,140 Revenue recognized from opening balance of deferred revenue (127,630) (142,697) Revenue recognized from deferred revenue arising during current year (282,087) (341,166) Reclassification of VAT payable as of January 1, 2018 as a result of adoption of ASC Topic 606 (8,243) — Deferred revenue as of December 31 143,254 203,531 |
TAXATION (Tables)
TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
TAXATION | |
Schedule of the components of income before income taxes | For the Year Ended December 31, 2017 2018 2019 PRC 148,443 194,154 291,928 HK 590 1,314 (427) Cayman Islands — — (1,354) BVI (10) — 41 Total income before income taxes 149,023 195,468 290,188 |
Schedule of income tax expenses | For the Year Ended December 31, 2017 2018 2019 Current income tax expense - PRC 20,870 29,719 44,737 Current income tax expense - HK — 329 — Total income tax expense 20,870 30,048 44,737 |
Schedule of reconciliation between the PRC statutory income tax rate and the actual income tax rate | For the Year Ended December 31, 2017 2018 2019 PRC statutory income tax rate 25 % 25 % 25 % Increase (decrease) in effective income tax rate resulting from: Research and development bonus deduction (2.9) % (1.7) % (3.3) % Non-deductible selling, general and administrative expenses 1.9 % 1.6 % 1.4 % Effect of preferential tax rates (9.9) % (9.5) % (9.1) % Change in valuation allowance — — 0.1 % Non-taxable income (0.1) % — — Interest and penalties on unrecognized tax benefits — — 1.3 % Actual income tax rate 14.0 % 15.4 % 15.4 % |
Schedule of the principal components of deferred income tax assets | As of December 31, 2018 2019 RMB RMB Deferred income tax assets Net operating loss carry forwards 78 273 Long-term lease liabilities — 5,652 Less: Valuation allowance (78) (273) Total deferred income tax assets, net — 5,652 Deferred income tax liabilities Right of use assets — 5,652 Total deferred income tax liabilities — 5,652 Net deferred income tax assets — — Net deferred income tax liabilities — — |
Summary of movements of the valuation allowance | For the Year Ended December 31, 2017 2018 2019 Balance as of the beginning of the year — (24) (78) Additions of valuation allowance (24) (54) (195) Balance as of the end of the year (24) (78) (273) |
Schedule of reconciliation between the beginning and ending amount of total unrecognized tax benefits | For the Year Ended December 31, 2017 2018 2019 Balance as of the beginning of the year — — 15,496 Increase relating to prior year tax positions — — 6,051 Increase related to current year tax positions — 15,484 13,157 Foreign currency translation adjustment — 12 6 Balance as of the end of the year — 15,496 34,710 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
RELATED PARTY TRANSACTIONS | |
Schedule of related party transactions | For the years ended December 31, 2017, 2018 and 2019, significant related party transactions were as follows: For the Year Ended December 31, Note 2017 2018 2019 Listing service revenue from Fang 9 (1) 4,543 Analytics services revenue 9 (2) — Costs and expenses allocated from Fang, excluding the share-based compensation costs and expenses related to Fang’s share-based awards 2 (a) 9,919 Rent expenses 4 7,621 IT service fee 9 (3) — — Software license fee 9 (4) — — Cash advance from related parties 9 (7) — — Repayment of cash advance from related parties 9 (7) — 3,815 — Share-based compensation expenses related to Fang’s share-based awards 9(8) 6,808 As of December 31, 2018 and 2019, prepayments to and amounts due from related parties are as follows: As of December 31, Note 2018 2019 Prepayments to and amounts due from related parties Beijing Li Tian Rong Ze Yi Jia Technology Development Co., Ltd. 4 638 — Beijing Shi Ji Jia Tian Xia Technology Development Co., Ltd. 4 1,332 — Beihai Long Island Hotel Co., Ltd 9 (2) — 1,500 Beijing CheTianXia Information Co., Ltd. 9 (2) — 3,320 Total 1,970 4,820 As of December 31, 2018 and 2019, the amounts due to related parties are as follows: As of December 31, Note 2018 2019 Amounts due to related parties Beijing SouFun Science & Technology Development Co., Ltd. 9 (5) 680 — Fang 9 (6) — 7,734 Total 680 7,734 (1) The Company acts as an agent on behalf of Fang on listing services for commercial properties. The Company recorded the revenues on net basis when Fang and its customers enter into a sales contract. On January 1, 2020, the Company and Fang agreed to terminate the cooperation agreement. (2) On August 26, 2019, the Company entered into a contract with CheTianXia and Guangxi Pukai, pursuant to which the Company was engaged in providing analytics services for the sale of land use right assets and the total contract consideration was RMB20,000, over a period of shorter of (1) eighteen months effective from January 1, 2019 or (2) upon completion of the sales of the assets. On August 26, 2019, the Company entered into a contract with Beihai Long Island, pursuant to which the Company was engaged in providing analytics services for the sales of properties and the total contract consideration was RMB10,000, over a period of shorter of (1) twelve months effective from July 1, 2019 or (2) upon completion of the sales of the properties. The transactions were approved by the Company’s Board of Director on August 22, 2019. The Company recognized revenue of analytics services on a cumulative catch-up basis since the effective dates of the contracts and recognized RMB12,579 and RMB4,717 for the year ended December 31,2019, respectively. (3) (4) (5) (6) (7) (8) |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of the grant date fair values of options granted | For the period between For the period between January 1 and June 11, June 11 and December 31, 2019 2019 Expected volatility % 38.7%~45.4 % Expected dividends yield nil nil Expected term (in years) years 0.55~9.99 years Risk-free interest rate per annum % 1.9%~2.2 % Exercise multiple 2.2-2.8 2.2~2.8 |
Schedule of shared-based compensation expense | For the Year Ended December 31, 2017 2018 2019 Cost of revenues 3,545 2,157 1,537 Selling expenses 410 366 787 General and administrative expenses 2,328 4,285 5,910 Total 6,283 6,808 8,234 |
Stock Option | |
Schedule of share-based award activity | Weighted Weighted Average Number of Average Remaining Aggregate Share Exercise Price Contractual Instrinsic Options US$ Years Value US$ Outstanding as of December 31, 2018 — — Converted from Fang’s share options (a) 7,407,190 0.001 Forfeited (94,976) 0.001 Expired (84,243) 0.001 Outstanding as of December 31, 2019 7,227,971 0.001 4.97 26,302,586 Vested and expected to vest as of December 31, 2019 (b) 6,340,010 0.001 4.09 23,071,295 Exercisable as of December 31, 2019 5,452,048 0.001 3.68 19,840,003 (a) Share options converted from Fang’s share options, including 590,011 and 6,817,179 share options held by the Company’s and Fang’s employees, respectively, as a result of the modification of Fang’s share options prior to the separation. (b) Vested and expected to vest as of December 31, 2019 represents fully vested CIH’s share options and unvested CIH’s share options held by the Company’s and Fang’s employees, for which the requisite service period has not been rendered but that are expected to vest based on the achievement of a performance condition as of December 31, 2019. |
Restricted Stock | |
Schedule of share-based award activity | Weighted Average Grant Date Fair Number of Shares Value US$ Unvested as of December 31, 2018 — — Converted from Fang's restricted shares (a) 1,029,433 0.34 Vested (340,013) Forfeited (17,390) Unvested as of December 31, 2019 672,030 0.34 (a) Restricted shares converted from Fang’s restricted shares, including 97,849 and 931,584 restricted shares held by the Company’s and Fang’s employees, respectively, as a result of the modification of Fang’s restricted shares prior to the separation. |
Fang | |
Schedule of weighted average grant date fair value of option | For the period between January 1 Year Ended December 31, and June 11, 2017 2018 2019 US$ US$ US$ Weighted average grant date fair value of option per share 8.45 — 2.88 Aggregate grant date fair value of options 338,000 — 773,280 |
Fang | Stock Option | |
Schedule of share-based award activity | Weighted Weighted Average Number of Average Remaining Aggregate Share Exercise Price Contractual Intrinsic Options US$ Years Value US$ Outstanding as of December 31, 2018 296,701 18.77 5.87 18,813 Granted 268,500 5.85 Transferred (a) 48,810 15.94 Forfeited (19,245) 7.83 Expired (4,413) 17.94 Outstanding as of December 31, 2019 590,353 13.03 7.19 — Vested and expected to vest as of December 31, 2019 (b) 429,353 11.28 4.98 — Exercisable as of December 31, 2019 268,353 18.72 5.08 — (a) reflects Fang’s share options previously granted to Fang’s employees who were transferred to the Company upon the separation (b) Vested and expected to vest as of December 31, 2019 represents fully vested Fang’s share options and unvested Fang’s share options held by the Company’s employees, for which the requisite service period has not been rendered but that are expected to vest based on the achievement of a performance condition as of December 31, 2019. |
Fang | Restricted Stock | |
Schedule of share-based award activity | Weighted Average Grant Number of Shares Date Fair Value US$ Unvested as of December 31, 2018 113,297 17.55 Transferred (a) 19,875 Vested (59,429) Forfeited (10,885) Unvested as of December 31, 2019 62,858 17.55 (a) reflects Fang’s restricted shares previously granted to Fang’s employees who transferred into the Company upon the separation. |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
EARNINGS PER SHARE | |
Schedule of basic and diluted earnings per share | For the Year Ended December 31, 2017 2018 2019 Numerator: Net income attributable to Class A and Class B ordinary shareholders 128,153 165,420 245,451 Denominator: Weighted average number of Class A and Class B ordinary shares outstanding 89,399,642 89,399,642 89,399,642 Weighted average number of vested restricted shares — — 115,511 Denominator for basic net income per Class A and Class B ordinary share 89,399,642 89,399,642 89,515,153 Dilutive effect of unvested restricted shares — — 30,557 Denominator for diluted net income per Class A and Class B ordinary share 89,399,642 89,399,642 89,545,710 Net income per Class A and Class B ordinary share —Basic and Diluted 1.43 1.85 2.74 |
PARENT COMPANY ONLY CONDENSED_2
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | |
Schedule of condensed balance sheets | As of December 31, 2019 ASSETS Current assets: Prepaid expenses and other current assets 2 Non-current assets: Investments in subsidiaries and consolidated VIE 22,762 Total assets 22,764 LIABILITIES AND EQUITY Current liabilities: Amounts due to related parties 338 Accrued expenses and other liabilities 70 Total current liabilities 408 Non-current liabilities: Other non-current liabilities 1,374 Total liabilities 1,782 Commitments and contingencies — Equity: Class A ordinary shares (US$0.001 per share, 1,000,000,000 shares authorized for Class A and Class B in aggregate as of December 31, 2019; 72,475,630 shares issued as of December 31, 2019; 65,762,936 shares outstanding as of December 31, 2019) 500 Class B ordinary shares (US$0.001 per share, 1,000,000,000 shares authorized for Class A and Class B in aggregate as of December 31, 2019; 23,636,706 shares issued and outstanding as of December 31, 2019; each Class B ordinary share is convertible into one Class A ordinary share) 163 Treasury shares (46) Capital deficit (135,179) Retained earnings 155,324 Accumulated other comprehensive income 220 Total equity 20,982 Total liabilities and equity 22,764 |
Schedule of condensed statements of comprehensive income (loss) | For the Year Ended December 31, 2019 Total operating expenses (202) Change in fair value of the warrants (1,152) Share of income from subsidiaries and consolidated VIE 246,805 Income before income taxes 245,451 Income tax expense — Net income 245,451 Other comprehensive loss Foreign currency translation adjustments, net of nil income taxes (7) Total comprehensive income 245,444 |
Description of the organizati_3
Description of the organization and principle activities (Details) ¥ in Thousands | Jun. 11, 2019 | Jun. 11, 2018CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Variable Interest Entity [Line Items] | |||||
Ratio applied for equity awards due to separation | 1 | ||||
Assets and liabilities of VIE | |||||
Total assets | ¥ 425,173 | ¥ 186,331 | |||
Total liabilities | 404,191 | 258,626 | |||
Financial performance and cash flows of VIE | |||||
Revenue from Contract with Customer, Including Assessed Tax | 579,650 | 421,024 | ¥ 335,037 | ||
Net loss | 245,451 | 165,420 | 128,153 | ||
Net cash used in operating activities | 334,039 | 202,519 | 192,112 | ||
Net cash provided by financing activities | ¥ (160,194) | (274,385) | ¥ (332,936) | ||
VIEs | |||||
Variable Interest Entity [Line Items] | |||||
Equity interest acquired (in percent) | 100.00% | ||||
Zhong Zhi Hong Yuan | |||||
Variable Interest Entity [Line Items] | |||||
Registered capital | ¥ 1,500 | ¥ 1,500 | |||
VIE assets pledged or collateralized | 0 | ||||
Assets and liabilities of VIE | |||||
Total assets | 1,113 | 1,429 | |||
Total liabilities | 452 | 63 | |||
Financial performance and cash flows of VIE | |||||
Revenue from Contract with Customer, Including Assessed Tax | 26 | ||||
Net loss | (705) | (134) | |||
Net cash used in operating activities | ¥ (318) | (71) | |||
Net cash provided by financing activities | ¥ 1,500 | ||||
Equity Pledge Agreement | |||||
Variable Interest Entity [Line Items] | |||||
Term of agreement | 10 years | ||||
Exclusive Technical Consultancy and Services Agreement | |||||
Variable Interest Entity [Line Items] | |||||
Term of agreement | 10 years | ||||
Number of days for advance notice required for termination of agreement | 30 days | ||||
Operating Agreement | |||||
Variable Interest Entity [Line Items] | |||||
Term of agreement | 10 years | ||||
Number of days for advance notice required for termination of agreement | 30 days | ||||
Exclusive Call Option Agreement | |||||
Variable Interest Entity [Line Items] | |||||
Term of agreement | 10 years | ||||
Maximum material contract allowed VIE to enter without prior consent of primary beneficiary | ¥ 100,000 | ||||
Loan Agreement | |||||
Variable Interest Entity [Line Items] | |||||
Term of agreement | 10 years | ||||
Aggregate amount of loans to equity holders | ¥ 1,500 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Basis of Presentation and principles of consolidation (Details) ¥ in Thousands, $ in Thousands | 5 Months Ended | 12 Months Ended | ||||
Jun. 11, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017CNY (¥) | |
Allocation of Expenses | ||||||
Selling and marketing expenses | ¥ | ¥ 99,020 | ¥ 77,731 | ¥ 60,469 | |||
General and administrative expenses | ¥ | ¥ 82,615 | ¥ 66,993 | ¥ 47,252 | |||
Fang | ||||||
Allocation of Expenses | ||||||
Cost of revenues | $ 2,309 | $ 4,622 | $ 3,853 | |||
Selling and marketing expenses | 305 | 441 | 2,218 | |||
General and administrative expenses | 1,723 | 4,856 | 5,410 | |||
Total | $ 4,337 | $ 9,919 | $ 11,481 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Short-term Investments (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 25, 2019 | Dec. 18, 2019 | |
Short-term Investments [Abstract] | |||||
Gains on sale of short-term investments | ¥ 714 | ¥ 4,842 | ¥ 2,129 | ||
Short-term Investments | 125,000 | ||||
Short-term Investments | |||||
Short-term Investments [Abstract] | |||||
Gain loss on short term investments | 340,000 | 1,300,000 | 500,000 | ||
Gains on sale of short-term investments | 714 | ¥ 4,842 | ¥ 2,129 | ||
Short-term Investments | 125,000 | ¥ 70,000 | ¥ 55,000 | ||
Short-term Investments | Minimum | |||||
Short-term Investments [Abstract] | |||||
Term of investment | 7 days | 7 days | |||
Short-term Investments | Maximum | |||||
Short-term Investments [Abstract] | |||||
Term of investment | 76 days | 76 days | |||
Demand Deposits | RMB | China | |||||
Cash and Cash Equivalents [Line Items] | |||||
Cash and Due from Banks | 182,180 | ¥ 162,292 | |||
Demand Deposits | RMB | Hong Kong | |||||
Cash and Cash Equivalents [Line Items] | |||||
Cash and Due from Banks | 1,212 | 727 | |||
Demand Deposits | USD | Hong Kong | |||||
Cash and Cash Equivalents [Line Items] | |||||
Cash and Due from Banks | 1,904 | 970 | |||
Demand Deposits | USD | British Virgin Islands | |||||
Cash and Cash Equivalents [Line Items] | |||||
Cash and Due from Banks | 28,494 | ||||
Demand Deposits | HKD | Hong Kong | |||||
Cash and Cash Equivalents [Line Items] | |||||
Cash and Due from Banks | ¥ 264 | ¥ 177 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES - Property and equipment (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment | |||
Impairment of long-lived assets | ¥ 0 | ¥ 0 | ¥ 0 |
Electronic equipment | Minimum | |||
Property, Plant and Equipment | |||
Property plant and equipment useful life | 3 years | ||
Electronic equipment | Maximum | |||
Property, Plant and Equipment | |||
Property plant and equipment useful life | 5 years | ||
Office furniture | |||
Property, Plant and Equipment | |||
Property plant and equipment useful life | 5 years |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES - Financial Instruments and Revenue recognition (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
VAT and surcharges in revenues and cost of revenues | ¥ 18,889 | ||
Allowance for doubtful accounts | ¥ 4,842 | ¥ 0 | |
Write-offs of accounts receivable | ¥ 0 | ¥ 0 | ¥ 0 |
Promotion services | |||
Disaggregation of Revenue [Line Items] | |||
Period of revenue recognition | 1 year | ||
Service period | 1 year | ||
Listing services | Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Service period | 1 month | ||
Listing services | Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Service period | 3 months | ||
Analytics services | Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Service period | 1 year |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) ¥ in Thousands | Jun. 11, 2019 | Dec. 31, 2019CNY (¥)segment | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016 |
Significant Accounting Policies [Line Items] | |||||
Advertising Expense | ¥ 5,270 | ¥ 805 | ¥ 1,769 | ||
Research and development expenses | 32,032 | 20,761 | 17,219 | ||
Employee Benefits | |||||
Defined contribution cost | 14,281 | 15,006 | 13,129 | ||
Government Grants | |||||
Government grants | 903 | 1,395 | ¥ 868 | ||
Share Based Compensation | |||||
Ratio applied for equity awards due to separation | 1 | ||||
Statutory Reserves | |||||
Accumulated statutory reserves | ¥ 2,765 | ¥ 2,765 | |||
Segment Reporting | |||||
Number of operating segment | segment | 1 | ||||
Maximum | |||||
Employee Benefits | |||||
Contributions for PRC employees as a percent of standard salary base | 43.10% | ||||
Minimum | |||||
Employee Benefits | |||||
Contributions for PRC employees as a percent of standard salary base | 25.35% | ||||
General Reserve Fund | Maximum | |||||
Statutory Reserves | |||||
Cap on appropriation as percentage of registered capital | 50.00% | ||||
General Reserve Fund | Minimum | |||||
Statutory Reserves | |||||
Appropriation as percentage of after-tax profits | 10.00% | ||||
Statutory Surplus Fund | |||||
Statutory Reserves | |||||
Statutory reserves as a percentage of the registered capital | 50.00% | ||||
Statutory Surplus Fund | Maximum | |||||
Statutory Reserves | |||||
Cap on appropriation as percentage of registered capital | 50.00% | ||||
Statutory Surplus Fund | Minimum | |||||
Statutory Reserves | |||||
Appropriation as percentage of after-tax profits | 10.00% |
ACCOUNTS RECEIVABLE, NET OF A_3
ACCOUNTS RECEIVABLE, NET OF ALLOWANCE FOR DOUBTFUL ACCOUNTS (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ACCOUNTS RECEIVABLE, NET OF ALLOWANCE FOR DOUBTFUL ACCOUNTS | ||
Accounts receivable | ¥ 29,085 | ¥ 15,534 |
Allowance for doubtful accounts | (4,842) | 0 |
Accounts receivable, net of allowance for doubtful accounts | ¥ 24,243 | ¥ 15,534 |
ACCOUNTS RECEIVABLE, NET OF A_4
ACCOUNTS RECEIVABLE, NET OF ALLOWANCE FOR DOUBTFUL ACCOUNTS - Movement of allowance for doubtful accounts (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
Movement in allowance for doubtful accounts: | |
Balance as of the beginning of the year | ¥ 0 |
Additions charged to bad debt expense | 4,842 |
Balance as of the end of the year | ¥ 4,842 |
RIGHT OF USE ASSETS - ROU Asset
RIGHT OF USE ASSETS - ROU Assets and Amortization (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
RIGHT OF USE ASSETS, NET | ||
Operating Lease, Expense | ¥ 7,621 | |
Weighted average remaining lease term for operating leases | 9 years | 10 years |
Fang | ||
RIGHT OF USE ASSETS, NET | ||
Lease prepayment wholly owned subsidiary | ¥ 1,970 |
RIGHT OF USE ASSETS - Combined
RIGHT OF USE ASSETS - Combined and Consolidated Balance Sheets (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Prepaid expenses and other current assets | ¥ 4,820 | ¥ 1,970 |
Right of use assets | 49,595 | |
Long-term lease liabilities | ¥ 37,679 | |
ASC Topic 842 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right of use assets | 54,579 | |
Long-term lease liabilities | (52,609) | |
ASC Topic 842 | Adjustments | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Prepaid expenses and other current assets | (1,970) | |
Right of use assets | 54,579 | |
Long-term lease liabilities | ¥ (52,609) |
RIGHT OF USE ASSETS - Supplemen
RIGHT OF USE ASSETS - Supplemental Cash Flow Information related to Operating Lease (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
RIGHT OF USE ASSETS | ||
Operating cash flows | ¥ 17,567 | |
Weighted average remaining lease term for operating leases | 9 years | 10 years |
Weighted average discount rates of lease liability | 4.83% | |
Right of use assets | ¥ 54,579 | |
Less: Accumulated amortization | (4,984) | |
Right of use assets, net | ¥ 49,595 |
RIGHT OF USE ASSETS - Allocated
RIGHT OF USE ASSETS - Allocated to Rental Expense (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
RIGHT OF USE ASSETS, NET | |
Total rental expenses | ¥ 7,621 |
Cost of revenues | |
RIGHT OF USE ASSETS, NET | |
Total rental expenses | 2,108 |
General and administrative expenses | |
RIGHT OF USE ASSETS, NET | |
Total rental expenses | 1,802 |
Selling and marketing expenses | |
RIGHT OF USE ASSETS, NET | |
Total rental expenses | ¥ 3,711 |
RIGHT OF USE ASSETS - Maturity
RIGHT OF USE ASSETS - Maturity of Lease Liabilities (Details) ¥ in Thousands | Dec. 31, 2019CNY (¥) |
RIGHT OF USE ASSETS | |
2021 | ¥ 3,326 |
2022 | 7,621 |
2023 | 7,621 |
2024 | 7,621 |
Thereafter | 22,863 |
Total undiscounted lease payments | 49,052 |
Less: Imputed interest | (11,373) |
Present value of lease liabilities balance | 37,679 |
Long-term lease liabilities | ¥ 37,679 |
RIGHT OF USE ASSETS - Future mi
RIGHT OF USE ASSETS - Future minimum annual lease payments (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
RIGHT OF USE ASSETS | |||
2019 | ¥ 5,651 | ||
2020 | 7,621 | ||
2021 | 7,621 | ||
2022 | 7,621 | ||
2023 and thereafter | 38,105 | ||
Future minimum annual lease payments | 66,619 | ||
Rent expenses | ¥ 11,916 | ¥ 7,861 | ¥ 12,108 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ||
Accrued payroll and employee benefits | ¥ 61,190 | ¥ 59,176 |
Others | 23,060 | 20,356 |
Total | ¥ 84,250 | ¥ 79,532 |
OTHER NON-CURRENT LIABILITIES_2
OTHER NON-CURRENT LIABILITIES (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
OTHER NON-CURRENT LIABILITIES. | ||
Unrecognized tax benefits | ¥ 38,383 | ¥ 15,496 |
Warrants | 1,374 | 0 |
Total | ¥ 39,757 | ¥ 15,496 |
OTHER NON-CURRENT LIABILITIES -
OTHER NON-CURRENT LIABILITIES - Fang information (Details) $ / shares in Units, $ in Millions | Jun. 11, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / shares | Oct. 28, 2019USD ($) | Dec. 31, 2018$ / shares |
Class of Stock [Line Items] | ||||
Par value per share (in US dollar per share) | $ 0.001 | |||
Class A ordinary shares | ||||
Class of Stock [Line Items] | ||||
Par value per share (in US dollar per share) | $ 0.001 | |||
Fang | Class A ordinary shares | ||||
Class of Stock [Line Items] | ||||
Conversion ratio | 1 | |||
Fang | Class A ordinary shares | September 2022 Notes | ||||
Class of Stock [Line Items] | ||||
Conversion ratio | 1 | |||
Fang | Reportable Legal Entities | September 2022 Notes | ||||
Class of Stock [Line Items] | ||||
Conversion ratio | 27.9086 | |||
Fang | Reportable Legal Entities | Class A ordinary shares | ||||
Class of Stock [Line Items] | ||||
Convertible notes issued | $ | $ 250 | |||
Debt instrument interest rate stated percentage | 1.50% | |||
Par value per share (in US dollar per share) | $ 0.001 | $ 0.001 | ||
Fang | Reportable Legal Entities | Class A ordinary shares | September 2022 Notes | ||||
Class of Stock [Line Items] | ||||
Par value per share (in US dollar per share) | $ 1,000 | |||
Shares available for purchase in conversion | shares | 0.0279086 | |||
Debt instrument redeemed | $ | $ 28 | $ 55 | ||
Remaining contractual term (in years) | 2 years 9 months 18 days |
OTHER NON-CURRENT LIABILITIES_3
OTHER NON-CURRENT LIABILITIES - Warrants and Convertible Notes (Details) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019CNY (¥)YUSD ($)shares | Jun. 11, 2019YUSD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Issuance | shares | 6,977,150 | |
Cancelled | shares | (2,314,739) | |
Outstanding ending balance | shares | 4,662,411 | |
Balance | ¥ 0 | |
Issuance | 207 | |
Change in fair value | 1,152 | |
Foreign currency translation adjustment | 15 | |
Balance | ¥ 1,374 | |
Risk-free interest rate per annum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Convertible debt instruments and warrants, measurement input | 0.0160 | 0.0189 |
Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Convertible debt instruments and warrants, measurement input | 0.4200 | |
Expected term (in years) | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Convertible debt instruments and warrants, measurement input | Y | 2.73 | 3.29 |
Expected term (in years) | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Convertible debt instruments and warrants, measurement input | 2.84 | 3.40 |
Expected dividend yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Convertible debt instruments and warrants, measurement input | $ | 0 | 0 |
REVENUES (Details)
REVENUES (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | ¥ 579,650 | ¥ 421,024 | ¥ 335,037 |
Revenue, Practical Expedient [Abstract] | |||
Adoption of practical expedient for incremental cost to obtain a contract | true | ||
Revenue, Practical Expedient, Initial Application and Transition, Nondisclosure of Transaction Price Allocation to Remaining Performance Obligation [true false] | true | ||
Information and analytics services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | ¥ 268,548 | 206,201 | 157,358 |
Data services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 138,643 | 125,147 | 91,829 |
Analytics services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 129,905 | 81,054 | 65,529 |
Marketplace services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 311,102 | 214,823 | 177,679 |
Promotion services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 244,154 | 189,718 | 168,024 |
Listing services | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | ¥ 66,948 | ¥ 25,105 | ¥ 9,655 |
REVENUES - Impact of adoption o
REVENUES - Impact of adoption of ASC Topic 606 (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impact of adoption | |||
Revenues | ¥ 579,650 | ¥ 421,024 | ¥ 335,037 |
Cost of revenues | (110,492) | (87,733) | (83,118) |
Deferred revenue | 203,531 | 143,254 | 137,860 |
Information and analytics services | |||
Impact of adoption | |||
Revenues | 268,548 | 206,201 | 157,358 |
Data services | |||
Impact of adoption | |||
Revenues | 138,643 | 125,147 | 91,829 |
Analytics services | |||
Impact of adoption | |||
Revenues | 129,905 | 81,054 | 65,529 |
Marketplace services | |||
Impact of adoption | |||
Revenues | 311,102 | 214,823 | 177,679 |
Promotion services | |||
Impact of adoption | |||
Revenues | 244,154 | 189,718 | 168,024 |
Listing services | |||
Impact of adoption | |||
Revenues | ¥ 66,948 | ¥ 25,105 | ¥ 9,655 |
REVENUES - Deferred revenue (De
REVENUES - Deferred revenue (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in deferred revenue | ||
Deferred revenue at beginning of period | ¥ 143,254 | ¥ 137,860 |
Cash received in advance, net of VAT | 544,140 | 423,354 |
Revenue recognized from opening balance of deferred revenue | (142,697) | (127,630) |
Revenue recognized from deferred revenue arising during current year | (341,166) | (282,087) |
Reclassification of VAT payable as of January 1, 2018 as a result of adoption of ASC Topic 606 | (8,243) | |
Deferred revenue at end of period | ¥ 203,531 | ¥ 143,254 |
TAXATION - Income taxes (Detail
TAXATION - Income taxes (Details) ¥ in Thousands, $ in Millions | Jan. 01, 2018 | Apr. 14, 2008 | Apr. 30, 2009 | Dec. 31, 2020 | Dec. 31, 2019CNY (¥) | Dec. 31, 2018HKD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
TAXATION | |||||||||||
Income tax rate (as a percentage) | 25.00% | 25.00% | 25.00% | ||||||||
High And New Technology Enterprises | |||||||||||
TAXATION | |||||||||||
Preferential tax rate (as a percentage) | 15.00% | ||||||||||
High And New Technology Enterprises | Beijing Zhong Zhi Shi Zheng | |||||||||||
TAXATION | |||||||||||
Preferential tax rate (as a percentage) | 15.00% | 15.00% | 15.00% | 15.00% | 15.00% | ||||||
Software Enterprise | Beijing Zhong Zhi Xun Bo | |||||||||||
TAXATION | |||||||||||
Period of exemption from EIT (in years) | 2 years | 2 years | |||||||||
Cayman Islands | |||||||||||
TAXATION | |||||||||||
Withholding tax to be imposed | ¥ 0 | ||||||||||
British Virgin Islands | |||||||||||
TAXATION | |||||||||||
Withholding tax to be imposed | 0 | ||||||||||
Hong Kong | |||||||||||
TAXATION | |||||||||||
Withholding tax to be imposed | ¥ 0 | ||||||||||
Income tax rate (as a percentage) | 16.50% | ||||||||||
Assessable profits | $ | $ 2 | ||||||||||
Reduced enterprise income tax rate | 8.25% | ||||||||||
China | |||||||||||
TAXATION | |||||||||||
Income tax rate (as a percentage) | 25.00% | ||||||||||
China | Maximum | |||||||||||
TAXATION | |||||||||||
Period open for tax examinations (in years) | 5 years | ||||||||||
China | Xinjiang Zhong Zhi | |||||||||||
TAXATION | |||||||||||
Tax holiday period (in years) | 5 years | ||||||||||
China | Xinjiang Zhong Zhi Shi Zheng | |||||||||||
TAXATION | |||||||||||
Tax holiday period (in years) | 5 years | ||||||||||
China | High And New Technology Enterprises | |||||||||||
TAXATION | |||||||||||
Preferential tax rate (as a percentage) | 15.00% | ||||||||||
Preferential certificate term (in years) | 3 years | ||||||||||
Preferential certificate renewal term (in years) | 3 years | ||||||||||
China | High And New Technology Enterprises | Beijing Zhong Zhi Xun Bo | |||||||||||
TAXATION | |||||||||||
Preferential tax rate (as a percentage) | 15.00% | 15.00% | 15.00% | ||||||||
China | Software Enterprise | Beijing Zhong Zhi Xun Bo | |||||||||||
TAXATION | |||||||||||
Preferential tax rate (as a percentage) | 12.50% | 12.50% | 12.50% |
TAXATION - Income before income
TAXATION - Income before income taxes (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
TAXATION | |||
Total income before income taxes | ¥ 290,188 | ¥ 195,468 | ¥ 149,023 |
China | |||
TAXATION | |||
Total income before income taxes | 291,928 | 194,154 | 148,443 |
Hong Kong | |||
TAXATION | |||
Total income before income taxes | (427) | ¥ 1,314 | 590 |
Cayman Islands | |||
TAXATION | |||
Total income before income taxes | (1,354) | ||
British Virgin Islands | |||
TAXATION | |||
Total income before income taxes | ¥ 41 | ¥ (10) |
TAXATION - Income tax expenses
TAXATION - Income tax expenses (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Contingency [Line Items] | |||
Current income tax expense | ¥ 44,737 | ¥ 30,048 | ¥ 20,870 |
China | |||
Income Tax Contingency [Line Items] | |||
Current income tax expense | ¥ 44,737 | 29,719 | ¥ 20,870 |
Hong Kong | |||
Income Tax Contingency [Line Items] | |||
Current income tax expense | ¥ 329 |
TAXATION - Reconciliation of ta
TAXATION - Reconciliation of tax rate (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income tax rate reconciliation | |||
PRC statutory income tax rate | 25.00% | 25.00% | 25.00% |
Research and development bonus deduction | (3.30%) | (1.70%) | (2.90%) |
Non-deductible selling, general and administrative expenses | 1.40% | 1.60% | 1.90% |
Effect of preferential tax rates | (9.10%) | (9.50%) | (9.90%) |
Change in valuation allowance | 0.10% | ||
Non-taxable income | (0.10%) | ||
Interest and penalties on unrecognized tax benefits | 1.30% | ||
Actual income tax rate | 15.40% | 15.40% | 14.00% |
TAXATION - Components of deferr
TAXATION - Components of deferred income tax assets (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred tax assets: | |||||
Net operating loss carry forwards | ¥ 273 | ¥ 78 | |||
Long-term lease liabilities | 5,652 | ||||
Less: Valuation allowance | ¥ (273) | ¥ (78) | ¥ (24) | (273) | ¥ (78) |
Total deferred tax assets, net | 5,652 | ||||
Deferred income tax liabilities | |||||
Right of use assets | 5,652 | ||||
Total deferred income tax liabilities | ¥ 5,652 | ||||
Movements of the valuation allowance: | |||||
Balance at the beginning of the year | (78) | (24) | |||
Additions of valuation allowance | (195) | (54) | (24) | ||
Balance at the end of the year | ¥ (273) | ¥ (78) | ¥ (24) |
TAXATION - Net operating losses
TAXATION - Net operating losses (Details) ¥ in Thousands | Dec. 31, 2019CNY (¥) |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | ¥ 1,126 |
Expiration Year 2022 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforward subject to expiration | 2 |
Expiration Year 2023 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforward subject to expiration | 95 |
Expiration Year 2024 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforward subject to expiration | 215 |
Expiration Year 2025 | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforward subject to expiration | ¥ 814 |
TAXATION - Unrecognized tax ben
TAXATION - Unrecognized tax benefits (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of the beginning and ending amount of total unrecognized tax benefits, exclusive of related interest and penalties | |||
Balance at beginning of year | ¥ 15,496 | ||
Increase relating to prior year tax positions | 6,051 | ||
Increase related to current year tax positions | 13,157 | ¥ 15,484 | |
Foreign currency translation adjustment | 6 | 12 | |
Balance at end of year | 34,710 | 15,496 | |
Unrecognized tax benefits | |||
Unrecognized tax benefits | 38,383 | 15,496 | |
Income tax expenses for interest and penalties related to unrecognized tax benefits | 3,673 | 0 | ¥ 0 |
Other non-current liabilities | |||
Unrecognized tax benefits | |||
Interest and penalties related to unrecognized tax benefits | ¥ 3,673 | ¥ 0 |
RELATED PARTY TRANSACTIONS - Re
RELATED PARTY TRANSACTIONS - Related Parties Transaction (Details) - Fang - CNY (¥) ¥ in Thousands | 5 Months Ended | 7 Months Ended | 12 Months Ended | ||
Jun. 11, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||||
Costs and expenses allocated from Fang, excluding the share-based compensation costs and expenses related to Fang's share-based awards | ¥ 4,337 | ¥ 9,919 | ¥ 11,481 | ||
Rent expenses | 7,621 | 7,621 | 8,544 | ||
IT service fee | ¥ 5,214 | 5,214 | |||
Software license fee | ¥ 278 | 278 | |||
Cash advance from related parties | 3,815 | ||||
Repayment of cash advance from related parties | 3,815 | ||||
Share-based compensation expenses related to Fang's share-based awards | ¥ 7,776 | 7,776 | 6,808 | 6,283 | |
Listing services | |||||
Related Party Transaction [Line Items] | |||||
Revenue | 26,382 | ¥ 4,543 | 3,781 | ||
Analytics services | |||||
Related Party Transaction [Line Items] | |||||
Revenue | ¥ 17,296 | ¥ 350 |
RELATED PARTY TRANSACTIONS - Pr
RELATED PARTY TRANSACTIONS - Prepayments to related party (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Prepayments to and amounts due from related parties | ¥ 4,820 | ¥ 1,970 |
Beijing Li Tian Rong Ze Yi Jia Technology Development Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Prepayments to and amounts due from related parties | 638 | |
Beijing Shi Ji Jia Tian Xia Technology Development Co Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Prepayments to and amounts due from related parties | ¥ 1,332 | |
Beihai Silver Beach | ||
Related Party Transaction [Line Items] | ||
Prepayments to and amounts due from related parties | 1,500 | |
Che Tian Xia Company Ltd. | ||
Related Party Transaction [Line Items] | ||
Prepayments to and amounts due from related parties | ¥ 3,320 |
RELATED PARTY TRANSACTIONS - Am
RELATED PARTY TRANSACTIONS - Amounts due to related party (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Amounts due to related parties | ¥ 7,734 | ¥ 680 |
Beijing SouFun Science & Technology Development Co., Ltd. | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | ¥ 680 | |
Fang | ||
Related Party Transaction [Line Items] | ||
Amounts due to related parties | ¥ 7,734 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Details) - CNY (¥) ¥ in Thousands | Aug. 22, 2019 | Jun. 11, 2019 | Jan. 01, 2019 | Jan. 31, 2018 | Jun. 11, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | |||||||||
Amounts due to related parties | ¥ 7,734 | ¥ 7,734 | ¥ 680 | ||||||
Amounts due from a related party | 4,820 | 4,820 | 1,970 | ||||||
Guangxi Pukai | Analytics services | |||||||||
Related Party Transaction [Line Items] | |||||||||
Transaction amount | ¥ 20,000 | ||||||||
Beihai Silver Beach | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due from a related party | 1,500 | 1,500 | |||||||
Beihai Silver Beach | Analytics services | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue | ¥ 12,579 | ¥ 10,000 | 4,717 | ||||||
Fang | |||||||||
Related Party Transaction [Line Items] | |||||||||
IT service fee | 5,214 | 5,214 | |||||||
Software license fee | 278 | 278 | |||||||
Amounts due to related parties | 7,734 | 7,734 | |||||||
Repayment of cash advance from related parties | 3,815 | ||||||||
Share-based compensation expenses related to Fang's share-based awards | ¥ 7,776 | 7,776 | ¥ 6,808 | ¥ 6,283 | |||||
Fang | Analytics services | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue | 17,296 | ¥ 350 | |||||||
Fang | Network Resources | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party expenses | ¥ 7,500 | 2,286 | |||||||
Fang | Software License Arrangement | |||||||||
Related Party Transaction [Line Items] | |||||||||
Software royalty fee | ¥ 500 | ||||||||
Term of contract (in years) | 10 years | ||||||||
Amounts due to related parties | 278 | ¥ 278 | |||||||
Fang | Related Party Spin Off | |||||||||
Related Party Transaction [Line Items] | |||||||||
Legal costs paid | 680 | ||||||||
Fang | Related Party Payable | |||||||||
Related Party Transaction [Line Items] | |||||||||
Amounts due to related parties | 7,734 | 7,734 | |||||||
Amounts due from a related party | ¥ 56,850 | ¥ 56,850 | |||||||
Beijing Heng Xin Jia Hua Investment Consulting Limited [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Repayment of cash advance from related parties | ¥ 3,815 |
SHARE-BASED COMPENSATION - Ince
SHARE-BASED COMPENSATION - Incentive plans (Details) ¥ in Thousands | Jun. 11, 2019 | Jun. 07, 2019$ / sharesshares | Aug. 29, 2017$ / shares | Aug. 29, 2017CNY (¥)employeeshares | Aug. 28, 2017$ / shares | Jun. 04, 2015 | Aug. 04, 2010 | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017$ / shares | Dec. 31, 2017CNY (¥)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Allocated Share-based Compensation Expense | ¥ | ¥ 8,234 | ¥ 6,808 | ¥ 6,283 | ||||||||
Ratio applied for equity awards due to separation | 1 | ||||||||||
Fang | 2010 Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 4 years | ||||||||||
Expiration period | 10 years | ||||||||||
Fang | 2010 Plan | Maximum | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares issuable as a percent of fully diluted ordinary shares | 10.00% | ||||||||||
Fang | 2015 Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 4 years | ||||||||||
Expiration period | 10 years | ||||||||||
Number of employees affected by modification | employee | 20 | ||||||||||
Incremental share-based compensation | ¥ | ¥ 5,548 | ||||||||||
Allocated Share-based Compensation Expense | ¥ | ¥ 6,090 | ||||||||||
Fang | 2015 Plan | Maximum | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares issuable as a percent of fully diluted ordinary shares | 1.50% | ||||||||||
Fang | 2015 Plan | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 4 years | ||||||||||
Restricted shares granted | 37,504 | ||||||||||
Number of employees receiving grant award | employee | 12 | ||||||||||
Fang | 2015 Plan | Restricted Stock | First year of service | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 25.00% | ||||||||||
Fang | 2015 Plan | Restricted Stock | Second year of service | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 25.00% | ||||||||||
Fang | 2015 Plan | Restricted Stock | Third year of service | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 25.00% | ||||||||||
Fang | 2015 Plan | Restricted Stock | Fourth year of service | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 25.00% | ||||||||||
Fang | 2015 Plan | Replacement Restricted Shares | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted shares granted | 80,980 | ||||||||||
Fang | 2015 Plan | Stock Option | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 4 years | 4 years | |||||||||
Expiration period | 10 years | 10 years | |||||||||
Options granted | 268,500 | 8,940 | |||||||||
Weighted-average exercise price at grant date | $ / shares | $ 5.85 | $ 18.10 | |||||||||
Number of previously issued options replaced | 112,040 | ||||||||||
Fang | 2015 Plan | Replacement Employee Stock Option | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 4 years | ||||||||||
Options granted | 31,060 | ||||||||||
Exercise price - lower limit | $ / shares | $ 27.20 | ||||||||||
Exercise price - upper limit | $ / shares | $ 30 | ||||||||||
Weighted-average exercise price at grant date | $ / shares | $ 18.10 | ||||||||||
Fang | 2015 Plan | Replacement Employee Stock Option | First year of service | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 25.00% | ||||||||||
Fang | 2015 Plan | Replacement Employee Stock Option | Second year of service | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 25.00% | ||||||||||
Fang | 2015 Plan | Replacement Employee Stock Option | Third year of service | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 25.00% | ||||||||||
Fang | 2015 Plan | Replacement Employee Stock Option | Fourth year of service | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting percentage | 25.00% |
SHARE-BASED COMPENSATION - Summ
SHARE-BASED COMPENSATION - Summary of Equity Award Activity (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2019 |
Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Converted from Fang's shares (a) | 7,407,190 | |||
Forfeited | (94,976) | |||
Expired | (84,243) | |||
Outstanding at end of period | 7,227,971 | 7,227,971 | 7,227,971 | |
Vested and expected to vest end of period | 6,340,010 | 6,340,010 | 6,340,010 | |
Exercisable end of period | 5,452,048 | 5,452,048 | 5,452,048 | |
Weighted Average Exercise Price US$ | ||||
Converted from Fang's shares (a) | $ 0.001 | |||
Forfeited | 0.001 | |||
Expired | 0.001 | |||
Outstanding at end of period | $ 0.001 | 0.001 | $ 0.001 | |
Vested and expected to vest end of period | 0.001 | 0.001 | 0.001 | |
Exercisable end of period | $ 0.001 | $ 0.001 | $ 0.001 | |
Additional disclosures | ||||
Weighted Average Remaining Contractual Years - Outstanding | 4 years 11 months 19 days | |||
Weighted Average Remaining Contractual Years - Vested and expected to vest | 4 years 1 month 2 days | |||
Weighted Average Remaining Contractual Years - Exercisable | 3 years 8 months 5 days | |||
Aggregate Intrinsic Value US$ - Outstanding | $ 26,302,586 | $ 26,302,586 | $ 26,302,586 | |
Aggregate Intrinsic Value US$ - Vested and expected to vest | 23,071,295 | 23,071,295 | 23,071,295 | |
Aggregate Intrinsic Value US$ - Exercisable | $ 19,840,003 | $ 19,840,003 | $ 19,840,003 | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Converted from Fang's shares (a) | 1,029,433 | |||
Weighted Average Exercise Price US$ | ||||
Converted from Fang's shares (a) | $ 0.34 | |||
Fang | Stock Option | 2010 Plan and 2015 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at beginning of period | 296,701 | |||
Granted | 268,500 | |||
Transferred (a) | 48,810 | |||
Forfeited | (19,245) | |||
Expired | (4,413) | |||
Outstanding at end of period | 590,353 | 296,701 | 590,353 | 590,353 |
Vested and expected to vest end of period | 429,353 | 429,353 | 429,353 | |
Exercisable end of period | 268,353 | 268,353 | 268,353 | |
Weighted Average Exercise Price US$ | ||||
Outstanding at beginning of period | $ 18.77 | |||
Granted | 5.85 | |||
Transferred (in dollars per shares) | 15.94 | |||
Forfeited | 7.83 | |||
Expired | 17.94 | |||
Outstanding at end of period | $ 13.03 | $ 18.77 | $ 13.03 | 13.03 |
Vested and expected to vest end of period | 11.28 | 11.28 | 11.28 | |
Exercisable end of period | $ 18.72 | $ 18.72 | $ 18.72 | |
Additional disclosures | ||||
Weighted Average Remaining Contractual Years - Outstanding | 7 years 2 months 9 days | 5 years 10 months 13 days | ||
Weighted Average Remaining Contractual Years - Vested and expected to vest | 4 years 11 months 23 days | |||
Weighted Average Remaining Contractual Years - Exercisable | 5 years 29 days | |||
Aggregate Intrinsic Value US$ - Outstanding | $ 0 | $ 18,813,000 | $ 0 | $ 0 |
Fang | Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at beginning of period | 113,297 | |||
Transferred (a) | 19,875 | |||
Vested | (59,429) | |||
Forfeited | (10,885) | |||
Outstanding at end of period | 62,858 | 113,297 | 62,858 | 62,858 |
SHARE-BASED COMPENSATION - Assu
SHARE-BASED COMPENSATION - Assumptions Used to Estimate Fair Value (Details) - Fang $ / shares in Units, ¥ in Thousands, $ in Thousands | 5 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||||
Jun. 11, 2019 | Jun. 30, 2019 | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2017CNY (¥) | |
Fair values of options granted | |||||||||
Weighted average grant date fair value of option per share | $ / shares | $ 2.88 | $ 8.45 | |||||||
Aggregate grant date fair value of options | $ | $ 773,280 | $ 338,000 | |||||||
Unrecognized share-based compensation cost | |||||||||
Unrecognized share-based compensation cost | ¥ | ¥ 5,434 | ¥ 5,434 | |||||||
Weighted-average vesting period of unrecognized share-based compensation cost | 2 years 10 months 17 days | 2 years 10 months 17 days | |||||||
Stock Option | |||||||||
Fair values of options granted | |||||||||
Total intrinsic value of options exercised | ¥ 0 | $ 676,680 | ¥ 4,476 | $ 365,694 | ¥ 2,392 | ||||
Stock Option | Company's employees | |||||||||
Assumptions used to estimate fair values of share options granted | |||||||||
Expected volatility | 45.00% | ||||||||
Expected dividends yield | 0.00% | 0.00% | |||||||
Weighted average expected life | 10 years | ||||||||
Risk-free interest rate per annum | 2.08% | ||||||||
Stock Option | Minimum | Company's employees | |||||||||
Assumptions used to estimate fair values of share options granted | |||||||||
Expected volatility | 38.70% | ||||||||
Weighted average expected life | 6 months 18 days | ||||||||
Risk-free interest rate per annum | 1.90% | ||||||||
Exercise multiple | 2.2 | 2.2 | |||||||
Stock Option | Maximum | Company's employees | |||||||||
Assumptions used to estimate fair values of share options granted | |||||||||
Expected volatility | 45.40% | ||||||||
Weighted average expected life | 9 years 11 months 27 days | ||||||||
Risk-free interest rate per annum | 2.20% | ||||||||
Exercise multiple | 2.8 | 2.8 |
SHARE-BASED COMPENSATION - Su_2
SHARE-BASED COMPENSATION - Summary Of Restricted Shares Granted (Details) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2019CNY (¥)$ / sharesshares | Dec. 31, 2017shares | |
Company's employees | ||
Number of restricted shares | ||
Share options converted from Fang's share options | 97,849 | 590,011,000 |
Fang's employees | ||
Number of restricted shares | ||
Share options converted from Fang's share options | 931,584 | 6,817,179,000 |
Restricted Stock | ||
Number of restricted shares | ||
Vested | (340,013) | |
Forfeited | (17,390) | |
Outstanding at end of period | 672,030 | |
Weighted Average Grant Date Fair Value - Restricted Shares | ||
Outstanding at end of period | $ / shares | $ 0.34 | |
Unrecognized share-based compensation cost | ||
Unrecognized share-based compensation cost | ¥ | $ 3,034 | |
Weighted-average vesting period of unrecognized share-based compensation cost | 1 year 7 months 28 days | |
Fang | ||
Unrecognized share-based compensation cost | ||
Weighted-average vesting period of unrecognized share-based compensation cost | 2 years 10 months 17 days | |
Fang | Restricted Stock | ||
Weighted Average Grant Date Fair Value - Restricted Shares | ||
Outstanding at beginning of period | $ / shares | $ 17.55 | |
Outstanding at end of period | $ / shares | $ 17.55 |
SHARE-BASED COMPENSATION - Shar
SHARE-BASED COMPENSATION - Share Based Compensation Expense (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | ¥ 8,234 | ¥ 6,808 | ¥ 6,283 |
Cost of revenues | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | 1,537 | 2,157 | 3,545 |
Selling and marketing expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | 787 | 366 | 410 |
General and administrative expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation expense | ¥ 5,910 | ¥ 4,285 | ¥ 2,328 |
EQUITY - Ordinary Shares (Detai
EQUITY - Ordinary Shares (Details) | Jun. 11, 2019Vote$ / sharesshares | Dec. 31, 2019$ / sharesshares | Jan. 11, 2019shares |
EQUITY | |||
Par value per share (in US dollar per share) | $ / shares | $ 0.001 | ||
Number of shares issuable upon conversion of Class B ordinary share | 1 | ||
Treasury stock (in shares) | 6,712,694 | 6,712,694 | |
Class A ordinary shares | |||
EQUITY | |||
Shares issued | 96,112,336 | 72,475,630 | |
Shares authorized | 1,000,000,000 | 1,000,000,000 | |
Par value per share (in US dollar per share) | $ / shares | $ 0.001 | ||
Number of votes per share | Vote | 1 | ||
Number of shares issuable upon conversion of Class B ordinary share | 1 | 1 | |
Shares outstanding (in shares) | 65,762,936 | ||
Class B ordinary shares | |||
EQUITY | |||
Shares issued | 23,636,706 | ||
Shares authorized | 23,636,706 | 1,000,000,000 | 1,000,000,000 |
Par value per share (in US dollar per share) | $ / shares | $ 0.001 | ||
Number of votes per share | Vote | 10 | ||
Shares outstanding (in shares) | 23,636,706 | ||
Fang | Class A ordinary shares | |||
EQUITY | |||
Conversion ratio | 1 | ||
Number of shares issued for each ordinary share during distribution | 71,775,686 | ||
Fang | Class B ordinary shares | |||
EQUITY | |||
Shares issued | 24,336,650 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) ¥ / shares in Units, ¥ in Thousands | Jun. 11, 2019 | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Ratio applied for equity awards due to separation | 1 | |||
Numerator: | ||||
Net income attributable to Class A and Class B ordinary shareholders | ¥ | ¥ 245,451 | ¥ 165,420 | ¥ 128,153 | |
Denominator: | ||||
Weighted average number of Class A and Class B ordinary shares outstanding | 89,399,642 | 89,399,642 | 89,399,642 | |
Weighted average number of vested restricted shares | 115,511 | |||
Denominator for basic net income per Class A and Class B ordinary share | 89,515,153 | 89,399,642 | 89,399,642 | |
Dilutive effect of unvested restricted shares | 30,557 | |||
Denominator for diluted net income per Class A and Class B ordinary share | 89,545,710 | 89,399,642 | 89,399,642 | |
Net income per Class A and Class B ordinary share | ||||
Basic and Diluted | ¥ / shares | ¥ 2.74 | ¥ 1.85 | ¥ 1.43 | |
Warrants | ||||
Net income per Class A and Class B ordinary share | ||||
Antidilutive securities not included in the calculation of diluted earnings per share | 4,662,411 | |||
Stock Option | ||||
Net income per Class A and Class B ordinary share | ||||
Antidilutive securities not included in the calculation of diluted earnings per share | 7,227,971 |
PARENT COMPANY ONLY CONDENSED_3
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed balance sheets (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Prepaid expenses and other current assets | ¥ 4,566 | ¥ 693 |
Non-current assets: | ||
Total assets | 425,173 | 186,331 |
Current liabilities: | ||
Amounts due to related parties | 7,734 | 680 |
Accrued expenses and other current liabilities | 84,250 | 79,532 |
Total current liabilities | 326,755 | 243,130 |
Non-current liabilities: | ||
Other non-current liabilities | 39,757 | 15,496 |
Total liabilities | 404,191 | 258,626 |
Commitments and contingencies | ||
EQUITY (DEFICIT): | ||
Treasury shares (6,712,694 shares as of December 31, 2019) | (46) | |
Capital deficit | (135,179) | |
Retained earnings | 155,324 | |
Accumulated other comprehensive income | 220 | 227 |
Total equity (deficit) | 20,982 | (72,295) |
Total liabilities and equity (deficit) | 425,173 | 186,331 |
Fang | Reportable Legal Entities | ||
Current assets: | ||
Prepaid expenses and other current assets | 2 | |
Non-current assets: | ||
Investments in subsidiaries and consolidated VIE | 22,762 | |
Total assets | 22,764 | |
Current liabilities: | ||
Amounts due to related parties | 338 | |
Accrued expenses and other current liabilities | 70 | |
Total current liabilities | 408 | |
Non-current liabilities: | ||
Other non-current liabilities | 1,374 | |
Total liabilities | 1,782 | |
Commitments and contingencies | ||
EQUITY (DEFICIT): | ||
Treasury shares (6,712,694 shares as of December 31, 2019) | (46) | |
Capital deficit | (135,179) | |
Retained earnings | 155,324 | |
Accumulated other comprehensive income | 220 | |
Total equity (deficit) | 20,982 | |
Total liabilities and equity (deficit) | 22,764 | |
Class A ordinary shares | ||
EQUITY (DEFICIT): | ||
Ordinary shares | 500 | |
Class A ordinary shares | Fang | Reportable Legal Entities | ||
EQUITY (DEFICIT): | ||
Ordinary shares | 500 | |
Class B ordinary shares | ||
EQUITY (DEFICIT): | ||
Ordinary shares | ¥ 163 | |
Class B ordinary shares | Fang | Reportable Legal Entities | ||
EQUITY (DEFICIT): | ||
Ordinary shares | ¥ 163 |
PARENT COMPANY ONLY CONDENSED_4
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed balance sheets (Parenthetical) (Details) - $ / shares | Dec. 31, 2019 | Jun. 11, 2019 | Jan. 11, 2019 | Dec. 31, 2018 |
Ordinary shares, par value (in dollars per share) | $ 0.001 | |||
Number of shares issuable upon conversion of Class B ordinary share | 1 | |||
Fang | Reportable Legal Entities | ||||
Ordinary shares, shares authorized | 1,000,000,000 | 1,000,000,000 | ||
Class A ordinary shares | ||||
Ordinary shares, par value (in dollars per share) | $ 0.001 | |||
Ordinary shares, shares authorized | 1,000,000,000 | 1,000,000,000 | ||
Ordinary shares, issued shares | 72,475,630 | 96,112,336 | ||
Ordinary shares, outstanding shares | 65,762,936 | |||
Number of shares issuable upon conversion of Class B ordinary share | 1 | 1 | ||
Class A ordinary shares | Fang | Reportable Legal Entities | ||||
Ordinary shares, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Ordinary shares, issued shares | 72,475,630 | |||
Ordinary shares, outstanding shares | 65,762,936 | |||
Class B ordinary shares | ||||
Ordinary shares, par value (in dollars per share) | $ 0.001 | |||
Ordinary shares, shares authorized | 1,000,000,000 | 23,636,706 | 1,000,000,000 | |
Ordinary shares, issued shares | 23,636,706 | |||
Ordinary shares, outstanding shares | 23,636,706 | |||
Class B ordinary shares | Fang | ||||
Ordinary shares, issued shares | 24,336,650 | |||
Class B ordinary shares | Fang | Reportable Legal Entities | ||||
Ordinary shares, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Ordinary shares, issued shares | 23,636,706 | |||
Ordinary shares, outstanding shares | 23,636,706 |
PARENT COMPANY ONLY CONDENSED_5
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed statements of comprehensive income (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed statement of comprehensive income | |||
Total operating expenses | ¥ 287,523 | ¥ 188,567 | ¥ 144,198 |
Change in fair value of warrants | (1,152) | ||
Income before income taxes | 290,188 | 195,468 | 149,023 |
Income tax expenses | (44,737) | (30,048) | (20,870) |
Net income | 245,451 | 165,420 | 128,153 |
Other comprehensive loss | |||
Foreign currency translation adjustments, net of nil income taxes | (7) | 49 | (82) |
Tax on foreign currency translation adjustments | 0 | 0 | 0 |
Total comprehensive income | 245,444 | ¥ 165,469 | ¥ 128,071 |
Fang | Reportable Legal Entities | |||
Condensed statement of comprehensive income | |||
Total operating expenses | (202) | ||
Change in fair value of warrants | (1,152) | ||
Share of income from subsidiaries and consolidated VIE | 246,805 | ||
Income before income taxes | 245,451 | ||
Net income | 245,451 | ||
Other comprehensive loss | |||
Foreign currency translation adjustments, net of nil income taxes | (7) | ||
Tax on foreign currency translation adjustments | 0 | ||
Total comprehensive income | ¥ 245,444 |