Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | DouYu International Holdings Ltd |
Entity Central Index Key | 0001762417 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Voluntary Filers | No |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding | 32,751,819 |
Document Accounting Standard | U.S. GAAP |
Entity Address, Address Line One | 20/F, Building A, New Development International Center |
Entity Address, Address Line Two | No. 473 Guanshan Avenue |
Entity Address, Address Line Three | Hongshan District |
Entity Address, City or Town | Wuhan |
Entity Address, Country | CN |
Document Annual Report | true |
Document Transition Report | false |
Entity File Number | 001-38967 |
Document Shell Company Report | false |
Document Registration Statement | false |
Trading Symbol | DOYU |
Title of 12(b) Security | American depositary shares |
Security Exchange Name | NASDAQ |
Ordinary Shares [Member] | |
Document Information [Line Items] | |
No Trading Symbol Flag | true |
Title of 12(b) Security | Ordinary shares |
Security Exchange Name | NASDAQ |
COMBINED AND CONSOLIDATED BALAN
COMBINED AND CONSOLIDATED BALANCE SHEETS | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Current assets: | |||
Cash and cash equivalents | $ 1,156,758,766 | ¥ 8,091,990,270 | ¥ 5,562,204,889 |
Restricted cash | 6,132,990 | 42,902,719 | |
Accounts receivable, net | 26,889,080 | 188,099,873 | 129,464,732 |
Prepayments | 7,191,027 | 50,304,112 | 135,755,353 |
Amount due from related parties | 3,437,094 | 24,043,850 | 64,070,214 |
Other current assets | 29,206,278 | 204,309,593 | 225,513,856 |
Total current assets | 1,229,615,235 | 8,601,650,417 | 6,117,009,044 |
Property and equipment, net | 5,562,150 | 38,909,465 | 50,427,610 |
Intangible assets, net | 28,312,440 | 198,056,841 | 131,013,892 |
Investments | 32,240,313 | 225,533,885 | 134,252,190 |
Goodwill | 4,427,608 | 30,972,888 | 13,567,679 |
Other non-current assets | 1,221,780 | 8,546,843 | 48,581,307 |
TOTAL ASSETS | 1,301,379,526 | 9,103,670,339 | 6,494,851,722 |
Current liabilities: (including amounts of the consolidated VIEs without recourse to DouYu International Holdings Limited. See Note 2.2) | |||
Accounts payable | 127,232,031 | 890,038,953 | 800,370,211 |
Advances from customers | 2,449,400 | 17,134,532 | 9,708,051 |
Deferred revenue | 28,015,908 | 195,982,486 | 112,071,796 |
Accrued expenses and other current liabilities | 56,086,446 | 392,347,124 | 313,454,992 |
Amounts due to related parties | 42,704,209 | 298,733,022 | 1,628,307,520 |
Total current liabilities | 256,487,994 | 1,794,236,117 | 2,863,912,570 |
Non-current liabilities | 6,585,806 | 46,070,348 | |
TOTAL LIABILITIES | 263,073,800 | 1,840,306,465 | 2,863,912,570 |
Commitments and contingencies (Note 20) | |||
Convertible redeemable preferred shares (total redemption value of RMB7,262,965,150 and nil as of December 31, 2018 and 2019, respectively) | 6,644,822,639 | ||
Shareholders' equity (deficit) | |||
Ordinary shares (US$0.0001 par value, 479,999,830 and 500,000,000 shares authorized, 10,170,111 and 34,568,689 shares issued, 8,063,790 and 32,751,819 shares outstanding as of December 31, 2018 and 2019, respectively) | 3,166 | 22,144 | 5,148 |
Treasury shares (nil and 291,207 shares as of December 31, 2018 and 2019, respectively) | (24,096,853) | (168,567,125) | |
Additional paid-in capital | 1,475,866,692 | 10,324,277,855 | 48,989,244 |
Accumulated deficit | (478,702,842) | (3,348,717,860) | (3,388,471,092) |
Accumulated other comprehensive income | 62,168,566 | 434,893,990 | 325,593,213 |
Total DouYu Shareholder's Equity (Deficit) | 1,035,238,729 | 7,241,909,004 | (3,013,883,487) |
Noncontrolling interests | 3,066,997 | 21,454,870 | |
Total Shareholders' Equity (Deficit) | 1,038,305,726 | 7,263,363,874 | (3,013,883,487) |
TOTAL LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ 1,301,379,526 | ¥ 9,103,670,339 | ¥ 6,494,851,722 |
COMBINED AND CONSOLIDATED BAL_2
COMBINED AND CONSOLIDATED BALANCE SHEETS (Parenthetical) | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2018CNY (¥)shares |
Convertible redeemable preferred shares, redemption value | ¥ | ¥ 0 | ¥ 7,262,965,150 |
Ordinary shares, shares authorized | 500,000,000 | 479,999,830 |
Ordinary shares, shares issued | 34,568,689 | 10,170,111 |
Ordinary shares, shares outstanding | 32,751,819 | 8,063,790 |
Treasury Stock, Common, Shares | 291,207 | 0 |
Convertible Redeemable Preferred Shares [Member] | ||
Convertible redeemable preferred shares, redemption value | ¥ | ¥ 0 | ¥ 7,262,965,150 |
COMBINED AND CONSOLIDATED STATE
COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | 12 Months Ended | ||||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | ||
Net revenues (including related-party revenues of RMB21,726,545, RMB75,946,677 and RMB108,214,768 for the years ended December 31, 2017, 2018 and 2019, respectively) | $ 1,041,145,646 | ¥ 7,283,230,253 | ¥ 3,654,383,126 | ¥ 1,885,717,001 | |
Cost of revenues | (870,153,720) | (6,087,073,336) | (3,503,356,228) | (1,890,368,777) | |
Gross profit (loss) | 170,991,926 | 1,196,156,917 | 151,026,898 | (4,651,776) | |
Operating expenses: | |||||
Sales and marketing expenses | (85,584,113) | (598,695,105) | (538,898,272) | (310,282,787) | |
General and administrative expenses | (63,776,604) | (446,142,859) | (196,824,280) | (100,641,525) | |
Research and development expenses | (54,877,042) | (383,886,857) | (329,334,413) | (212,114,009) | |
Other operating income, net | 14,423,486 | 100,898,056 | 54,910,077 | 9,302,582 | |
Total operating expenses | (189,814,273) | (1,327,826,765) | (1,010,146,888) | (613,735,739) | |
Loss from operations | (18,822,347) | (131,669,848) | (859,119,990) | (618,387,515) | |
Other expenses, net | (3,271,068) | (22,882,425) | (20,176,164) | (259,810) | |
Foreign exchange gain (loss), net | 4,580,879 | 32,045,080 | (75,613,235) | ||
Interest income | 22,743,074 | 159,096,901 | 85,840,246 | 6,878,388 | |
Income (loss) before income taxes | 5,230,538 | 36,589,708 | (869,069,143) | (611,768,937) | |
Income tax expense | $ | |||||
Share of loss in equity method investments | (463,387) | (3,241,580) | (7,210,685) | (1,129,007) | |
Net income (loss) | 4,767,151 | 33,348,128 | (876,279,828) | (612,897,944) | |
Net loss attributable to noncontrolling interest | (915,617) | (6,405,104) | |||
Deemed dividend | ¥ | (6,661,667) | ||||
Net income (loss) attributable to ordinary shareholders of the Company | $ 5,682,768 | ¥ 39,753,232 | ¥ (882,941,495) | ¥ (612,897,944) | |
Net income (loss) per ordinary share attributable to ordinary shareholders | |||||
Basic | (per share) | $ 0.19 | ¥ 1.32 | ¥ (108.80) | ¥ (74.85) | |
Diluted | (per share) | $ 0.18 | ¥ 1.26 | ¥ (108.80) | ¥ (74.85) | |
Weighted average shares used in calculating net income (loss) per share | |||||
Basic | 19,254,661 | 19,254,661 | 8,115,160 | 8,188,790 | |
Diluted | 31,442,931 | 31,442,931 | 8,115,160 | 8,188,790 | |
Net income (loss) | $ 4,767,151 | ¥ 33,348,128 | ¥ (876,279,828) | ¥ (612,897,944) | |
Other comprehensive income, net of tax of nil: | |||||
Foreign currency translation adjustments | 15,647,651 | 109,461,578 | 325,593,213 | ||
Comprehensive income (loss) | 20,414,802 | 142,809,706 | (550,686,615) | (612,897,944) | |
Comprehensive income attributable to noncontrolling interests | (892,630) | (6,244,303) | |||
Comprehensive income attributable to the ordinary shareholders | $ 21,307,432 | ¥ 149,054,009 | ¥ (550,686,615) | ¥ (612,897,944) | |
ADS [Member] | |||||
Net income (loss) per ordinary share attributable to ordinary shareholders | |||||
Basic | (per share) | [1] | $ 0.02 | ¥ 0.13 | ||
Diluted | (per share) | [1] | $ 0.02 | ¥ 0.13 | ||
Weighted average shares used in calculating net income (loss) per share | |||||
Basic | 192,546,612 | 192,546,612 | |||
Diluted | 314,429,306 | 314,429,306 | |||
[1] | Every ten ADSs represent one ordinary share. |
COMBINED AND CONSOLIDATED STA_2
COMBINED AND CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related-party revenues | ¥ 108,214,768 | ¥ 75,946,677 | ¥ 21,726,545 |
COMBINED AND CONSOLIDATED STA_3
COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) | USD ($) | CNY (¥) | Series C-2 Preferred Equity [Member]CNY (¥) | Series B-4 Preferred Shares [Member]CNY (¥) | Ordinary Shares [Member]CNY (¥)shares | Ordinary Shares [Member]Series B-4 Preferred Shares [Member]CNY (¥)shares | Treasury Share [Member]CNY (¥)shares | Additional Paid-in Capital [Member]CNY (¥) | Additional Paid-in Capital [Member]Series C-2 Preferred Equity [Member]CNY (¥) | Additional Paid-in Capital [Member]Series B-4 Preferred Shares [Member]CNY (¥) | Accumulated Deficit [Member]CNY (¥) | Accumulated Other Comprehensive Income [Member]CNY (¥) | Parent [Member]CNY (¥) | Parent [Member]Series C-2 Preferred Equity [Member]CNY (¥) | Parent [Member]Series B-4 Preferred Shares [Member]CNY (¥) | Noncontrolling Interest [Member]CNY (¥) |
Balance at Dec. 31, 2016 | ¥ (1,874,367,593) | ¥ 24,925,727 | ¥ (1,899,293,320) | ¥ (1,874,367,593) | ||||||||||||
Share-based compensation | 17,574,638 | 17,574,638 | 17,574,638 | |||||||||||||
Net income (loss) | (612,897,944) | (612,897,944) | (612,897,944) | |||||||||||||
Balance at Dec. 31, 2017 | (2,469,690,899) | 42,500,365 | (2,512,191,264) | (2,469,690,899) | ||||||||||||
Deemed dividend upon repurchase of Series C-2 Preferred Equity | ¥ (6,661,667) | ¥ (6,661,667) | ¥ (6,661,667) | |||||||||||||
Issuance of ordinary share in connection with 2018 Restructuring, Shares | shares | 8,188,790 | |||||||||||||||
Issuance of ordinary share in connection with 2018 Restructuring | 5,207 | ¥ 5,207 | 5,207 | |||||||||||||
Share-based compensation | 35,404,887 | 35,404,887 | 35,404,887 | |||||||||||||
Net income (loss) | (876,279,828) | (876,279,828) | (876,279,828) | |||||||||||||
Repurchase of ordinary share upon issuance of Series B-4 Preferred Share, Shares | shares | (125,000) | |||||||||||||||
Repurchase of ordinary share upon issuance of Series B-4 Preferred Share | ¥ (22,254,400) | ¥ (59) | ¥ (22,254,341) | ¥ (22,254,400) | ||||||||||||
Foreign currency translation adjustments | 325,593,213 | ¥ 325,593,213 | 325,593,213 | |||||||||||||
Balance, Shares at Dec. 31, 2018 | shares | 8,063,790 | |||||||||||||||
Balance at Dec. 31, 2018 | (3,013,883,487) | ¥ 5,148 | 48,989,244 | (3,388,471,092) | 325,593,213 | (3,013,883,487) | ||||||||||
Issuance of ordinary shares at the initial public offering ("IPO"), net of issuance cost, Shares | shares | 4,492,473 | |||||||||||||||
Issuance of ordinary shares at the initial public offering ("IPO"), net of issuance cost | 3,373,017,898 | ¥ 3,092 | 3,373,014,806 | 3,373,017,898 | ||||||||||||
Conversion of Preferred Shares to ordinary shares upon the completion of the IPO, Shares | shares | 19,906,105 | |||||||||||||||
Conversion of Preferred Shares to ordinary shares upon the completion of the IPO | 6,644,822,639 | ¥ 13,701 | 6,644,808,938 | 6,644,822,639 | ||||||||||||
Share-based compensation, Shares | shares | 289,451 | |||||||||||||||
Share-based compensation | 290,781,764 | ¥ 203 | 290,781,561 | 290,781,764 | ||||||||||||
Net income (loss) | $ 4,767,151 | 33,348,128 | 39,753,232 | 39,753,232 | ¥ (6,405,104) | |||||||||||
Noncontrolling interest arising from business acquisition | 5,980,924 | 5,980,924 | ||||||||||||||
Noncontrolling interest arising from a newly established subsidiary | 7,921,555 | 7,921,555 | ||||||||||||||
Repurchase of ordinary shares, Shares | shares | (291,207) | |||||||||||||||
Repurchase of ordinary shares | (168,567,125) | ¥ (168,567,125) | (168,567,125) | |||||||||||||
Noncontrolling interest arising from vest of non-restricted shares in Gogo Glocal (Note 15) | (22,209,344) | (22,209,344) | 22,209,344 | |||||||||||||
Acquisition of noncontrolling interest in Gogo Glocal (Note 13) | (19,520,000) | (11,107,350) | (11,107,350) | (8,412,650) | ||||||||||||
Foreign currency translation adjustments | 15,647,651 | 109,461,578 | 109,300,777 | 109,300,777 | 160,801 | |||||||||||
Balance, Shares at Dec. 31, 2019 | shares | 32,751,819 | (291,207) | ||||||||||||||
Balance at Dec. 31, 2019 | $ 1,038,305,726 | ¥ 7,263,363,874 | ¥ 22,144 | ¥ (168,567,125) | ¥ 10,324,277,855 | ¥ (3,348,717,860) | ¥ 434,893,990 | ¥ 7,241,909,004 | ¥ 21,454,870 |
COMBINED AND CONSOLIDATED STA_4
COMBINED AND CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
IPO [Member] | |
Common stock issuance costs | ¥ 49,479,335 |
COMBINED AND CONSOLIDATED STA_5
COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Cash flows from operating activities: | ||||
Net income (loss) | $ 4,767,151 | ¥ 33,348,128 | ¥ (876,279,828) | ¥ (612,897,944) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation of property and equipment | 4,690,925 | 32,814,894 | 26,996,910 | 23,167,001 |
Loss (gain) from the disposal of intangible assets | 2,383 | 16,667 | (3,525,314) | |
Amortization of intangible assets | 8,192,086 | 57,306,920 | 18,548,448 | 2,875,712 |
Loss on the disposal of property and equipment | 6,350 | 44,421 | 117,573 | 49,787 |
Provision for allowance for doubtful accounts | 1,938,952 | 13,563,744 | 1,121,009 | 3,482,332 |
Share of loss in equity method investments | 463,387 | 3,241,580 | 7,210,685 | 1,129,007 |
Loss on disposal of investment | 3,504,018 | |||
Impairment loss of investments | 2,727,038 | 19,076,725 | 15,166,140 | |
Share-based compensation | 41,567,568 | 290,781,764 | 35,404,887 | 17,574,638 |
Foreign exchange loss (gain) | (4,580,879) | (32,045,080) | 75,613,235 | |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (9,928,926) | (69,456,813) | 5,192,716 | (95,289,748) |
Prepayments | 12,215,347 | 85,451,242 | (50,864,521) | (45,743,227) |
Other current assets | 3,663,477 | 25,627,488 | (133,691,495) | (17,751,035) |
Other non-current assets | (103,385) | (723,216) | (8,468,841) | (570,012) |
Amounts due from related parties | 5,721,812 | 40,026,364 | (50,533,854) | (4,679,139) |
Accounts payable | 12,357,318 | 86,444,383 | 348,302,741 | 127,138,065 |
Advances from customers | 1,061,623 | 7,426,481 | 4,219,929 | (30,583) |
Accrued expenses and other current liabilities | 3,535,832 | 24,734,559 | 105,273,090 | 76,070,533 |
Amounts due to related parties | 9,365,402 | 65,514,731 | 72,956,231 | 113,565,182 |
Deferred revenue | 18,580,930 | 129,981,038 | 66,149,835 | 30,873,022 |
Net cash provided by (used in) operating activities | 116,244,391 | 813,176,020 | (337,586,406) | (381,036,409) |
Cash flows from investing activities: | ||||
Proceeds on disposal of property and equipment | 37,226 | 260,408 | 26,477 | 47,621 |
Purchases of property and equipment | (2,293,730) | (16,045,562) | (32,826,275) | (23,837,212) |
Purchases of intangible assets | (15,139,251) | (105,905,115) | (83,163,444) | (8,205,114) |
Purchases of short-term investments | (616,047,688) | (4,309,500,000) | (2,770,000,000) | (1,700,000,000) |
Proceeds from disposal of short-term investments | 616,047,688 | 4,309,500,000 | 2,770,000,000 | 1,700,000,000 |
Proceeds from disposal of intangible assets | 1,484,377 | |||
Proceeds from disposal of investment in associate | 142,951 | 1,000,000 | ||
Payment for business acquisition, net of cash acquired | (1,574,286) | (11,012,762) | (57,971,520) | |
Payment for investments | (16,382,194) | (114,600,000) | (92,500,000) | (60,012,000) |
Loan to related parties | (714,755) | (5,000,000) | ||
Repayment of loan to related parties | 714,755 | 5,000,000 | ||
Cash used in investing activities | (35,209,284) | (246,303,031) | (264,950,385) | (92,006,705) |
Cash flows from financing activities | ||||
Proceeds on issuance of ordinary shares through IPO | 489,249,683 | 3,422,497,233 | 5,207 | |
Payment of IPO offering costs | (5,181,903) | (36,249,484) | (6,876,834) | |
Acquisition of noncontrolling interest | (2,790,405) | (19,520,000) | ||
Proceeds from capital contribution from noncontrolling interest shareholder | 1,132,395 | 7,921,555 | ||
Repurchase of ordinary shares | (16,478,447) | (115,273,325) | ||
Capital contribution from convertible redeemable preferred shareholders | 4,026,518,012 | 500,000,000 | ||
Capital investment from a preferred shareholder in connection with 2018 Restructuring (Note 19(1)) | 1,260,439,815 | |||
Settlement of redemption liability to a preferred shareholder in connection with 2018 Restructuring (Note 19(1)) | (189,131,308) | (1,323,049,149) | ||
Repurchase of Series C-2 Preferred Equity | (39,995,000) | |||
Advance from related party | 39,995,000 | |||
Repayment of advance from related party | (5,717,329) | (39,995,000) | ||
Cash provided by financing activities | 271,082,686 | 1,896,331,830 | 5,280,086,200 | 500,000,000 |
Effect of foreign exchange rate changes on cash and cash equivalents | 15,650,755 | 109,483,281 | 345,053,928 | (4,179,144) |
Net increase in cash, cash equivalents and restricted cash | 367,768,548 | 2,572,688,100 | 5,022,603,337 | 22,777,742 |
Cash, cash equivalent and restricted cash at the beginning of the year | 795,123,208 | 5,562,204,889 | 539,601,552 | 516,823,810 |
Cash, cash equivalent and restricted cash at the end of the year | 1,162,891,756 | 8,134,892,989 | 5,562,204,889 | ¥ 539,601,552 |
Supplemental disclosure of cash flow information: | ||||
Interest expenses paid | 323,650 | |||
Income tax paid | ||||
Supplemental disclosure on non-cash investing and financing activities: | ||||
Deferred offering costs payable | ¥ 6,353,017 | |||
Payable for purchases of property and equipment | 790,209 | 5,527,829 | ||
Payable for repurchase of ordinary shares not yet paid | $ 7,618,406 | ¥ 53,293,800 |
COMBINED AND CONSOLIDATED STA_6
COMBINED AND CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Statement of Cash Flows [Abstract] | ||||||
Cash and cash equivalents | $ 1,156,758,766 | ¥ 8,091,990,270 | ¥ 5,562,204,889 | ¥ 539,601,552 | ||
Restricted cash | 6,132,990 | 42,902,719 | ||||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 1,162,891,756 | ¥ 8,134,892,989 | $ 795,123,208 | ¥ 5,562,204,889 | ¥ 539,601,552 | ¥ 516,823,810 |
Organization and principal acti
Organization and principal activities | 12 Months Ended |
Dec. 31, 2019 | |
Organization and principal activities | |
Organization and principal activities | 1. Organization and principal activities DouYu International Holdings Limited (the “Company” or “DouYu International”) was incorporated under the laws of Cayman Islands on January 5, 2018. The Company, its subsidiaries and its variable interest entities (collectively referred to as the “Group”) operate platform on PC and mobile apps, through which users can enjoy immersive and interactive gaming and entertainment live streaming. History of the Group The Group’s history began with the commencement of operations of Guangzhou Douyu Internet Technology Co., Ltd. (“Guangzhou Douyu”), a limited liability company established in Guangdong Province, the People Republic of China (the “PRC”) on April 3, 2014, which was owned by two founders, Mr. Shaojie Chen and Mr. Wenming Zhang (the “Founders”) and an outside investor (collectively referred to as the “Original Shareholders”). 2016 Restructuring In 2015, the Original Shareholders initiated a restructuring plan to move Guangzhou Douyu’s business from Guangdong province to Hubei province in order to expand its business. The restructuring was accomplished through a series of transactions (“2016 Restructuring”) as follows: On May 8, 2015, Wuhan Douyu Internet Technology Co., Ltd. (“Wuhan Douyu”) was established as a limited liability company under the laws of the PRC with a registered capital of RMB10 million. On February 3, 2016, Wuhan Douyu and Guangzhou Douyu executed an assets and business transfer agreement. Pursuant to the agreement, Guangzhou Douyu transferred all of its assets, liabilities and business, excluding cash and cash equivalents of RMB2.6 million and deductible tax assets of RMB9.0 million to Wuhan Douyu for a cash consideration of RMB1.9 million. Upon the completion of the 2016 Restructuring, Wuhan Douyu succeeded all of the operations of Guangzhou Douyu. As Guangzhou Douyu and Wuhan Douyu were all under common control of the Mr. Shaojie Chen, the 2016 Restructuring was accounted for in a manner similar to a pooling of interest with assets and liabilities recognized at their historical amount in the Group’s combined and consolidated financial statements. The cash consideration paid of RMB1.9 million and cash and deductible tax assets retained by Guangzhou Douyu of RMB11.6 million, were recorded as a distribution to shareholders of Guangzhou Douyu in the combined and consolidated statements of changes in shareholders’ equity (deficit). 2018 Restructuring In 2018, the Original Shareholders and all of the investors undertook an equity restructuring in order to redomicile its business from PRC to the Cayman Islands (the “2018 Restructuring”), which was executed in the following steps: 1. On January 5, 2018, the Company was incorporated in the Cayman Islands to be the holding company of the Group. The Ordinary Shareholders subscribed to 8,188,790 ordinary shares of the Company at par value of US$0.0001 per share. 2. Upon obtaining all necessary approvals from the PRC government, on May 14, 2018, the investors subscribed for convertible redeemable preferred shares at no consideration, all in the same proportions, on an as converted basis, as the percentage of equity interest they held in Wuhan Douyu. Upon the issuance of preferred shares and ordinary shares issued in step 1, the equity structure of the Company is identical to that of Wuhan Douyu. 3. On May 18, 2018, the Company, through its wholly owned subsidiary in PRC, entered into a series of contractual arrangement, with Wuhan Douyu and its respective shareholders. See Note 2.2 below for a description of the VIE arrangements pursuant to which the Company and its subsidiary were established as a primary beneficiary of the Wuhan Douyu. On July 17, 2019, the Company completed its initial public offering (“IPO”) and issued 44,924,730 American Depositary shares (“ADSs”), representing 4,492,473 ordinary shares. Every ten ADSs represent one ordinary share. Net proceeds from the IPO after deducting underwriting discount and offering costs were US$497.3 million. As of December 31, 201 9 Date of incorporation/ establishment Place of incorporation/ establishment Percentage of direct/indirect ownership Wholly owned subsidiaries Wuhan Douyu Education Consulting Co., Ltd. November 9, 2016 Wuhan 100 % Wuhan Yuwan Culture Media Co., Ltd. June 28, 2016 Wuhan 100 % Wuhan Yuxing Tianxia Culture Media Co., Ltd. June 24, 2016 Wuhan 100 % Wuhan Yuyin Raoliang Culture Co., Ltd. June 23, 2016 Wuhan 100 % Wuhan Yu Leyou Internet Technology Co., Ltd. November 9, 2016 Wuhan 100 % Wuhan Xiaoyu Chuhai Internet Technology Co., Ltd. January 5, 2017 Wuhan 100 % Wuhan Douyu Yule Internet Technology Co., Ltd. (“Wuhan Yule”) April 2, 2018 Wuhan 100 % DouYu Network Inc. January 12, 2018 The British Virgin Islands 100 % Douyu Hongkong Limited January 24, 2018 Hong Kong 100 % Gogo Global Holding Limited October 8, 2018 Cayman 71.06 % VIEs Wuhan Ouyue Online TV Co., Ltd. (“Wuhan Ouyue”) February 3, 2016 Wuhan 100 % Wuhan Douyu Network Technology Co., Ltd. May 8, 2015 Wuhan 100 % |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary of significant accounting policies | |
Summary of significant accounting policies | 2. Summary of significant accounting policies 2.1 Basis of Presentation The combined and consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). 2.2 Basis of Consolidation The financial statements presented herein represent (1) prior to 2018 Restructuring, the combined financial statements of Wuhan Douyu, its subsidiaries and variable interest entities; (2) subsequent to 2018 Restructuring, the combined and consolidated financial statements of the Company, its subsidiaries and variable interest entities. All inter-company transactions and balances have been eliminated. The Company, through its wholly-owned foreign invested subsidiary, WFOE in the PRC, entered into a series of contractual arrangements (“VIE agreements”) with Wuhan Douyu and Wuhan Ouyue (collectively known as “the VIEs”) and their respective shareholders that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs. Applicable PRC laws and regulations currently limit foreign ownership of companies that provide internet valued-added businesses. The Company is deemed a foreign legal person under PRC laws and accordingly subsidiaries owned by the Company are not eligible to engage in provisions of internet content or online services. The Group therefore operates its business, primarily through the VIEs and the subsidiaries of the VIEs. Agreements that provide the Group effective control over the VIEs include: Shareholders’ Voting Rights Proxy Agreement Pursuant to the voting rights proxy agreements signed between each of the shareholders of the VIEs and WFOE, each shareholder irrevocably appointed WFOE as its attorney-in-fact Executive Call Option Agreement Pursuant to the exclusive call option agreement entered into between each of the shareholders of the VIEs and WFOE, the shareholders irrevocably granted WFOE a call option to request the shareholders to transfer or sell any part or all of its equity interests in the VIEs, to WFOE, or their designees. The purchase price of the equity interests in the VIEs shall be equal to the minimum price required by PRC law. Without WFOE’s prior written consent, the VIEs and its shareholders shall not amend its articles of association, increase or decrease the registered capital, sell or otherwise dispose of its assets or beneficial interest, issue any additional equity or right to receive equity, provide any loans, distribute dividends in any form, etc. The term is for ten years and may be extended for another ten years at the option of WFOE. Equity Pledge Agreements Each shareholder of the VIEs has also entered into an equity pledge agreement with WFOE, pursuant to which each shareholder pledged his/her interest in WFOE to guarantee the performance of obligations of WFOE and its shareholders under the exclusive business cooperation agreement, exclusive call option agreement, and shareholders’ voting rights proxy agreement. If the VIEs or any of the shareholder breaches its contractual obligations, WFOE will be entitled to certain rights and interests regarding the pledged equity interests including the right to dispose the pledged equity interests. None of the shareholders shall, without the prior written consent of WFOE, assign or transfer to any third party, create or cause any security interest and any liability in whatsoever form to be created on, all or any part of the equity interests it holds in the VIEs. This agreement is not terminated until all of the agreements under the shareholders’ voting rights proxy agreement, exclusive call option agreement and the exclusive business cooperation agreement are fully performed. Agreement that transfer economic benefits of the VIEs to the Group include: Exclusive Business Cooperation Agreement Pursuant to the exclusive business cooperation agreement entered into by WFOE and the VIEs, WFOE provides exclusive technical support and consulting services in return for fees based on 100% of the VIE’s total consolidated profit, which is adjustable at the sole discretion of WFOE. Without WFOE’s consent, the VIEs cannot procure services from any third party or enter into similar service arrangements with any other third party, except for those from WFOE. The term of this agreement is ten years. Unless agreed by both parties in writing, this agreement shall be automatically renewed for another ten years upon its expiration. Shareholders Voting Right Proxy Agreements provide the Group effective control over the VIEs and its subsidiaries, while the Equity Pledge Agreements secure the obligations of the shareholders of the VIEs under the relevant agreements. Because the Company, through the WFOE, has (i) the power to direct the activities of the VIEs that most significantly affect the entity’s economic performance and (ii) the right to receive substantially all of the benefits from the VIEs, the Company is deemed the primary beneficiary of the VIEs. Accordingly, the Company has consolidated the VIEs’ financial results of operations, assets and liabilities in the Group’s combined and consolidated financial statements. The aforementioned agreements are effective agreements between a parent and consolidated subsidiaries, neither of which is accounted for in the combined and c onsolidated financial statements or are ultimately eliminated upon consolidation (i.e. service fees under the Exclusive Business Cooperation Agreement). The Group believes that the contractual arrangements with the VIEs are in compliance with PRC law and are legally enforceable. However, uncertainties in the PRC legal system could limit the Group’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could: • revoke or refuse to grant or renew the Group’s business and operating licenses; • restrict or prohibit related party transactions between the wholly owned subsidiary of the Group and the VIE; • impose fines, confiscate income or other requirements which the Group may find difficult or impossible to comply with; • require the Group to alter, discontinue or restrict its operations; • restrict or prohibit the Group’s ability to finance its operations, and; • take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. The imposition of any of these restrictions or actions could result in a material adverse effect on the Group’s ability to conduct its business. In such case, the Group may not be able to operate or control the VIEs, which may result in deconsolidation of the VIEs in the Group’s combined and consolidated financial statements. In the opinion of management, the likelihood for the Group to lose such ability is remote based on current facts and circumstances. The Group’s operations depend on the VIEs to honor their contractual arrangements with the Group. These contractual arrangements are governed by PRC law and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. The management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the nominee shareholders of the VIEs fail to perform their obligations under those arrangements. The following financial statement amounts and balances of the VIEs were included in the accompanying combined and consolidated financial statements after elimination of intercompany transactions and balances: As of December 31, 2018 2019 RMB RMB ASSETS Cash and cash equivalents 1,549,689,255 826,481,128 Restricted cash — 42,902,719 Accounts receivable, net 68,238,203 176,599,681 Prepayments 18,440,371 12,982,856 Amount due from related parties 53,815,484 13,431,477 Other current assets 93,062,950 82,405,807 Property and equipment, net 29,297,602 17,794,907 Intangible assets, net 15,645,467 130,272,386 Investments 128,018,556 147,033,947 Other non-current 6,858,141 1,918,598 Total Assets 1,963,066,029 1,451,823,506 LIABILITIES Accounts payable 256,071,492 794,266,492 Advances from customers 8,411,446 16,975,882 Deferred revenue 112,071,796 181,250,993 Accrued expenses and other current liabilities 103,101,896 177,228,742 Amounts due to related parties 1,547,837,321 59,693,186 Total Liabilities 2,027,493,951 1,229,415,295 Years ended December 31, 2017 2018 2019 RMB RMB RMB Net revenue 1,885,717,001 3,436,175,885 7,207,666,259 Net income (loss) (612,897,944 ) (680,682,612 ) 985,034,474 Years ended December 31, 2017 2018 2019 RMB RMB RMB Net cash provided by (used in) operating activities (381,036,409 ) 1,091,289,940 816,655,741 Net cash used in investing activities (92,006,705 ) (80,279,043 ) (133,917,000 ) Net cash (used in) 500,000,000 — (1,363,044,149 ) The VIEs contributed 100%, 2017, There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group may provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. The Group believes that there are no assets held in the VIEs that can be used only to settle obligations of the VIEs. As the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its registered capital, to the Company in the form of loans and advances or cash dividends. 2.3 Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s combined and consolidated financial statements include the revenue recognition, valuation of ordinary share, share-based compensation, and realization of deferred tax assets. 2.4 Fair value measurements Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows: Level 1 — Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. Level 2 — Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques. Level 3 — Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. The Group measures its financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, amount due from related parties, other current assets, accounts payable, amounts due to related parties and accrued expenses and other current liabilities at fair value which are approximates their cost due to the short-term nature of these assets and liabilities. 2.5 Foreign currency translation The functional currency of the Company is in US dollars (“US$”). The functional currency of the Group’s subsidiaries and VIEs in the PRC is Renminbi (“RMB”). Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Translation gains and losses are recognized in the combined and consolidated statements of comprehensive income (loss). The Group’s reporting currency is Renminbi (“RMB”). For entities within the Group that have a functional currency other than the reporting currency, assets and liabilities are translated from each entity’s functional currency to the reporting currency at the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive income in the statements of comprehensive income (loss) and the combined and consolidated statements of change in shareholders’ equity (deficit). 2.6 Convenience Translation into United States Dollars Translations of balances in the combined and consolidated balance sheets, combined and consolidated statements of comprehensive income (loss) and combined and consolidated statements of cash flows from RMB into United States dollars are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.9954 on December 27, 2019, as set forth in H.10 statistical release of the Federal Reserve Board. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 27, 2019, or at any other rate. 2.7 Cash and cash equivalents Cash and cash equivalents primarily consist of cash on hand and cash in bank which are highly liquid. As of December 31, 2018 and 2019, all cash and cash equivalents are unrestricted as to withdrawal and use. 2.8 Restricted cash The Group’s restricted cash represents cash restricted by court related to lawsuits in which the group is a defendant. The restriction will be subsequently removed when the cases are closed. 2. 9 Accounts receivable are stated at the historical carrying amount net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and a loss is probable and estimable. If the financial conditions of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required. The Group maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Group determines the allowance for doubtful accounts taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the debtors as well as the age of the individual receivables balance. Additionally, the Group makes specific bad debt provisions based on any specific knowledge the Group has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Group to use substantial judgment in assessing its collectability. Uncollectible accounts receivable over two years are 100% written off. 2.10 Property and equipment, net Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Computer and transmission equipment Leasehold improvements Furniture and office equipment Motor vehicles 3 years Over the shorter of the lease term or expected useful lives 5 years 5 years 2.11 Intangible assets, net Intangible assets are recorded at the cost to acquire these assets less accumulated amortization. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. License for Online Transmission of Audio/Video Programs is determined to have an infinite useful life and is not subject to amortization, as such license is renewable every three years and can be renewed indefinitely. Brand name 10 years Agency contract righ t Over the shorter of the contract period or expected useful lives License for Online Transmission of Audio/Video Programs Infinite life Platform 5 years Software 3 years Other s 1 - 10 years 2.12 Goodwill Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of business acquired. Several factors give rise to goodwill in our acquisitions, such as the expected benefit from the existing workforce and client service capability of the acquired business. Goodwill is reviewed at least annually for impairment. In evaluation of goodwill impairment, the Group perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not conclusive, the Group proceed to a two-step 2.13 Impairment of long-lived assets and intangible assets The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. The Group evaluates intangible asset that is not subject to amortization for impairment annual and more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group conducts quantitative impairment test for indefinite-lived intangible asset and compares of the fair value of the asset with its carrying amount. The Group recognizes impairment loss on the amount by which the carrying value exceeds the fair value of the asset. After an impairment loss is recognized, the Group uses adjusted carrying amount of the long-lived assets and intangible asset as its new accounting basis. 2.14 Long-term investments Investments held by the Group comprised of equity investments in privately-held entities. Equity method investments The Group accounts for its equity investments over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investments and recognizes investment income or loss for share of the earnings or loss of the investee after the date of investment. The Group assesses its equity method investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the entities, including current earnings trends and undiscounted cash flows, and other entity-specific information. The fair value determination, particularly for investments in privately-held entities, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other-than-temporary. If the decline in the fair value is deemed to be other-than-temporary, the carrying value of the equity method investment is written down to fair value. The Group recorded impairment loss of nil, 2017, Equity securities without readily determinable fair value The Group’s investment in equity securities comprise of investment in privately-held companies. Before January 1, 2019, the Group’s investment without readily determinable fair value were accounted for under cost method. Under the cost method, the Group carries the investments at cost and recognizes income to the extent of dividend received from the distribution of the equity investee’s post-acquisition profits. The Group adopted ASC Topic 321, Investments—Equity Securities (“ASC 321”) on January 1 and elected to measure these investments at cost minus impairment, if any, adjusted up or down for observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any adjustment to the carrying amount is recorded in other income (expense), net. The Group also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss recorded in investment loss. 2. 15 Adoption of ASU No. 2014-09 “ Revenue from Contracts with Customers” In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“Topic 606”) as modified by subsequently issued ASUs 2015-14, 2016-08, 2016-10, 2016-12 and 2016-20 (collectively “ASU 2014-09”). On January 1, 2019, the Group adopted ASC 606, “Revenue from Contracts with Customers” using the modified retrospective method applied to those contracts which were not completed as of January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under Topic 605. Based on the Company’s assessment, the adoption of ASC 606 did not have any material impact to the Group’s combined and consolidated financial statements and there were no material differences between the Company’s adoption of ASC 606 and its historic accounting under ASC 605. The following table disaggregates the Group’s revenue by major type for the years ended December 31, 2017, Years ended December 31, 2017 2018 2019 Live streaming 1,521,784,105 3,147,196,247 6,617,291,032 Advertisement 248,846,529 342,169,195 513,265,806 Other 115,086,367 165,017,684 152,673,415 Total 1,885,717,001 3,654,383,126 7,283,230,253 Live streaming The Group is principally engaged in operating its own live streaming platforms, which enable streamers and users to interact with each other during live streaming. The users have the option to purchase virtual currency, which is non-refundable The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live streaming revenue on a gross basis with amounts billed to users for the virtual items recorded as revenues and the revenue sharing fee paid to streamers or talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live streaming service. Revenue related to each of the consumable items is recognized at the point in time when the virtual gifts is transferred directly to the streamers and consumed by them, while revenue related to time-based items is recognized ratably over a fixed period on a straight line basis. Although some virtual items have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual items are consumed shortly after they are released to users and the forfeiture rate remains relatively low for the periods presented. The Group does not have further performance obligations to the user after the virtual items are consumed. Virtual items may be sold individually or bundled into one arrangement. When the Group’s users purchase multiple virtual items bundled within the same arrangement, the Group allocates the total consideration to each distinct virtual item based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated. Advertisement The Group generates advertisement revenues from rendering of various forms of advertisement services and provision of promotion campaigns on the live streaming platforms by way of advertisement display or integrated promotion activities in shows and programs on the live streaming platforms. Advertisements on the Group’s platforms are generally charged on the basis of duration whereby revenue is recognized ratably over the contract period of display. The Group provides sales incentives in the forms of discounts and rebates to advertisers or advertisement agencies based on purchase volume. Revenue is recognized based on the price charged to the advertisers or agencies, net of sales incentives provided to the advertisers or agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the contracted rebate rates and estimated sales volume based on historical experience. For the years ended December 31, 2017, RMB35,337,970, RMB44,389,826 and RMB64,274,647, respectively. Other revenue Other revenue mainly consists of game distribution revenue. Online games developed by third party game developers are displayed through the Group’s platforms to attract users to download and play the games. The Group earns revenues from game developers in accordance with the pre-determined Practical expedients and exemptions The Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations. Contract balances Contract balances include accounts receivable, advances from customers and deferred revenue. Accounts receivable represent cash due from third-party application stores as well as from advertising customers and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. Advances from customers primarily represent cash received from the Group’s advertisement customers. Deferred revenue primarily includes cash received from paying users related to the Group’s live streaming service. Deferred revenue is recognized as revenue when all of the revenue recognition criteria have been met or over the estimated service period. Revenue recognized in 2019 that was included in the deferred revenue balance as of January 1, 2019 was RMB111,637,250. Accounts Advances Deferred RMB RMB RMB Opening Balance as of January 1, 2018 135,778,457 5,488,122 45,921,961 Increase (decrease), net (6,313,725 ) 4,219,929 66,149,835 Ending Balance as of December 31, 2018 129,464,732 9,708,051 112,071,796 Increase, net 58,635,141 7,426,481 70,747,732 Ending Balance as of December 31, 2019 188,099,873 17,134,532 182,819,528 2.16 Cost of revenues Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues consists primarily of (i) revenue sharing fees paid to live streamers and talent agencies determined based on a percentage of revenue from sale of virtual items, (ii) content costs, (iii) bandwidth, (iv) salaries and welfare, (v) server costs, depreciation and amortization expense for servers and other equipment, and intangibles directly related to operating the platform, and (vi) payment handling costs. 2.17 Research and development expenses Research and development expenses primarily consist of (i) salaries and benefits expenses incurred for research and development personnel, (ii) rental, general expenses and depreciation expenses associated with the research and development activities and (iii) share based compensation. Expenditures incurred during the research phase are expensed as incurred and no research and development expenses were capitalized as of December 31, 2017, 2.18 Sales and marketing expenses Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, (ii) salaries and welfare for sales and marketing personnel and (iii) share based compensation. The advertising and market promotion expenses amounted RMB98,732,746, RMB129,013,488 and RMB135,859,453 for the years ended December 31, 2017, 2.19 General and administrative expenses General and administrative expenses consist primarily of (i) consulting fees, and (ii) share based compensation, salaries and welfare for general and administrative personnel and (iii) allowance for doubtful receivable. 2.20 Income taxes Current income taxes are provided for in accordance with the laws of |
Business Acquisition
Business Acquisition | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition | |
Business Acquisition | 3. Business Acquisition Nonolive Acquisition in 2018 In order to further develop its overseas presence in the interactive gaming and entertainment live streaming markets, in October 2018, the Group, through a newly formed subsidiary, Gogo Glocal Holding Limited (“Gogo Glocal”), acquired all of the operating assets of Nonolive, a live stream platform operates mainly The Group has completed the valuation of the assets acquired with the assistance of a third party valuation firm and determined the consideration, fair value of the Group’s existing investment in Nonolive at the time of acquisition, fair value of assets acquired and goodwill resulted for this acquisition are follows: 2018 RMB Cash consideration 57,971,520 Fair value of the Group’s cost method investment 6,495,982 Less: fair value of assets acquired —Platform 10,000,000 —Brand Name 40,800,000 Goodwill 13,667,502 The Group held 4.8% equity interest in the acquired business that was accounted for under the cost method prior to the acquisition re-measured combined and consolidated statements of comprehensive income (loss) for the year ended December 31, 2018. The identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree are required to be recognized and measured at fair value as of the acquisition date. An intangible asset is identified if it meets either the separability criterion or the contractual-legal criteria in accordance with ASC 805, Business Combination. The Group has recognized platform and brand name as identifiable intangible asset. The other intangible assets acquired in the acquisition, including assembled workforce, and client service capability, which did not meet the separation criteria or the contractual - Gogo Glocal acquired in October 2018 were included in the combined and consolidated statements of comprehensive income since the acquisition date. The following table summarizes unaudited pro forma results of operations for the years ended December 31, 2018 assuming that acquisitions occurred as of January 1, 2018. The unaudited Years ended December 31, 2017 2018 RMB RMB Pro forma revenue 1,911,340,047 3,681,270,272 Pro forma loss from operations (696,280,827 ) (879,923,547 ) Pro forma net loss (697,409,834 ) (903,761,476 ) Pro forma net loss per share, basic and diluted (85.17 ) (111.37 ) Shuangsi Acquisition in 2019 In January 2019, the Group acquired 85% equity interest of Chengdu Shuangsi Culture Broadcasting Co., Ltd. (“Shuangsi”) for a cash consideration of RMB33,012,762, which was net of RMB879,138 cash acquired. Shuangsi is in the business of managing eSport teams in the participation of professional eSport competitions. The Group has completed the valuation with assistance of third party valuation firm and determined the purchase price allocated to the fair value of assets acquired, liabilities assumed and noncontrolling The acquisition of Shuangsi was not material to the combined and consolidated financial statements, as such pro forma results of operations are not presented. The amounts of revenue and net loss of Shuangsi since the acquisition date included in the combined and consolidated statements of comprehensive income (loss) for the year ended December 31, 2019 are RMB8,115,484 and RMB16,449,823, respectively. |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2019 | |
Accounts receivable, net | |
Accounts receivable, net | 4. Accounts receivable, net Accounts receivable, net consisted of the followings: As of December 31, 2018 2019 RMB RMB Accounts receivable, gross 135,372,101 203,934,775 Less: allowance for doubtful receivables (5,907,369 ) (15,834,902 ) Accounts receivable, net 129,464,732 188,099,873 As of December 31, 2017 2018 2019 RMB RMB RMB Balance as of January 1 1,690,103 5,172,435 5,907,369 Provisions for doubtful accounts 3,482,332 1,121,009 13,563,744 Write offs — (386,075 ) (3,636,211 ) Balance as of December 31 5,172,435 5,907,369 15,834,902 The following customers accounted for 10% or more of accounts receivable, net: As of December 31, 2018 2019 RMB % RMB % US$ % Company A 21,112,127 16 % 37,615,505 20 % 5,377,177 20 % Company B 13,441,984 10 % * * * * Company C * * 47,776,989 25 % 6,829,772 25 % Company D * * 23,466,780 12 % 3,354,602 12 % * Amounts accounted for less than 10% of accounts receivable for each respective year. |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2019 | |
Other current assets | |
Other current assets | 5. Other current assets Other current assets consist of the following: As of December 31, 2018 2019 RMB RMB Interest receivable 61,145,183 53,484,027 Value-added tax recoverable 57,328,066 62,336,003 Funds receivable from third party payment service provider(1) 47,029,453 69,263,440 Content rights 35,175,308 10,589,085 Other s 24,835,846 8,637,038 Total 225,513,856 204,309,593 (1) The Group opened accounts with external online payment service providers to collect funding from users. |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2019 | |
Property and equipment, net | |
Property and equipment, net | 6. Property and equipment, net Property and equipment, net consists of the following: As of December 31, 2018 2019 RMB RMB Gross carrying amount Computer and transmission equipment 86,612,440 91,375,589 Leasehold improvements 16,820,394 29,237,111 Furniture and office equipment 4,914,900 6,339,065 Motor vehicles 410,200 410,200 Total 108,757,934 127,361,965 Less: accumulated depreciation (58,330,324 ) (88,452,500 ) Property and equipment, net 50,427,610 38,909,465 Depreciation expense was RMB23,167,001 , RMB26,996,910 and RMB32,814,894 for the years ended December 31, 2017, |
Intangible assets, net
Intangible assets, net | 12 Months Ended |
Dec. 31, 2019 | |
Intangible assets, net | |
Intangible assets, net | 7. Intangible assets, net Intangible assets, net consists of the following: As of December 31, 2018 2019 RMB RMB Gross carrying amount Brand name 40,602,217 41,276,297 Agency contract rights (1) 82,044,138 193,898,260 License for Online Transmission of Audio/Video Programs (2) 7,988,748 7,988,748 Platform 9,944,894 10,116,739 Software 6,764,753 8,613,202 Other s 5,288,901 15,081,941 Total of gross carrying amount 152,633,651 276,975,187 Less: accumulated amortization Brand name (576,754 ) (4,717,435 ) Agency contract rights (17,691,672 ) (63,433,706 ) Platform (838,019 ) (2,867,765 ) Software (1,490,443 ) (2,745,522 ) Other s (1,022,871 ) (5,153,918 ) Total of accumulated amortization (21,619,759 ) (78,918,346 ) Intangible assets, net 131,013,892 198,056,841 (1) The agency contract right s RMB111,879,121 , respectively, with weighted average amortization period of 3 years and 4.5 years. (2) In February 2016, Wuhan Douyu obtained effective control of Wuhan Ouyue, a PRC legal entity from Mr. Shaojie Chen, the Group’s CEO through a series of contractual arrangements. Wuhan Ouyue has no business and holds one asset, License for Online Transmission of Audio/Video Programs. The transaction was deemed as an asset acquisition under ASC 805 and the License for Online Transmission of Audio/Video Programs was recognized based on the consideration paid, which approximate the market value of the asset acquired. The license permits the Group in the provision of online streaming of video on its platforms. The license is renewable every 3 years and may be renewed indefinitely. The Group has renewed this license in March 2018 subsequent to its acquisition and intends to renew the license indefinitely. Amortization expenses were RMB2,875,712, RMB18,548,448 and RMB57,306,920 for the years ended December 31, 2017, Future expenses RMB 2020 71,648,424 2021 42,630,742 2022 25,059,432 2023 21,017,272 2024 9,965,351 The weighted average amortization periods of intangible assets as of December 31, 2018 and 2019 are as below: As of December 31, 2018 2019 RMB RMB Brand name 10 years 10 years Agency contract rights 2.9 years 3.9 years Platform 5 years 5 years Software 2.9 years 3.1 years Other s 5.9 years 3.3 years |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 8. Investments Equity method investments: As of December 31, 2018 2019 RMB RMB Hangzhou Aijidi Culture Creation Co., Ltd. (“Aijidi”)(1) 4,543,520 4,090,990 Beijing Wanyan Culture Media Co., Ltd. (“Wanyan”)(2) 5,471,438 — Wuhan Guaji Culture Media Co., Ltd. (“Guaji”)(3) 2,840,655 — Chongqing Yuwan Network Media Co., Ltd. (“Chongqing Yuwan”)(4) 13,865,155 9,721,472 Hunan Yuyou Starfire Culture Media Co., Ltd. (“Yuyou Starfire”)(5) 14,968,298 15,139,902 Yule Xinghui (Tianjin) Culture Development Co., Ltd. (“Yule Xinghui”)(6) 8,669,526 — Shanghai Gaoqu Culture Media Co., Ltd. (“Gaoqu”)(7) 10,286,579 — Hainan Tukai Culture Media Co., Ltd(“Tukai”)(8) 2,485,478 — Others(9) 13,609,541 3,849,736 76,740,190 32,802,100 (1) In 2016, the Group acquired 10% of the equity of Aijidi for a consideration of RMB7,500,000. The Group has the right to appoint one board of director to Aijidi, therefore has a significant influence on Aijidi. In 2019, the Group’s equity interest was diluted to 6.2% as of December 31, 2019 due to Aijidi’s additional capital contribution from other shareholders. (2) In 2016, the Group invested in Wanyan RMB8,000,000 for a 20% equity interest. The Group recorded an impairment loss of RMB1,879,859 and RMB5,182,821 for the year ended December 31, 2018 and 2019, respectively, due to the deterioration in its operation. (3) In 2017, the Group formed Guaji with unrelated third party investors and contributed RMB2,000,000 for a 32% equity interest in the company. The Group recorded a full impairment loss of RMB2,839,352 for the year ended December 31, 2019 as Guaji has ceased operations in 2019. (4) In 2018, the Group formed Chongqing Yuwan with unrelated third party investors and contributed RMB16,000,000 for a 30% equity interest in the company. (5) In 2018, the Group formed Yuyou Starfire with unrelated third party investors and contributed RMB15,000,000 for a 30% equity interest in the company. (6) In 2018, the Group formed Yule Xinghui with unrelated third party investors and contributed RMB10,000,000 for a 20% equity interest in the company. The Group determined the investment was impaired and recorded a full impairment loss of RMB8,114,100 for the year ended December 31, 2019. (7) In 2018, the Group formed Gaoqu with unrelated third party investors and contributed RMB11,500,000 for a 20% equity interest in the company. In 2019, due to the financing from the unrelated third party investors, the Group’s equity interest decreased to 10% and therefore the Group lost significant influence over the company. The company was subsequently reclassified as equity securities without readily determinable fair values. (8) In 2018, the Group formed Tukai with unrelated third party investors and contributed RMB4,000,000 for a 15% equity interest in the company. In 2019, the Group further invested RMB26,000,000 in the company and the Group’s equity interest decreased to 19.9% due to the additional capital from other investors. After the transaction, the Group did not have representation on the board of directors anymore, and therefore lost significant influence over the company. Th is (9) In 2018, the Group made investments in several talent agencies with aggregate cash consideration of RMB14,500,000 and represents equity interest from 10% to 49%, none of which was individually material. During the year ended December 31, 2018, the Group recorded impairment of RMB1,832,851, RMB4,637,543 and RMB6,815,887 on Shanghai Bluefin Culture Media Co., Ltd., Beijing Bazhuayu Culture Media Co., Ltd. and Nanjing Dash Information Technology Co., Ltd., respectively. Equity securities without readily determinable fair values: As of December 31, 2018 2019 RMB RMB Content producers (1)(2) — 123,629,785 Technology and software companies 47,512,000 59,102,000 Others 10,000,000 10,000,000 57,512,000 192,731,785 Equity securities without readily determinable fair value were accounted as cost method investments prior to adopting ASC 321. For year ended December 31, 2017 , 2018 9 (1) Investments in talent agencies previously accounted for under equity method with carrying amount of RMB50,029,785 were reclassified as equity securities without readily determinable fair values in 2019, mainly including investments in Gaoqu and Tukai (Note 8 (7) and (8)), as the Group lost significant influence over the investees. An upward adjustment of RMB1,796,000 as result of observable price change for the identical or similar investment of the same investees was recognized in other income (expense), net. (2) In addition to the talent agencies mentioned in Note (1), in 2019, the Group formed twelves new companies with third parties with an aggregate cash contribution of RMB73,600,000 and represents equity interest from 5% to 20%, none of which was individually material . |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued expenses and other current liabilities | |
Accrued expenses and other current liabilities | 9. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following: As of December 31, 2018 2019 RMB RMB Accrued payroll and welfare 153,930,730 163,309,115 Marketing cost 96,754,190 112,859,994 Payable for repurchase of ordinary shares — 53,293,800 Deposits 24,913,728 30,566,743 Other tax payable 23,032,710 13,767,363 Other s 14,823,634 18,550,109 Total 313,454,992 392,347,124 |
Cost of revenues
Cost of revenues | 12 Months Ended |
Dec. 31, 2019 | |
Cost of revenues | |
Cost of revenues | 10. Cost of revenues Cost of revenues consist of the following: Years ended December 31, 2017 2018 2019 RMB RMB RMB Bandwidth costs 433,600,999 555,863,781 617,801,344 Revenue sharing fees and content costs 1,373,133,060 2,790,038,662 5,176,508,004 Other s 83,634,718 157,453,785 292,763,988 Total 1,890,368,777 3,503,356,228 6,087,073,336 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income taxes | |
Income taxes | 11 Income taxes Cayman Islands Under the current laws of the Cayman Islands, the Company and its subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. Hong Kong Entities incorporated in Hong Kong are subject to Hong Kong profits tax at a rate of 16.5%. Operations in Hong Kong have incurred net accumulated operating losses for income tax purpose and no income tax provisions are recorded for the period presented. China The Company’s subsidiaries and consolidated VIEs established in the PRC are subject to an income tax rate of 25%, according to the PRC Enterprise Income Tax (“EIT”) Law. The subsidiaries and the VIEs of the Group and Predecessor Operations in the PRC are subject to a uniform income tax rate of 25% for years presented. Wuhan Douyu obtained High and New Technology Enterprise (“HNTE”) status from 2016 to 2018. It enjoyed a favorable statutory tax rate of 15% from 2017 to 2018 claim 175% of the research and development expenses so incurred in a year as tax deductible expenses in determining its tax assessable profits for that year (“Super Deduction”). Uncertainties exist with respect to how the current income tax law in the PRC applies to the Group’s overall operations, and more specifically, with regard to tax residency status. The EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered residents for Chinese Income Tax purposes if the place of effective management or control is within the PRC. The implementation rules to the EIT Law provide that non-resident According to PRC Tax Administration and Collection Law, the statute of limitations is three years if the underpayment of taxes is due to computational errors made by the taxpayer or withholding agent. The statute of limitations will be extended five years under special circumstances, which are not clearly defined (but an underpayment of tax liability exceeding RMB0.1 million is specifically listed as a special circumstance). In the case of a related party transaction, the statute of limitations is ten years. There is no statute of limitations in the case of tax evasion. Income (loss) before income taxes consist of: Years ended December 31, 2017 2018 2019 RMB RMB RMB PRC (611,768,937 ) (881,940,287 ) 143,570,454 Foreign — 12,871,144 (106,980,746 ) Total (611,768,937 ) (869,069,143 ) 36,589,708 The Group did not incur any current or deferred component of income tax expenses for the years ended December 31, 2017, 2018 and 2019. The reconciliation of total tax expenses computed by applying the respective statutory income tax rate to pre-tax Years ended December 31, 2017 2018 2019 PRC income tax rate 25.00 % 25.00 % 25.00 % Expenses not deductible for tax purposes (0.74 )% (2.45 )% 157.72 % Super deduction on research and development expenses 3.66 % 6.14 % (145.44 )% Effect of change in income tax rate — — (555.07 )% Effect of tax holiday (8.31 )% (0.27 )% — Effect of tax rate in different tax jurisdiction — 0.71 % 4.82 % Change in valuation allowance (19.61 )% (29.13 )% 512.97 % Total 0.00 % 0.00 % 0.00 % The aggregate amount and per share effect of the tax holiday are as follows: Years ended December 31, 2017 2018 2019 RMB RMB RMB The aggregate dollar effect 50,837,998 2,346,487 — Per share effect—basic and diluted 6.21 0.29 — Deferred tax assets are as follows: Years ended December 31, 2018 2019 RMB RMB Deferred tax assets Tax loss carried forward 447,008,731 609,004,112 Deductible temporary differences 111,856,999 114,334,735 Tax basis difference upon 2016 Restructuring 46,732,514 66,897,143 Allowance for doubtful receivables 1,110,718 5,509,508 Total deferred tax assets 606,708,962 795,745,498 Less: valuation allowance (606,708,962 ) (795,745,498 ) Net deferred tax assets — — The movement of deferred tax valuation allowance is as follows: Years ended December 31, 2017 2018 2019 RMB RMB RMB Balance at beginning of the year 233,311,017 353,511,080 606,708,962 Additions 120,200,063 253,197,882 189,036,536 Balance at end of the year 353,511,080 606,708,962 795,745,498 The Group operates through its subsidiaries, VIEs and subsidiaries of the VIEs. As of December 31, 2018 and 2019, the Group had tax operating loss carry forwards of RMB2,463,119,437 and RMB2,493,643,064 respectively from its subsidiaries, VIEs and subsidiaries of the VIEs registered in the PRC, which can be carried forward to offset taxable income. The net operating loss will expire in years 2020 t 7 The Group considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will be more likely than not realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses and forecasts of future profitability. These assumptions require significant judgment and the forecasts of future taxable income are consistent with the plans and estimates the Group is using to manage the underlying businesses. Valuation allowances are established for deferred tax assets based on a more likely than not threshold. The Group’s ability to realize deferred tax assets depends on its ability to generate sufficient taxable income within the carry forward periods provided for in the tax law. The Group has provided a full valuation allowance for the deferred tax assets as of December 31, 2018 and 2019, as management is not able to conclude that the future realization of those net operating loss carry forwards and other deferred tax assets are more likely than not. In accordance with the EIT Law, dividends, which arise from profits of foreign invested enterprises (“FIEs”) earned after January 1, 2008, are subject to a 10% withholding income tax. In addition, under tax treaty between the PRC and Hong Kong, if the foreign investor is incorporated in Hong Kong and qualifies as the beneficial owner, the applicable withholding tax rate is reduced to 5%, if the investor holds at least 25% in the FIE, or 10%, if the investor holds less than 25% in the FIE. |
Ordinary shares
Ordinary shares | 12 Months Ended |
Dec. 31, 2019 | |
Ordinary shares | |
Ordinary shares | 1 2 Ordinary shares In accordance with the Company’s memorandum and articles of association, total authorized shares for ordinary shares are 500,000,000 shares with par value of US$0.0001. Upon the incorporation of the Company on January 5, 2018, the Original Shareholders of the Group subscribed to 8,188,790 ordinary shares of the Company at par value of US$0.0001. In May 2018, the Company converted 2,944,395 ordinary shares held by the Original Shareholder to 2,944,395 shares of Angel Preferred Shares with no change to the rights and obligations associated with these shares. As the terms of the Angel Preferred Shares are identical to those for the Ordinary Shares, the Company believe it is appropriate to continue to treat the Angel Preferred Shares as ordinary shares issued and outstanding in the combined and consolidated financial statements as well as for the purpose of EPS calculations. In May 2018, the Company repurchased 125,000 shares of ordinary shares from one investor and issued 125,000 Series B-4 As disclosed in Note 5 , 2,106,321 ordinary shares of the Company were issued to Douyu Employee Benefit Trust (the “Trust”) to establish a reserve pool for future issuances of equity share incentive to the Group’s employees. All shareholder rights of these 2,106,321 ordinary shares including but not limited to voting rights and dividend rights are unconditionally waived until the corresponding restrict share units are vested. While the ordinary shares were legally issued to the Trust, the Trust does not have any of the rights associated with the ordinary shares, as such the Company accounted for these shares as issued but no outstanding until the waiver is released by the Company, which occur when the restricted share units vest and ordinary shares are awarded to the employees. Upon the IPO in July 2019, the Company issued 4,492,473 ordinary shares. On December 20, 2019, the Company announced the repurchase program whereby the Company may repurchase up to US$100 million of its ordinary shares in the form of American depositary shares during a period of up to 12 months commencing on December 20, 2019. The Company has repurchased an aggregate of 291,207 ordinary shares for total cash consideration of US $ $ |
Noncontrolling Interest
Noncontrolling Interest | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interest | 13. Noncontrolling Interest As of December 31, 2019, the Group’s noncontrolling interest mainly included equity interest in Nonolive, Shuangsi and DouYu Japan. The following schedule shows the effects of changes in the ownership interest of the Company in its subsidiaries on equity attributed to DouYu for the years ended December 31, 2017, 2018 and 2019. Below are the changes in the Group’s ownership in its subsidiary on the Group’s equity. Years ended December 31, 2017 2018 2019 RMB RMB RMB Net income (loss) attributable to DouYu’s ordinary shareholders (612,897,944 ) (876,279,828 ) 39,753,232 Transfers to noncontrolling interest Decrease in DouYu’s additional paid-in capital due to vest of Gogo Glocal’s noncontrolling interest restricted shares (Note 15) — — (22,209,344 ) Decrease in DouYu’s additional paid-in capital for acquisition of shares of Gogo Glocal’s noncontrolling interest (1) — — (11,107,350 ) Net transfers to noncontrolling interest — — (33,316,694 ) Change from net income attribute to DouYu and transfers to noncontrolling interest (612,897,944 ) (876,279,828 ) 6,436,538 In October, 2019, the Group purchased 444,444 ordinary shares from the founders of Gogo Glocal with cash consideration of US $ at a fair value of RMB |
Convertible redeemable preferre
Convertible redeemable preferred shares | 12 Months Ended |
Dec. 31, 2019 | |
Convertible redeemable preferred shares | |
Convertible redeemable preferred shares | 14. Convertible redeemable preferred shares Series A Preferred Equity In January 2015, Beijing Sequoia acquired 20.49% of Guangzhou Douyu’s equity interest with preference rights for a total consideration of RMB106,999,090 (Series A Preferred Equity). Series B Preferred Equity In April 2015, Guangzhou Douyu entered into an agreement with Beijing Sequoia for a convertible loan and a detachable warrant for a total proceed of RMB 50 million. In April 2016, Beijing Sequoia converted the outstanding loan principal and unpaid interest expense amounted RMB 56,187,500 into 2.71% of the equity interest of Wuhan Douyou with preference rights (Series B-1 In April 2016, Wuhan Douyu issued 18.80% and 1.96% equity interest with preference rights (Series B-2 B-3 B-2 B-3 B-2 B-3 combined and consolidated statements of changes in shareholders’ equity (deficit). In April 2016, concurrent with the issuance of Series B-2 B-3 was recognized as deemed dividend in the combined and consolidated statements of changes in shareholders’ equity (deficit). Series C Preferred Equity In August 2016, Wuhan Douyu issued 15.80% of the equity interest with preference rights to a group of investors with a total consideration of RMB1,067,000,000 (Series C-1 C-1 combined and consolidated statements of changes in shareholders’ equity (deficit). In August 2016, Shanghai Qincheng exercised the warrant to purchase 0.49% of the equity interest of Wuhan Douyu with a subscription price of RMB30,000,000 (Series C-2 C-2 Series D Preferred Equity On November 14, 2017, Wuhan Douyu issued 5.81% equity interest of Wuhan Douyu with preferred rights (Series D Preferred Equity) for a consideration of RMB500,000,000 to three new investors. Upon the 2018 Restructuring, as described in Note 1, upon obtaining all necessary approvals from the PRC government, the Preferred Equity shareholders subscribed for convertible redeemable preferred shares (Preferred Shares) at no consideration, all in the same proportions, on an as converted basis, as the percentage of equity interest they held in Wuhan Douyu. In conjunction with the issuance of Series E Preferred Shares, the Company modified certain terms of Series A, B, C and D Preferred Shares to extend the date of qualified IPO from December 31, 2020 to December 31, 2022, as well as change certain calculation of the redemption value. The Company does not consider these changes as an extinguishment of Series A, B, C and D as the impact of these changes was insignificant. In January 2018, Wuhan Douyu repurchased Series C-2 C-2 paid-in In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 B-4 The key terms of the Preferred Shares are summarized as follows: Dividend Rights In the event the Company declares dividends, for holder of each series of Convertible Redeemable Preferred Shares, at the rate of eight percent of issue cost. Liquidation Rights In the event of any liquidation, dissolution or winding up of the Company (each a “Liquidation Event”), whether voluntary or involuntary, all assets and funds of the Company legally available for distribution to the Members (after satisfaction of all creditors’ claims and claims that may be preferred by Law) shall be distributed to the Members of the Company as follows: The liquidation right should be settled in the sequence of (i) Series E Convertible Redeemable Preferred Shares, (ii) Series D Convertible Redeemable Preferred Shares, (iii) Series C-1 B-1, B-2, B-3 B-4 If there are any assets or funds remaining after the aggregate Series A Preference Amount, Series B Preference Amount, Series C Preference Amount, Series D Preference Amount and Series E Preference Amount have been distributed or paid in full to the applicable holders of Preferred Shares, the remaining assets and funds of the Company available for distribution to the Members shall be distributed ratably among all Members in proportion to the number of Ordinary Shares (on an as-converted Total liquidation value for all preferred shares was RMB7,500,606,175 and nil as of December 31, 2018 and 2019, respectively. Conversion Rights The holders of the Preferred Shares shall have the rights to convert of the Preferred Shares into Ordinary Shares at an initial conversion ratio of one for one. The holders of each Convertible Redeemable Preferred Shares, at the option of the holders, has the right to convert the Convertible Redeemable Preferred Shares into ordinary shares at any time. Each Convertible Redeemable Preferred Share shall automatically be converted, into Ordinary Shares upon the earlier of (i) the closing of a Qualified IPO, or (ii) the written notice signed by the Majority Holders. Voting Rights The Preferred Shareholders are entitled to vote with ordinary shareholders on an as-converted Redemption Upon the earlier of (a) the Company has not consummated a Qualified IPO by December 31, 2022, (b) there is a material breach of the Articles of the Memorandum, (c) the creditworthiness of any Founder or any holder of Ordinary Shares (other than any Investor) is materially damaged, or there is any fraud, gross negligence or willful misconduct of any Founder or any holder of Ordinary Shares (other than any Investor), or there is any misconduct of any Founder or any Management Director, any of which results in damages to the Group Companies that cannot be cured, or (d) any event (other than force majeure) that result in the shutdown of the website (including the main website, IOS and Android apps) of the Group for more than 60 days, the holder of each series of Convertible Redeemable Preferred Shares except for the holder of Series C-2 pre-determined The redemption right should be settled in the sequence of (i) Series E Convertible Redeemable Preferred Shares, (ii) Series D Convertible Redeemable Preferred Shares, (iii) Series C-1 B-1, B-2 B-3 Management of the Group evaluated that redemption was not probable and therefore did not accrete the Preferred Shares to the redemption value. The redemption value as of December 31, 2018 and 2019 would be RMB7,262,965,150 and nil, respectively. All of the preferred shares were converted to ordinary shares immediately upon the completion of the Group’s IPO on July 17, 2019. The following is the rollforward of the carrying amounts of Preferred Share for the years ended December 31, 2018 and 2019: Series A Series B-1 Series B-2 Series B-3 Series B-4 (1) Series C-1 Series C-2 (2) Series D Series E (3) RMB RMB RMB RMB RMB RMB RMB RMB RMB December 31, 2016 106,999,090 56,187,500 464,343,750 202,671,887 — 1,265,848,000 33,333,333 — — Issuance — — — — — — — 500,000,000 — December 31, 2017 106,999,090 56,187,500 464,343,750 202,671,887 — 1,265,848,000 33,333,333 500,000,000 — Issuance — — — — 22,254,400 — (33,333,333 ) — 4,026,518,012 December 31, 2018 106,999,090 56,187,500 464,343,750 202,671,887 22,254,400 1,265,848,000 — 500,000,000 4,026,518,012 Conversion in (106,999,090 ) (56,187,500 ) (464,343,750 ) (202,671,887 ) (22,254,400 ) (1,265,848,000 ) — (500,000,000 ) (4,026,518,012 ) December 31, 2019 — — — — — — — — — (1) In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 B-4 (2) In January 2018, Wuhan Douyu repurchased Series C-2 C-2 paid-in (3) On May 29, 2018, the Company issued 7,828,728 shares of Series E redeemable convertible preferred shares (“Series E Preferred Shares”) at a per-share |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation | 1 5 Share-based compensation I. Non-vested Douyu restricted equity Upon closing of the issuance of Series A Preferred Equity, the Founders entered into an arrangement with the investor, whereby partial of their equity (“Founders’ Equity”) became subject to service and transfer restriction. Such Founders’ Equity is subject to repurchase by the Company upon early termination of their requisite period of employment. The repurchase price is the minimum price permitted under PRC law. The Founders’ Equity shall be vested monthly in equal installment over the period from issuance of Series A Preferred Equity to 2018. This arrangement has been accounted for as a grant of restricted share awards subject to service vesting conditions. The Group used the discounted cash flow method to determine the underlying equity value of Wuhan Douyu and adopted equity allocation model to determine the fair value of the equity as of the dates of issuance. The aggregate fair value of the restricted equity was RMB80,100,005. For the years ended December 31, 2017, , RMB17,574,638 and nil, respectively. All the restricted equity has been vested as of December 31, 2018. II. Non-vested shares In connection of the acquisition of Nonolive (see Note 3), Gogo Glocal issued 4,900,000 ordinary shares, which represents 46% of its equity, to the founders for Nonolive. These ordinary shares are subject to transfer restriction and repurchase by the Group for a consideration of US$1 upon early termination of their requisite employment service period of 15 months. These ordinary shares are vested upon the earlier of the satisfaction of certain performance target as measured by number of Daily Active Users or the requisite service period. This arrangement has been accounted as a grant of restricted share awards subject to service and performance conditions. With the assistance of third party valuation firm, the Group used the discounted cash flow method to determine the underlying equity value of Gogo Glocal and adopted equity allocation model to determine the fair value of the restricted ordinary share as of the dates of issuance, which was determined to be RMB18.45 per share. The aggregate fair value of the restricted shares was RMB90,425,865. On September 30, 2019, the Group and the founders of Nonolive entered into another agreement to renew the arrangement. Pursuant to the agreement, (i) the Group injected additional capital of RMB100 million in Gogo Glocal; (ii) the Group repurchased 1,039,780 shares of ordinary shares from one of the founders for a consideration of US$1 due to an early termination of his requisite employment service, which was considered as a forfeiture of the unvested restricted shares; (iii) 1,696,895 ordinary shares were vested immediately, of which 444,444 share were repurchased by the Group at fair value of RMB43.92 per share (see Note 13); and (iv) the remaining 2,163,325 non-vested restricted shares held by the founders are subject to transfer restriction and repurchase by the Group for a consideration of US$1 upon early termination of their renewed requisite employment service period and will be vested monthly in equal installments over the next 36 months, which was considered as a modification of unvested restricted shares. As a result of the modification, an incremental compensation cost of RMB28,224,142 was measured as the excess of the fair value of the modified restricted share award over the fair value of the original restricted share. The fair value per share of the modified restricted shares of RMB43.92 is determined according to the share price and other pertinent factors at the modification date. As of December 31, 201 9 months For the years ended December 31, 2017, 2018 and 2019, the Group recorded compensation expenses of nil, RMB17,830,249 and RMB55,275,106, respectively. A summary of non-vested restricted share activity during the years ended December 31, 2019 is presented below: Number of shares Weighted average grant-date Outstanding as of December 31, 2018 4,900,000 18.45 Forfeited (1,039,780 ) 18.45 Vested (1) (1,810,754 ) 19.27 Outstanding as of December 31, 2019 2,049,466 3 1.50 (1) Vested shares of 1,810,754 represents 17.8% of Gogo Glocal’s total equity and a corresponding amount of RMB22,209,344 was recorded as noncontrolling interest. III. Restricted share units On April 1, 2018, the Company’s board of director approved the 2018 Restricted Share Unit Scheme (“2018 Plan”). In connection with the 2018 Plan, the Company established Douyu Employee Benefit Trust (the “Trust”) as a holding platform and 2,106,321 share of ordinary shares were issued to the Trust as a reserve pool for future issuance of equity share incentive to the Group’s employees. All shareholder rights of these 2,106,321 ordinary shares including but not limited to voting rights and dividend rights are unconditionally waived until the corresponding restrict share units are vested. The Group referred to the interest in Trust as Restricted Share Units and each Restricted Share Unit represents one ordinary share. The Scheme shall be valid and effective for a period of 10 years. On April 1, 2018, pursuant to a board of director resolution, 2,098,069 restricted share units corresponding to 2,098,069 ordinary shares were granted to certain employees, directors and officers for zero cash subscription. The restricted share units will begin vesting by equal instalment for 36 months upon a qualified IPO. The Group has determined the per share fair value of the restricted share unit to be RMB274.51 with the assistance of an independent valuation firm based on the fair value of the underlying ordinary shares which was determined by using the hybrid method of the probability weighted expected return method (“PWERM”) and the option pricing method (“OPM”) to allocate equity value to preferred and ordinary shares on a fully diluted basis. A summary of restricted share units activity during the years ended December 31, 2019 is presented below: Number of share Weighted average grant- Weighted average RMB Years Outstanding as of December 31, 2018 2,098,069 274.51 2.58 Granted 306 579.27 Vested (289,451 ) 274.51 Forfeited (14,338 ) 274.51 Outstanding as of December 31, 2019 1,794,586 274.55 2.58 The Group has recorded compensation expenses of nil and RMB235,506,658 for the years ended December 31, 2018 and 2019 relating to these restricted share units. As of December 31, 2018 and 2019, there were RMB575,940,921 and RMB342,243,484, respectively, unrecognized share based compensation expenses related to the restricted share. |
Net income (loss) per share and
Net income (loss) per share and net loss attributable to ordinary shareholders | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net income (loss) per share and net loss attributable to ordinary shareholders | 1 6 Net income ( ) The Group’s convertible redeemable preferred shares are participating securities as the preferred shares participate in undistributed earnings on an as-if converted basis. For the year ended December 31, 2019, the Group used the two-class method of computing basic earnings per share. Under this method, net income applicable to holders of ordinary shares is allocated on a pro-rata basis to the ordinary and preferred shares to the extent that each class may share in income for the period had it been distributed. Diluted net income per share for the year For the years ended December 31, 2017 and 2018, for the purpose of calculating net loss per share as a result of the 2018 Restructuring as described in Note 1, the number of shares used in the calculation reflects the outstanding shares of the Company as if the 2018 Restructuring took place at the beginning of the period presented. Basic and diluted net loss per share for each of the year presented were calculated as follows: Years ended December 31, 2017 2018 2019 RMB RMB RMB Basic net income (loss) per share calculation Numerator: Net income (loss) attributable to DouYu Holdings Limited shareholders (612,897,944 ) (876,279,828 ) 39,753,232 Deemed dividend — (6,661,667 ) — Amounts allocated to convertible redeemable preferred shares for participating rights to dividends — — (14,283,763 ) Net income (loss) attributable to ordinary shareholders for computing basic net income (loss) per share (612,897,944 ) (882,941,495 ) 25,469,469 Denominator: Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share 8,188,790 8,115,160 19,254,661 Basic net income (loss) per ordinary share (74.85 ) (108.80 ) 1.32 Diluted net income (loss) per share calculation Numerator: Net income (loss) attributable to ordinary shareholders of DouYu Holdings Limited (612,897,944 ) (882,941,495 ) 25,469,469 Add: undistributed earnings allocated to participating securities — — 14,283,763 Net income (loss) attributable to ordinary shareholders for computing diluted net income (loss) per ordinary share (612,897,944 ) (882,941,495 ) 39,753,232 Denominator: Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share 8,188,790 8,115,160 19,254,661 Add: conversion of convertible redeemable preferred shares into ordinary shares — — 10,798,380 Restricted Share Units — — 1,389,890 Weighted average ordinary shares used in computing diluted income (loss) per ordinary share 8,188,790 8,115,160 31,442,931 Diluted net income (loss) per ordinary share (74.85 ) (108.80 ) 1.26 Diluted earnings per share do not include the following instruments as their inclusion would have been anti-dilutive: Years ended December 31, 2017 2018 2019 RMB RMB RMB Convertible Redeemable Preferred Equity/Shares 12,046,442 19,906,105 — Restricted Share Units — 2,098,069 — Total 12,046,442 22,004,174 — |
Statutory reserves and restrict
Statutory reserves and restricted net assets | 12 Months Ended |
Dec. 31, 2019 | |
Statutory reserves and restricted net assets [Abstract] | |
Statutory reserves and restricted net assets | 1 7 Statutory reserves and restricted net assets As a result of the PRC laws and regulations and the requirement that distributions by PRC entities can only be paid out of distributable profits computed in accordance with PRC GAAP, the PRC entities are restricted from transferring a portion of their net assets to the Group. Amounts restricted include paid-in paid-in was RMB3,481,099,358. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 1 8 Segment Information The Group uses the management approach to determine operation segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker The Group’s CODM has been identified as the Chief Executive Officer who reviews the consolidated results of operations when making decisions about allocating resources and assessing performance of the Group. Before October 2018, the Group operated and managed its business in PRC China as a single segment. In October 2018, the Group acquired a business which operates a live stream platform mainly in Southeast Asia (“Nonolive”) (see Note 3) and identified it as a new operating segment. In August 2019, the Group set up “DouYu Japan” which operates a live streaming platform in Japan with a third party. The Group has determined that Nonolive and DouYu Japan do not meet the quantitative thresholds for a reportable segment under ASC 280-10-50 in the year ended December 31, 2019, therefore, does not result in a reportable segment. The following table summarizes the revenue by type of service provided by the Group: Years ended December 31, 2017 2018 2019 RMB RMB RMB Live streaming 1,521,784,105 3,147,196,247 6,617,291,032 Advertisement 248,846,529 342,169,195 513,265,806 Other 115,086,367 165,017,684 152,673,415 Total 1,885,717,001 3,654,383,126 7,283,230,253 100% , 99.8% 2017, There were no customers from whom revenue accounted for 10% or more of total revenue for the years ended December 31, 2018 and 2019, respectively. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related party transactions | 1 9 Related party transactions The table below sets forth major related parties and their relationships with the Group: Company Name Relationship with the Group Tencent Holdings Limited (“Tencent Group”) Parent company of one of our ordinary shareholders Beijing Sequoia Xinyuan Equity Investment Center LLP Related party of one of our ordinary shareholders For the years ended December 31, 2017, Years ended December 31, 2017 2018 2019 Live streaming revenue derived from Equity method investees- talent agencies — 25,164,152 78,933,963 Tencent Group — 3,405,827 — Total — 28,569,979 78,933,963 Advertisement revenue derived from Tencent Group 14,050,283 27,483,962 2,699,737 Other revenue derived from Tencent Group 7,676,262 19,892,736 26,581,068 Bandwidth fees paid to Tencent Group 142,548,292 258,981,005 230,752,735 Revenue sharing fees and content cost paid to Tencent Group — — 4,986,374 Equity method investees- talent agencies 27,907,101 229,901,724 715,473,955 Total 27,907,101 229,901,724 720,460,329 Payment handling fees paid to Tencent Group 5,305,712 12,656,246 29,546,113 Content rights purchased from Tencent Group 71,300,000 116,100,000 112,354,423 As of December 31, 2017, 2018 and 2019, the amounts due from/to related parties are as follows: Years ended December 31, 2017 2018 2019 Amount due from related parties Tencent Group 13,536,360 56,840,030 23,935,019 Equity method investees- talent agencies — 7,230,184 108,831 Total 13,536,360 64,070,214 24,043,850 Amount due to related parties Tencent Group 153,195,674 227,897,451 251,069,127 Beijing Sequoia Xinyuan Equity Investment Center LLP (1) — 1,355,094,229 — Shaojie Chen (2) — 39,995,000 — Equity method investees- talent agencies 7,066,386 5,320,840 47,663,895 Total 160,262,060 1,628,307,520 298,733,022 (1) In May 2018, as an integrated step of the 2018 Restructuring , in order to comply with certain PRC foreign currency control rules and regulations, Beijing Sequoia has to redeem its investment in Series A Preferred Equity in Wuhan Douyu for US $ , , has been received by the Company but the redemption amount , equivalent to RMB1,355,094,229 , has not yet been paid by Wuhan Douyu , which was considered as a non-cash financing activity in the combined and consolidated statements of cash flows for the year ended December 31, 2018 $ $ in the amount of 1,323,049,149 , (2) The Group has received an advance payment of RMB39,995,000 from Mr. Shaojie Chen, which was subsequent ly |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 20 Commitments and contingencies Operating lease as lessee The Group leases certain office premises under non-cancelable 2 017, RMB25,971,264, Future minimum lease payments under non-cancelable Years ending RMB 2020 45,023,403 2021 26,297,961 2022 11,451,395 2023 1,297,103 2023 and thereafter — The Group’s operating lease commitments have no renewal options, rent escalation clauses and restriction or contingent rents. Contingencies In 2019, the Group was named as one of the defendants to lawsuits filed in court by a third party company platform operator for mobile apps and games in China. The third party platform operator is seeking a total monetary damage in an amount of RMB66.7 million by claiming certain steamers infringe their non-compete agreements with it by operating on the Group’s platform. The Group believe these allegations are without merit and will vigorously defend against them. These cases are still in early stage and the Group is not able to make a reliable estimate of the amount or range of possible loss, if any. The Group is subject to other periodic legal or administrative proceedings in the ordinary course of business. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent events | 2 1 Subsequent events The Group has evaluated subsequent events through April 2 8 |
SCHEDULE I FINANCIAL INFORMATIO
SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY | Jan. 01, 2019 |
Condensed Financial Information Disclosure [Abstract] | |
SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY | SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY DOUYU INTERNATIONAL HOLDINGS LIMITED CONDENSED BALANCE SHEETS As of December 31, 2018 2019 2019 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 3,757,734,490 7,140,577,532 1,020,753,285 Prepayments 49,333 838,398 119,850 Other current assets 60,502,935 56,840,976 8,125,479 Amount due from subsidiaries and VIEs 426 39,995,433 5,717,390 Total current assets 3,818,287,184 7,238,252,339 1,034,716,004 Other non-current assets 13,229,851 — — Investments in subsidiaries and VIEs (188,401,872 ) 124,167,455 17,749,872 Total assets 3,643,115,163 7,362,419,794 1,052,465,876 LIABILITIES Current liabilities: Accrued expenses and other current liabilities 11,842,346 60,938,325 8,711,199 Amount due to subsidiaries and VIEs 333,665 339,159 48,483 Deferred revenue — 13,162,958 1,881,659 Total current liabilities 12,176,011 74,440,442 10,641,341 Non-current liabilities — 46,070,348 6,585,806 Total liabilities 12,176,011 120,510,790 17,227,147 Convertible redeemable preferred shares (total redemption value of RMB7,262,965,150 and nil as of December 31, 2018 and 2019, respectively) 6,644,822,639 — — Shareholders’ equity ( ) Ordinary shares (US$0.0001 par value, 479,999,830 and 500,000,000 shares authorized, 10,170,111 and 34,568,689 shares issued, 8,063,790 and 32,751,819 shares outstanding as of December 31, 2018 and 2019, respectively) 5,148 22,144 3,166 Treasury shares (nil and 291,207 ordinary shares as of December 31, 2018 and 2019, respectively) — (168,567,125 ) (24,096,853 ) Additional paid-in 48,989,244 10,324,277,855 1,475,866,692 Accumulated deficit (3,388,471,092 ) (3,348,717,860 ) (478,702,842 ) Accumulated other comprehensive income 325,593,213 434,893,990 62,168,566 Total shareholders’ e quity ( ) (3,013,883,487 ) 7,241,909,004 1,035,238,729 TOTAL LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS EQUITY ( ) 3,643,115,163 7,362,419,794 1,052,465,876 SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY DOUYU INTERNATIONAL HOLDINGS LIMITED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Year ended December 31, 2017 2018 2019 RMB RMB RMB US$ Total net revenues — — — — Cost of revenues — — — — General and administrative expenses — (11,697,585 ) (41,464,310 ) (5,927,368 ) Other operating income (expense), — (338 ) 6,508,518 930,400 Interest income — 68,216,989 148,245,151 21,191,805 Equity in deficit of subsidiaries and VIE (612,897,944 ) (932,798,894 ) (73,536,127 ) (10,512,069 ) Net income (loss) (612,897,944 ) (876,279,828 ) 39,753,232 5,682,768 Other comprehensive income — 325,593,213 109,300,777 15,624,664 Comprehensive income ( ) (612,897,944 ) (550,686,615 ) 149,054,009 21,307,432 SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY DOUYU INTERNATIONAL HOLDINGS LIMITED CONDENSED STATEMENTS OF CASH FLOWS Year ended December 31, 2018 2019 RMB RMB RMB US$ CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) (612,897,944 ) (876,279,828 ) 39,753,232 5,682,768 Adjustments to reconcile net loss to net cash provided by operating activities: Loss from equity in earnings of subsidiaries and VIEs 612,897,944 932,798,894 73,536,127 10,512,069 Share-based compensation — — 23,241,480 3,322,395 Changes in operating assets and liabilities: Prepayments — (49,333 ) (789,065 ) (112,798 ) Other current assets — (60,502,935 ) 3,661,959 523,481 Other non-current assets — (6,353,017 ) — — Amount due from subsidiaries and VIEs — (426 ) (39,995,000 ) (5,717,329 ) Accrued expenses and other current liabilities — 11,842,346 (4,197,822 ) (600,083 ) Amount due to subsidiaries and VIEs — 333,665 — — Other liabilities — — 59,233,306 8,467,465 CASH PROVIDED BY OPERATING ACTIVITIES — 1,789,366 154,444,217 22,077,968 Investment in subsidiaries — (1,853,885,036 ) (151,881,863 ) (21,711,677 ) CASH USED IN INVESTING ACTIVITIES — (1,853,885,036 ) (151,881,863 ) (21,711,677 ) Proceeds on issuance of ordinary shares through IPO — 5,207 3,422,497,233 489,249,683 Deferred offering cost — (6,876,834 ) — — Payment of deferred offering costs — — (36,249,484 ) (5,181,903 ) Repurchase of ordinary shares — — (115,273,325 ) (16,478,447 ) Capital contribution from convertible redeemable preferred shareholders — 4,026,518,012 — — Capital investment — 1,260,439,815 — — CASH PROVIDED BY FINANCING ACTIVITIES — 5,280,086,200 3,270,974,424 467,589,333 Effect of foreign exchange rate changes — 329,743,960 109,306,264 15,625,449 NET INCREASE IN CASH AND CASH EQUIVALENTS — 3,757,734,490 3,382,843,042 483,581,073 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR — — 3,757,734,490 537,172,212 CASH AND CASH EQUIVALENTS AT YEAR END — 3,757,734,490 7,140,577,532 1,020,753,285 Supplemental disclosure on non-cash investing and financing activities: Deferred offering costs payable — 6,353,017 — — Payable for repurchase of ordinary shares not yet paid — — 53,293,800 7,618,406 SCHEDULE I—NOTES TO CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY 1. Schedule I has been provided pursuant to the requirements of Rule 12-04(a) 5-04(c) S-X, combined and 2. The condensed financial information has been prepared using the same accounting policies as set out in the combined and 3. For the years ended December 31, 2017, 4. Translations of balances in the additional financial information of Parent Company—Financial Statements Schedule I from RMB into US$ as of and for the year ended December 31, 2019 are solely for the convenience of the readers and were calculated at the rate of US$1.00= RMB 6.9954, as set forth in H.10 statistical release of the Federal Reserve Board on December 27, 2019. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 27, 2019, or at any other rate. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation | 2.1 Basis of Presentation The combined and consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Basis of Consolidation | 2.2 Basis of Consolidation The financial statements presented herein represent (1) prior to 2018 Restructuring, the combined financial statements of Wuhan Douyu, its subsidiaries and variable interest entities; (2) subsequent to 2018 Restructuring, the combined and consolidated financial statements of the Company, its subsidiaries and variable interest entities. All inter-company transactions and balances have been eliminated. The Company, through its wholly-owned foreign invested subsidiary, WFOE in the PRC, entered into a series of contractual arrangements (“VIE agreements”) with Wuhan Douyu and Wuhan Ouyue (collectively known as “the VIEs”) and their respective shareholders that enable the Company to (1) have power to direct the activities that most significantly affects the economic performance of the VIEs, and (2) receive the economic benefits of the VIEs that could be significant to the VIEs. Applicable PRC laws and regulations currently limit foreign ownership of companies that provide internet valued-added businesses. The Company is deemed a foreign legal person under PRC laws and accordingly subsidiaries owned by the Company are not eligible to engage in provisions of internet content or online services. The Group therefore operates its business, primarily through the VIEs and the subsidiaries of the VIEs. Agreements that provide the Group effective control over the VIEs include: Shareholders’ Voting Rights Proxy Agreement Pursuant to the voting rights proxy agreements signed between each of the shareholders of the VIEs and WFOE, each shareholder irrevocably appointed WFOE as its attorney-in-fact Executive Call Option Agreement Pursuant to the exclusive call option agreement entered into between each of the shareholders of the VIEs and WFOE, the shareholders irrevocably granted WFOE a call option to request the shareholders to transfer or sell any part or all of its equity interests in the VIEs, to WFOE, or their designees. The purchase price of the equity interests in the VIEs shall be equal to the minimum price required by PRC law. Without WFOE’s prior written consent, the VIEs and its shareholders shall not amend its articles of association, increase or decrease the registered capital, sell or otherwise dispose of its assets or beneficial interest, issue any additional equity or right to receive equity, provide any loans, distribute dividends in any form, etc. The term is for ten years and may be extended for another ten years at the option of WFOE. Equity Pledge Agreements Each shareholder of the VIEs has also entered into an equity pledge agreement with WFOE, pursuant to which each shareholder pledged his/her interest in WFOE to guarantee the performance of obligations of WFOE and its shareholders under the exclusive business cooperation agreement, exclusive call option agreement, and shareholders’ voting rights proxy agreement. If the VIEs or any of the shareholder breaches its contractual obligations, WFOE will be entitled to certain rights and interests regarding the pledged equity interests including the right to dispose the pledged equity interests. None of the shareholders shall, without the prior written consent of WFOE, assign or transfer to any third party, create or cause any security interest and any liability in whatsoever form to be created on, all or any part of the equity interests it holds in the VIEs. This agreement is not terminated until all of the agreements under the shareholders’ voting rights proxy agreement, exclusive call option agreement and the exclusive business cooperation agreement are fully performed. Agreement that transfer economic benefits of the VIEs to the Group include: Exclusive Business Cooperation Agreement Pursuant to the exclusive business cooperation agreement entered into by WFOE and the VIEs, WFOE provides exclusive technical support and consulting services in return for fees based on 100% of the VIE’s total consolidated profit, which is adjustable at the sole discretion of WFOE. Without WFOE’s consent, the VIEs cannot procure services from any third party or enter into similar service arrangements with any other third party, except for those from WFOE. The term of this agreement is ten years. Unless agreed by both parties in writing, this agreement shall be automatically renewed for another ten years upon its expiration. Shareholders Voting Right Proxy Agreements provide the Group effective control over the VIEs and its subsidiaries, while the Equity Pledge Agreements secure the obligations of the shareholders of the VIEs under the relevant agreements. Because the Company, through the WFOE, has (i) the power to direct the activities of the VIEs that most significantly affect the entity’s economic performance and (ii) the right to receive substantially all of the benefits from the VIEs, the Company is deemed the primary beneficiary of the VIEs. Accordingly, the Company has consolidated the VIEs’ financial results of operations, assets and liabilities in the Group’s combined and consolidated financial statements. The aforementioned agreements are effective agreements between a parent and consolidated subsidiaries, neither of which is accounted for in the combined and c onsolidated financial statements or are ultimately eliminated upon consolidation (i.e. service fees under the Exclusive Business Cooperation Agreement). The Group believes that the contractual arrangements with the VIEs are in compliance with PRC law and are legally enforceable. However, uncertainties in the PRC legal system could limit the Group’s ability to enforce the contractual arrangements. If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government could: • revoke or refuse to grant or renew the Group’s business and operating licenses; • restrict or prohibit related party transactions between the wholly owned subsidiary of the Group and the VIE; • impose fines, confiscate income or other requirements which the Group may find difficult or impossible to comply with; • require the Group to alter, discontinue or restrict its operations; • restrict or prohibit the Group’s ability to finance its operations, and; • take other regulatory or enforcement actions against the Group that could be harmful to the Group’s business. The imposition of any of these restrictions or actions could result in a material adverse effect on the Group’s ability to conduct its business. In such case, the Group may not be able to operate or control the VIEs, which may result in deconsolidation of the VIEs in the Group’s combined and consolidated financial statements. In the opinion of management, the likelihood for the Group to lose such ability is remote based on current facts and circumstances. The Group’s operations depend on the VIEs to honor their contractual arrangements with the Group. These contractual arrangements are governed by PRC law and disputes arising out of these agreements are expected to be decided by arbitration in the PRC. The management believes that each of the contractual arrangements constitutes valid and legally binding obligations of each party to such contractual arrangements under PRC laws. However, the interpretation and implementation of the laws and regulations in the PRC and their application to an effect on the legality, binding effect and enforceability of contracts are subject to the discretion of competent PRC authorities, and therefore there is no assurance that relevant PRC authorities will take the same position as the Group herein in respect of the legality, binding effect and enforceability of each of the contractual arrangements. Meanwhile, since the PRC legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to the Group to enforce the contractual arrangements should the VIEs or the nominee shareholders of the VIEs fail to perform their obligations under those arrangements. The following financial statement amounts and balances of the VIEs were included in the accompanying combined and consolidated financial statements after elimination of intercompany transactions and balances: As of December 31, 2018 2019 RMB RMB ASSETS Cash and cash equivalents 1,549,689,255 826,481,128 Restricted cash — 42,902,719 Accounts receivable, net 68,238,203 176,599,681 Prepayments 18,440,371 12,982,856 Amount due from related parties 53,815,484 13,431,477 Other current assets 93,062,950 82,405,807 Property and equipment, net 29,297,602 17,794,907 Intangible assets, net 15,645,467 130,272,386 Investments 128,018,556 147,033,947 Other non-current 6,858,141 1,918,598 Total Assets 1,963,066,029 1,451,823,506 LIABILITIES Accounts payable 256,071,492 794,266,492 Advances from customers 8,411,446 16,975,882 Deferred revenue 112,071,796 181,250,993 Accrued expenses and other current liabilities 103,101,896 177,228,742 Amounts due to related parties 1,547,837,321 59,693,186 Total Liabilities 2,027,493,951 1,229,415,295 Years ended December 31, 2017 2018 2019 RMB RMB RMB Net revenue 1,885,717,001 3,436,175,885 7,207,666,259 Net income (loss) (612,897,944 ) (680,682,612 ) 985,034,474 Years ended December 31, 2017 2018 2019 RMB RMB RMB Net cash provided by (used in) operating activities (381,036,409 ) 1,091,289,940 816,655,741 Net cash used in investing activities (92,006,705 ) (80,279,043 ) (133,917,000 ) Net cash (used in) 500,000,000 — (1,363,044,149 ) The VIEs contributed 100%, 2017, There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group may provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. The Group believes that there are no assets held in the VIEs that can be used only to settle obligations of the VIEs. As the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company for any of the liabilities of the VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of its statutory reserve and its registered capital, to the Company in the form of loans and advances or cash dividends. |
Use of Estimates | 2.3 Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ materially from such estimates. Significant accounting estimates reflected in the Group’s combined and consolidated financial statements include the revenue recognition, valuation of ordinary share, share-based compensation, and realization of deferred tax assets. |
Fair value measurements | 2.4 Fair value measurements Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the assets or liabilities. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. This guidance specifies a hierarchy of valuation techniques, which is based on whether the inputs into the valuation technique are observable or unobservable. The hierarchy is as follows: Level 1 — Valuation techniques in which all significant inputs are unadjusted quoted prices from active markets for assets or liabilities that are identical to the assets or liabilities being measured. Level 2 — Valuation techniques in which significant inputs include quoted prices from active markets for assets or liabilities that are similar to the assets or liabilities being measured and/or quoted prices for assets or liabilities that are identical or similar to the assets or liabilities being measured from markets that are not active. Also, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets are Level 2 valuation techniques. Level 3 — Valuation techniques in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are valuation technique inputs that reflect the Group’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. The Group measures its financial assets and liabilities including cash and cash equivalents, restricted cash, accounts receivable, amount due from related parties, other current assets, accounts payable, amounts due to related parties and accrued expenses and other current liabilities at fair value which are approximates their cost due to the short-term nature of these assets and liabilities. |
Foreign currency translation | 2.5 Foreign currency translation The functional currency of the Company is in US dollars (“US$”). The functional currency of the Group’s subsidiaries and VIEs in the PRC is Renminbi (“RMB”). Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange ruling at the balance sheet date. Transactions in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate prevailing on the transaction date. Translation gains and losses are recognized in the combined and consolidated statements of comprehensive income (loss). The Group’s reporting currency is Renminbi (“RMB”). For entities within the Group that have a functional currency other than the reporting currency, assets and liabilities are translated from each entity’s functional currency to the reporting currency at the exchange rates in effect on the balance sheet date. Equity amounts are translated at historical exchange rates. Revenues, expenses, gains and losses are translated using the average rates for the year. Translation adjustments are reported as cumulative translation adjustments and are shown as a component of other comprehensive income in the statements of comprehensive income (loss) and the combined and consolidated statements of change in shareholders’ equity (deficit). |
Convenience Translation into United States Dollars | 2.6 Convenience Translation into United States Dollars Translations of balances in the combined and consolidated balance sheets, combined and consolidated statements of comprehensive income (loss) and combined and consolidated statements of cash flows from RMB into United States dollars are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB6.9954 on December 27, 2019, as set forth in H.10 statistical release of the Federal Reserve Board. The translation is not intended to imply that the RMB amounts could have been, or could be, converted, realized or settled into United States dollars at that rate on December 27, 2019, or at any other rate. |
Cash and cash equivalents | 2.7 Cash and cash equivalents Cash and cash equivalents primarily consist of cash on hand and cash in bank which are highly liquid. As of December 31, 2018 and 2019, all cash and cash equivalents are unrestricted as to withdrawal and use. |
Restricted cash | 2.8 Restricted cash The Group’s restricted cash represents cash restricted by court related to lawsuits in which the group is a defendant. The restriction will be subsequently removed when the cases are closed. |
Accounts receivable and allowance for doubtful accounts | 2. 9 Accounts receivable are stated at the historical carrying amount net of allowance for doubtful accounts. The Group uses specific identification in providing for bad debts when facts and circumstances indicate that collection is doubtful and a loss is probable and estimable. If the financial conditions of its customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowance may be required. The Group maintains an allowance for doubtful accounts which reflects its best estimate of amounts that potentially will not be collected. The Group determines the allowance for doubtful accounts taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the debtors as well as the age of the individual receivables balance. Additionally, the Group makes specific bad debt provisions based on any specific knowledge the Group has acquired that might indicate that an account is uncollectible. The facts and circumstances of each account may require the Group to use substantial judgment in assessing its collectability. Uncollectible accounts receivable over two years are 100% written off. |
Property and equipment, net | 2.10 Property and equipment, net Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Computer and transmission equipment Leasehold improvements Furniture and office equipment Motor vehicles 3 years Over the shorter of the lease term or expected useful lives 5 years 5 years |
Intangible assets, net | 2.11 Intangible assets, net Intangible assets are recorded at the cost to acquire these assets less accumulated amortization. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. License for Online Transmission of Audio/Video Programs is determined to have an infinite useful life and is not subject to amortization, as such license is renewable every three years and can be renewed indefinitely. Brand name 10 years Agency contract righ t Over the shorter of the contract period or expected useful lives License for Online Transmission of Audio/Video Programs Infinite life Platform 5 years Software 3 years Other s 1 - 10 years |
Goodwill | 2.12 Goodwill Goodwill is recognized for the excess of the purchase price over the fair value of tangible and identifiable intangible net assets of business acquired. Several factors give rise to goodwill in our acquisitions, such as the expected benefit from the existing workforce and client service capability of the acquired business. Goodwill is reviewed at least annually for impairment. In evaluation of goodwill impairment, the Group perform a qualitative assessment to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not conclusive, the Group proceed to a two-step |
Impairment of long-lived assets and intangible assets | 2.13 Impairment of long-lived assets and intangible assets The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When these events occur, the Group measures impairment by comparing the carrying amount of the assets to future undiscounted net cash flows expected to result from the use of the assets and their eventual disposition. The Group evaluates intangible asset that is not subject to amortization for impairment annual and more frequently if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Group conducts quantitative impairment test for indefinite-lived intangible asset and compares of the fair value of the asset with its carrying amount. The Group recognizes impairment loss on the amount by which the carrying value exceeds the fair value of the asset. After an impairment loss is recognized, the Group uses adjusted carrying amount of the long-lived assets and intangible asset as its new accounting basis. |
Long-term investments | 2.14 Long-term investments Investments held by the Group comprised of equity investments in privately-held entities. Equity method investments The Group accounts for its equity investments over which it has significant influence but does not own a majority equity interest or otherwise control using the equity method. The Group adjusts the carrying amount of the investments and recognizes investment income or loss for share of the earnings or loss of the investee after the date of investment. The Group assesses its equity method investments for impairment by considering factors including, but not limited to, current economic and market conditions, operating performance of the entities, including current earnings trends and undiscounted cash flows, and other entity-specific information. The fair value determination, particularly for investments in privately-held entities, requires judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and determination of whether any identified impairment is other-than-temporary. If the decline in the fair value is deemed to be other-than-temporary, the carrying value of the equity method investment is written down to fair value. The Group recorded impairment loss of nil, 2017, Equity securities without readily determinable fair value The Group’s investment in equity securities comprise of investment in privately-held companies. Before January 1, 2019, the Group’s investment without readily determinable fair value were accounted for under cost method. Under the cost method, the Group carries the investments at cost and recognizes income to the extent of dividend received from the distribution of the equity investee’s post-acquisition profits. The Group adopted ASC Topic 321, Investments—Equity Securities (“ASC 321”) on January 1 and elected to measure these investments at cost minus impairment, if any, adjusted up or down for observable price changes in orderly transactions for the identical or similar investment of the same issuer. Any adjustment to the carrying amount is recorded in other income (expense), net. The Group also makes qualitative assessment at each reporting period and if the assessment indicates that the fair value of the investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss recorded in investment loss. |
Revenue recognition | 2. 15 Adoption of ASU No. 2014-09 “ Revenue from Contracts with Customers” In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“Topic 606”) as modified by subsequently issued ASUs 2015-14, 2016-08, 2016-10, 2016-12 and 2016-20 (collectively “ASU 2014-09”). On January 1, 2019, the Group adopted ASC 606, “Revenue from Contracts with Customers” using the modified retrospective method applied to those contracts which were not completed as of January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under Topic 605. Based on the Company’s assessment, the adoption of ASC 606 did not have any material impact to the Group’s combined and consolidated financial statements and there were no material differences between the Company’s adoption of ASC 606 and its historic accounting under ASC 605. The following table disaggregates the Group’s revenue by major type for the years ended December 31, 2017, Years ended December 31, 2017 2018 2019 Live streaming 1,521,784,105 3,147,196,247 6,617,291,032 Advertisement 248,846,529 342,169,195 513,265,806 Other 115,086,367 165,017,684 152,673,415 Total 1,885,717,001 3,654,383,126 7,283,230,253 Live streaming The Group is principally engaged in operating its own live streaming platforms, which enable streamers and users to interact with each other during live streaming. The users have the option to purchase virtual currency, which is non-refundable The Group has evaluated and determined that it is the principal and views the users to be its customers. Specifically, the Group controls the virtual items before they are transferred to users. Its control is evidenced by the Group’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Group being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Group reports its live streaming revenue on a gross basis with amounts billed to users for the virtual items recorded as revenues and the revenue sharing fee paid to streamers or talent agencies recorded as cost of revenues. Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Group has determined that the virtual items represent one performance obligation in the live streaming service. Revenue related to each of the consumable items is recognized at the point in time when the virtual gifts is transferred directly to the streamers and consumed by them, while revenue related to time-based items is recognized ratably over a fixed period on a straight line basis. Although some virtual items have expiry dates, the Group considers that the impact of breakage for the virtual items is insignificant as historical data shows that virtual items are consumed shortly after they are released to users and the forfeiture rate remains relatively low for the periods presented. The Group does not have further performance obligations to the user after the virtual items are consumed. Virtual items may be sold individually or bundled into one arrangement. When the Group’s users purchase multiple virtual items bundled within the same arrangement, the Group allocates the total consideration to each distinct virtual item based on their relative standalone selling prices. In instances where standalone selling price is not directly observable as the Group does not sell the virtual items separately, the Group determines the standalone selling price based on pricing strategies, market factors and strategic objectives. The Group recognizes revenue for each of the distinct virtual item in accordance with the revenue recognition method discussed above unless otherwise stated. Advertisement The Group generates advertisement revenues from rendering of various forms of advertisement services and provision of promotion campaigns on the live streaming platforms by way of advertisement display or integrated promotion activities in shows and programs on the live streaming platforms. Advertisements on the Group’s platforms are generally charged on the basis of duration whereby revenue is recognized ratably over the contract period of display. The Group provides sales incentives in the forms of discounts and rebates to advertisers or advertisement agencies based on purchase volume. Revenue is recognized based on the price charged to the advertisers or agencies, net of sales incentives provided to the advertisers or agencies. Sales incentives are estimated and recorded at the time of revenue recognition based on the contracted rebate rates and estimated sales volume based on historical experience. For the years ended December 31, 2017, RMB35,337,970, RMB44,389,826 and RMB64,274,647, respectively. Other revenue Other revenue mainly consists of game distribution revenue. Online games developed by third party game developers are displayed through the Group’s platforms to attract users to download and play the games. The Group earns revenues from game developers in accordance with the pre-determined Practical expedients and exemptions The Group’s contracts have an original duration of one year or less. Accordingly, the Group does not disclose the value of unsatisfied performance obligations. Contract balances Contract balances include accounts receivable, advances from customers and deferred revenue. Accounts receivable represent cash due from third-party application stores as well as from advertising customers and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. Advances from customers primarily represent cash received from the Group’s advertisement customers. Deferred revenue primarily includes cash received from paying users related to the Group’s live streaming service. Deferred revenue is recognized as revenue when all of the revenue recognition criteria have been met or over the estimated service period. Revenue recognized in 2019 that was included in the deferred revenue balance as of January 1, 2019 was RMB111,637,250. Accounts Advances Deferred RMB RMB RMB Opening Balance as of January 1, 2018 135,778,457 5,488,122 45,921,961 Increase (decrease), net (6,313,725 ) 4,219,929 66,149,835 Ending Balance as of December 31, 2018 129,464,732 9,708,051 112,071,796 Increase, net 58,635,141 7,426,481 70,747,732 Ending Balance as of December 31, 2019 188,099,873 17,134,532 182,819,528 |
Cost of revenues | 2.16 Cost of revenues Amounts recorded as cost of revenue relate to direct expenses incurred in order to generate revenue. Such costs are recorded as incurred. Cost of revenues consists primarily of (i) revenue sharing fees paid to live streamers and talent agencies determined based on a percentage of revenue from sale of virtual items, (ii) content costs, (iii) bandwidth, (iv) salaries and welfare, (v) server costs, depreciation and amortization expense for servers and other equipment, and intangibles directly related to operating the platform, and (vi) payment handling costs. |
Research and development expenses | 2.17 Research and development expenses Research and development expenses primarily consist of (i) salaries and benefits expenses incurred for research and development personnel, (ii) rental, general expenses and depreciation expenses associated with the research and development activities and (iii) share based compensation. Expenditures incurred during the research phase are expensed as incurred and no research and development expenses were capitalized as of December 31, 2017, |
Income taxes | 2.20 Income taxes Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are provided using assets and liabilities method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred tax assets are recognized to the extent that these assets are more likely than not to be realized. In making such a determination, the management consider all positive and negative evidence, including future reversals of projected future taxable income and results of recent operation. Deferred tax assets are then reduced by a valuation allowance through a charge to income tax expense when, in the opinion of management, it is more likely than not that a portion of or all of the deferred tax assets will not be realized. The Group accounts for uncertainty in income taxes recognized in the combined and two-step more-likely-than-not combined and 2017, |
Segment information | 2.21 Segment information The Group uses management approach to determine operating segments. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocation of resource and assessing performance. The Group’s CODM has been identified as the Chief Executive Officer who reviews the combined and consolidated results of operations when making decisions about allocating resources and assessing performance of the Group. Before October 2018, the Group operates and manages it business in PRC China as a single segment. In October 2018, the Group acquired a business which operates a live stream platform mainly 280-10-50 for segment. As such, the Group concluded that it has one reportable segment. |
Operating leases | 2.22 Operating leases Leases where substantially all the rewards and risks of ownership of assets remain with the lessor are accounted for as operating leases. Rentals applicable to such operating leases are recognized on a straight-line basis over the lease term. Certain of the operating lease agreements contain rent holidays. Rent holidays are considered in determining the straight-line rent expense to be recorded over the lease term. |
Government subsidies | 2.23 Government subsidies Government subsidies are primarily referred to the amounts received from various levels of local governments from time to time which are granted for general corporate purposes and to support its ongoing operations in the region. The grants are determined at the discretion of the relevant government authority and there are no restrictions on their use. The government subsidies are recorded as other operating income in the period the cash is received. Government subsidies recognized for the years ended December 31, 2017, were RMB8,820,295, RMB27,430,993 and RMB68,834,899, respectively. |
Net income (loss) per share | 2.24 Net income (loss) per share Basic income (loss) per share are computed by dividing net income (loss) attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. The Company’s convertible redeemable preferred shares are participating securities as the preferred shares participate in undistributed earnings on an as-if-converted two-class Basic income (loss) per share is computed by dividing net income (loss) attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. Diluted income (loss) per share is calculated by dividing net income (loss) attributable to the holders of ordinary shares as adjusted for the effect of dilutive ordinary share equivalents, if any, by the weighted average number of ordinary shares and dilutive ordinary share equivalents outstanding during the period. Ordinary share equivalents of restricted share units are calculated using the treasury stock method. However, ordinary share equivalents are not included in the denominator of the diluted earnings per share calculation when inclusion of such shares would be anti-dilutive, in a period in which the Group realizes a net loss. |
Certain risks and concentrations | 2.25 Certain risks and concentrations The revenues and expenses of the Group’s entities in the PRC are generally denominated in RMB and their assets and liabilities are denominated in RMB. The RMB is not freely convertible into foreign currencies. Remittances of foreign currencies into the PRC or remittances of RMB out of the PRC as well as exchange between RMB and foreign currencies require approval by foreign exchange administrative authorities and certain supporting documentation. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into other currencies. No customer individually represents greater than 10% of the total net revenues. |
Recent accounting pronouncements | 2.26 Recent accounting pronouncements Under the Jumpstart Our Business Startups Act of 2012, as amended (“the JOBS Act”), the Company meets the definition of an emerging growth company, or EGC as of December 31, 2019, and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies. Once the Company ceases to qualify as EGC, it will immediately adopt the new and revised accounting standards already effective for public companies. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). Under the standard, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In March 2016, the FASB issued an amendment (ASU 2016-08) to the new revenue recognition guidance clarifying how to determine if an entity is a principal or agent in a transaction. In April (ASU 2016-10), May (ASU 2016-12), and December (ASU 2016-20) of 2016, the FASB further amended the guidance to include performance obligation identification, licensing implementation, collectability assessment and other presentation and transition clarifications. The amendment will be effective for annual reporting periods beginning after December 15, 2018 including interim periods within annual reporting periods beginning after December 15, 2019. Early adoption is permitted only for annual and interim periods beginning after December 15, 2016. The new revenue standards may be applied retrospectively to each prior period presented (full retrospective method) or retrospectively with the cumulative effect recognized as of the date of initial application (the modified retrospective method). As an emerging growth company (“EGC”), the Group has elected to adopt the new revenue standard as of the effective date applicable to nonissuer and implemented the new revenue standards effective January 1, 2019, using the modified retrospective method for the annual reporting period for the year ended December 31, 2019. See details in Note 2.15. In January 2016, the Financial Accounting Standard Board (“FASB”) issued ASU 2016-01, “Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities”. This guidance revises the accounting related to the classification and measurement of investments in equity securities as well as the presentation for certain fair value changes in financial liabilities measured at fair value, and amends certain disclosure requirements. The guidance requires that all equity investments, except those accounted for under the equity method of accounting or those resulting in the consolidation of the investee, be accounted for at fair value with all fair value changes recognized in income. For financial liabilities measured using the fair value option, the guidance requires that any change in fair value caused by a change in instrument specific credit risk be presented separately in other comprehensive income until the liability is settled or reaches maturity. In February 2018, the FASB issued ASU 2018-03, “Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10)” in which improvements were made to clarify ASU 2016-01. These aforementioned guidance is effective for annual reporting periods in fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019, with early adoption permitted for certain provisions. A reporting entity would generally record a cumulative effect adjustment to beginning retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The amendments related to equity securities without readily determinable fair values (including disclosure requirements) should be applied prospectively to equity investments that exist as of the date of adoption of the Update. See details in Note 2.14. In February 2016, the FASB issued ASU 2016-02, , non-public future minimum operating lease commitments that are not currently recognized on its combined and consolidated balance sheets (Note 20). Therefore, the Group would expect changes to its combined and consolidated balance sheets for the recognition of these and any additional leases entered into in the future upon adoption. In June 2016, the FASB issued ASU No. 2016-13, non-public combined and consolidated financial statements and related disclosures as a result of adopting the new standard. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other (Topic 350). The amendments in this Update modify the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. An entity no longer will determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Because these amendments eliminate Step 2 from the goodwill impairment test, they should reduce the cost and complexity of evaluating goodwill for impairment. For non-public business entities that are adopting the amendments in this Update should do so for their annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2021. The Group does not expect the adoption of this guidance will have a significant impact on its combined and consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 eliminates, adds and modifies certain disclosure requirements for fair value measurements. The amendments applicable to the disclosures of changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial year of adoption. This ASU is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted, and an entity is also permitted to early adopt any removed or modified disclosures and delay adoption of the additional disclosures until their effective date. The Group does not expect the adoption of this guidance will have a significant impact on its combined and consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to the Related Party Guidance for Variable Interest Entities. ASU 2018-17 changes how entities evaluate decision-making fees under the variable interest entity guidance. To determine whether decision-making fees represent a variable interest, an entity considers indirect interests held through related parties under common control on a proportional basis, rather than in their entirety. This guidance will be adopted using a retrospective approach and is effective for the Group on January 1, 2020. The Group is evaluating the effect that adoption of this guidance will have on its consolidated financial statements and related disclosures. |
Sales and marketing expenses [Member] | |
Selling, General and Administrative Expenses, Policy | 2.18 Sales and marketing expenses Sales and marketing expenses consist primarily of (i) advertising and market promotion expenses, (ii) salaries and welfare for sales and marketing personnel and (iii) share based compensation. The advertising and market promotion expenses amounted RMB98,732,746, RMB129,013,488 and RMB135,859,453 for the years ended December 31, 2017, |
General and administrative expenses [Member] | |
Selling, General and Administrative Expenses, Policy | 2.19 General and administrative expenses General and administrative expenses consist primarily of (i) consulting fees, and (ii) share based compensation, salaries and welfare for general and administrative personnel and (iii) allowance for doubtful receivable. |
Organization and principal ac_2
Organization and principal activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization and principal activities | |
Schedule of principal subsidiaries and VIEs | As of December 31, 201 9 Date of incorporation/ establishment Place of incorporation/ establishment Percentage of direct/indirect ownership Wholly owned subsidiaries Wuhan Douyu Education Consulting Co., Ltd. November 9, 2016 Wuhan 100 % Wuhan Yuwan Culture Media Co., Ltd. June 28, 2016 Wuhan 100 % Wuhan Yuxing Tianxia Culture Media Co., Ltd. June 24, 2016 Wuhan 100 % Wuhan Yuyin Raoliang Culture Co., Ltd. June 23, 2016 Wuhan 100 % Wuhan Yu Leyou Internet Technology Co., Ltd. November 9, 2016 Wuhan 100 % Wuhan Xiaoyu Chuhai Internet Technology Co., Ltd. January 5, 2017 Wuhan 100 % Wuhan Douyu Yule Internet Technology Co., Ltd. (“Wuhan Yule”) April 2, 2018 Wuhan 100 % DouYu Network Inc. January 12, 2018 The British Virgin Islands 100 % Douyu Hongkong Limited January 24, 2018 Hong Kong 100 % Gogo Global Holding Limited October 8, 2018 Cayman 71.06 % VIEs Wuhan Ouyue Online TV Co., Ltd. (“Wuhan Ouyue”) February 3, 2016 Wuhan 100 % Wuhan Douyu Network Technology Co., Ltd. May 8, 2015 Wuhan 100 % |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of financial statement amounts and balances of the VIEs | The following financial statement amounts and balances of the VIEs were included in the accompanying combined and consolidated financial statements after elimination of intercompany transactions and balances: As of December 31, 2018 2019 RMB RMB ASSETS Cash and cash equivalents 1,549,689,255 826,481,128 Restricted cash — 42,902,719 Accounts receivable, net 68,238,203 176,599,681 Prepayments 18,440,371 12,982,856 Amount due from related parties 53,815,484 13,431,477 Other current assets 93,062,950 82,405,807 Property and equipment, net 29,297,602 17,794,907 Intangible assets, net 15,645,467 130,272,386 Investments 128,018,556 147,033,947 Other non-current 6,858,141 1,918,598 Total Assets 1,963,066,029 1,451,823,506 LIABILITIES Accounts payable 256,071,492 794,266,492 Advances from customers 8,411,446 16,975,882 Deferred revenue 112,071,796 181,250,993 Accrued expenses and other current liabilities 103,101,896 177,228,742 Amounts due to related parties 1,547,837,321 59,693,186 Total Liabilities 2,027,493,951 1,229,415,295 Years ended December 31, 2017 2018 2019 RMB RMB RMB Net revenue 1,885,717,001 3,436,175,885 7,207,666,259 Net income (loss) (612,897,944 ) (680,682,612 ) 985,034,474 Years ended December 31, 2017 2018 2019 RMB RMB RMB Net cash provided by (used in) operating activities (381,036,409 ) 1,091,289,940 816,655,741 Net cash used in investing activities (92,006,705 ) (80,279,043 ) (133,917,000 ) Net cash (used in) 500,000,000 — (1,363,044,149 ) |
Schedule of property and equipment, net estimated useful lives | Property and equipment are recorded at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the following estimated useful lives: Computer and transmission equipment Leasehold improvements Furniture and office equipment Motor vehicles 3 years Over the shorter of the lease term or expected useful lives 5 years 5 years |
Schedule of intangible assets, net estimated useful lives | Intangible assets are recorded at the cost to acquire these assets less accumulated amortization. Amortization of finite-lived intangible assets is computed using the straight-line method over their estimated useful lives. License for Online Transmission of Audio/Video Programs is determined to have an infinite useful life and is not subject to amortization, as such license is renewable every three years and can be renewed indefinitely. Brand name 10 years Agency contract righ t Over the shorter of the contract period or expected useful lives License for Online Transmission of Audio/Video Programs Infinite life Platform 5 years Software 3 years Other s 1 - 10 years |
Schedule of disaggregation of revenue | The following table disaggregates the Group’s revenue by major type for the years ended December 31, 2017, Years ended December 31, 2017 2018 2019 Live streaming 1,521,784,105 3,147,196,247 6,617,291,032 Advertisement 248,846,529 342,169,195 513,265,806 Other 115,086,367 165,017,684 152,673,415 Total 1,885,717,001 3,654,383,126 7,283,230,253 |
Schedule Of Movement In Accounts Receivable Advances From Customers And Deferred Revenue | Accounts Advances Deferred RMB RMB RMB Opening Balance as of January 1, 2018 135,778,457 5,488,122 45,921,961 Increase (decrease), net (6,313,725 ) 4,219,929 66,149,835 Ending Balance as of December 31, 2018 129,464,732 9,708,051 112,071,796 Increase, net 58,635,141 7,426,481 70,747,732 Ending Balance as of December 31, 2019 188,099,873 17,134,532 182,819,528 |
Business Acquisition (Tables)
Business Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition | |
Schedule of fair value of assets acquired and goodwill resulted for this acquisition | The Group has completed the valuation of the assets acquired with the assistance of a third party valuation firm and determined the consideration, fair value of the Group’s existing investment in Nonolive at the time of acquisition, fair value of assets acquired and goodwill resulted for this acquisition are follows: 2018 RMB Cash consideration 57,971,520 Fair value of the Group’s cost method investment 6,495,982 Less: fair value of assets acquired —Platform 10,000,000 —Brand Name 40,800,000 Goodwill 13,667,502 |
Schedule of unaudited pro forma results of operations | The following table summarizes unaudited pro forma results of operations for the years ended December 31, 2018 assuming that acquisitions occurred as of January 1, 2018. The unaudited Years ended December 31, 2017 2018 RMB RMB Pro forma revenue 1,911,340,047 3,681,270,272 Pro forma loss from operations (696,280,827 ) (879,923,547 ) Pro forma net loss (697,409,834 ) (903,761,476 ) Pro forma net loss per share, basic and diluted (85.17 ) (111.37 ) |
Accounts receivable, net (Table
Accounts receivable, net (Table) | 12 Months Ended |
Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Schedule of accounts receivable, net | Accounts receivable, net consisted of the followings: As of December 31, 2018 2019 RMB RMB Accounts receivable, gross 135,372,101 203,934,775 Less: allowance for doubtful receivables (5,907,369 ) (15,834,902 ) Accounts receivable, net 129,464,732 188,099,873 |
Schedule of allowance for doubtful receivables | As of December 31, 2017 2018 2019 RMB RMB RMB Balance as of January 1 1,690,103 5,172,435 5,907,369 Provisions for doubtful accounts 3,482,332 1,121,009 13,563,744 Write offs — (386,075 ) (3,636,211 ) Balance as of December 31 5,172,435 5,907,369 15,834,902 |
Accounts Receivable [Member] | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Schedule of concentration of risk, accounts receivable, net | The following customers accounted for 10% or more of accounts receivable, net: As of December 31, 2018 2019 RMB % RMB % US$ % Company A 21,112,127 16 % 37,615,505 20 % 5,377,177 20 % Company B 13,441,984 10 % * * * * Company C * * 47,776,989 25 % 6,829,772 25 % Company D * * 23,466,780 12 % 3,354,602 12 % * Amounts accounted for less than 10% of accounts receivable for each respective year. |
Other current assets (Tables)
Other current assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other current assets | |
Schedule of other current assets | Other current assets consist of the following: As of December 31, 2018 2019 RMB RMB Interest receivable 61,145,183 53,484,027 Value-added tax recoverable 57,328,066 62,336,003 Funds receivable from third party payment service provider(1) 47,029,453 69,263,440 Content rights 35,175,308 10,589,085 Other s 24,835,846 8,637,038 Total 225,513,856 204,309,593 (1) The Group opened accounts with external online payment service providers to collect funding from users. |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property and equipment, net | |
Schedule of property and equipment, net | Property and equipment, net consists of the following: As of December 31, 2018 2019 RMB RMB Gross carrying amount Computer and transmission equipment 86,612,440 91,375,589 Leasehold improvements 16,820,394 29,237,111 Furniture and office equipment 4,914,900 6,339,065 Motor vehicles 410,200 410,200 Total 108,757,934 127,361,965 Less: accumulated depreciation (58,330,324 ) (88,452,500 ) Property and equipment, net 50,427,610 38,909,465 |
Intangible assets, net (Tables)
Intangible assets, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible assets, net | |
Schedule of intangible assets, net | Intangible assets, net consists of the following: As of December 31, 2018 2019 RMB RMB Gross carrying amount Brand name 40,602,217 41,276,297 Agency contract rights (1) 82,044,138 193,898,260 License for Online Transmission of Audio/Video Programs (2) 7,988,748 7,988,748 Platform 9,944,894 10,116,739 Software 6,764,753 8,613,202 Other s 5,288,901 15,081,941 Total of gross carrying amount 152,633,651 276,975,187 Less: accumulated amortization Brand name (576,754 ) (4,717,435 ) Agency contract rights (17,691,672 ) (63,433,706 ) Platform (838,019 ) (2,867,765 ) Software (1,490,443 ) (2,745,522 ) Other s (1,022,871 ) (5,153,918 ) Total of accumulated amortization (21,619,759 ) (78,918,346 ) Intangible assets, net 131,013,892 198,056,841 (1) The agency contract right s RMB111,879,121 , respectively, with weighted average amortization period of 3 years and 4.5 years. (2) In February 2016, Wuhan Douyu obtained effective control of Wuhan Ouyue, a PRC legal entity from Mr. Shaojie Chen, the Group’s CEO through a series of contractual arrangements. Wuhan Ouyue has no business and holds one asset, License for Online Transmission of Audio/Video Programs. The transaction was deemed as an asset acquisition under ASC 805 and the License for Online Transmission of Audio/Video Programs was recognized based on the consideration paid, which approximate the market value of the asset acquired. The license permits the Group in the provision of online streaming of video on its platforms. The license is renewable every 3 years and may be renewed indefinitely. The Group has renewed this license in March 2018 subsequent to its acquisition and intends to renew the license indefinitely. |
Schedule of future amortization expense | Amortization expenses were RMB2,875,712, RMB18,548,448 and RMB57,306,920 for the years ended December 31, 2017, Future expenses RMB 2020 71,648,424 2021 42,630,742 2022 25,059,432 2023 21,017,272 2024 9,965,351 |
Schedule of weighted average amortization periods of intangible assets | The weighted average amortization periods of intangible assets as of December 31, 2018 and 2019 are as below: As of December 31, 2018 2019 RMB RMB Brand name 10 years 10 years Agency contract rights 2.9 years 3.9 years Platform 5 years 5 years Software 2.9 years 3.1 years Other s 5.9 years 3.3 years |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of investments accounted for under equity method | Equity method investments: As of December 31, 2018 2019 RMB RMB Hangzhou Aijidi Culture Creation Co., Ltd. (“Aijidi”)(1) 4,543,520 4,090,990 Beijing Wanyan Culture Media Co., Ltd. (“Wanyan”)(2) 5,471,438 — Wuhan Guaji Culture Media Co., Ltd. (“Guaji”)(3) 2,840,655 — Chongqing Yuwan Network Media Co., Ltd. (“Chongqing Yuwan”)(4) 13,865,155 9,721,472 Hunan Yuyou Starfire Culture Media Co., Ltd. (“Yuyou Starfire”)(5) 14,968,298 15,139,902 Yule Xinghui (Tianjin) Culture Development Co., Ltd. (“Yule Xinghui”)(6) 8,669,526 — Shanghai Gaoqu Culture Media Co., Ltd. (“Gaoqu”)(7) 10,286,579 — Hainan Tukai Culture Media Co., Ltd(“Tukai”)(8) 2,485,478 — Others(9) 13,609,541 3,849,736 76,740,190 32,802,100 (1) In 2016, the Group acquired 10% of the equity of Aijidi for a consideration of RMB7,500,000. The Group has the right to appoint one board of director to Aijidi, therefore has a significant influence on Aijidi. In 2019, the Group’s equity interest was diluted to 6.2% as of December 31, 2019 due to Aijidi’s additional capital contribution from other shareholders. (2) In 2016, the Group invested in Wanyan RMB8,000,000 for a 20% equity interest. The Group recorded an impairment loss of RMB1,879,859 and RMB5,182,821 for the year ended December 31, 2018 and 2019, respectively, due to the deterioration in its operation. (3) In 2017, the Group formed Guaji with unrelated third party investors and contributed RMB2,000,000 for a 32% equity interest in the company. The Group recorded a full impairment loss of RMB2,839,352 for the year ended December 31, 2019 as Guaji has ceased operations in 2019. (4) In 2018, the Group formed Chongqing Yuwan with unrelated third party investors and contributed RMB16,000,000 for a 30% equity interest in the company. (5) In 2018, the Group formed Yuyou Starfire with unrelated third party investors and contributed RMB15,000,000 for a 30% equity interest in the company. (6) In 2018, the Group formed Yule Xinghui with unrelated third party investors and contributed RMB10,000,000 for a 20% equity interest in the company. The Group determined the investment was impaired and recorded a full impairment loss of RMB8,114,100 for the year ended December 31, 2019. (7) In 2018, the Group formed Gaoqu with unrelated third party investors and contributed RMB11,500,000 for a 20% equity interest in the company. In 2019, due to the financing from the unrelated third party investors, the Group’s equity interest decreased to 10% and therefore the Group lost significant influence over the company. The company was subsequently reclassified as equity securities without readily determinable fair values. (8) In 2018, the Group formed Tukai with unrelated third party investors and contributed RMB4,000,000 for a 15% equity interest in the company. In 2019, the Group further invested RMB26,000,000 in the company and the Group’s equity interest decreased to 19.9% due to the additional capital from other investors. After the transaction, the Group did not have representation on the board of directors anymore, and therefore lost significant influence over the company. Th is (9) In 2018, the Group made investments in several talent agencies with aggregate cash consideration of RMB14,500,000 and represents equity interest from 10% to 49%, none of which was individually material. |
Schedule of investments accounted for under equity securities without readily determinable fair values | Equity securities without readily determinable fair values: As of December 31, 2018 2019 RMB RMB Content producers (1)(2) — 123,629,785 Technology and software companies 47,512,000 59,102,000 Others 10,000,000 10,000,000 57,512,000 192,731,785 Equity securities without readily determinable fair value were accounted as cost method investments prior to adopting ASC 321. For year ended December 31, 2017 , 2018 9 (1) Investments in talent agencies previously accounted for under equity method with carrying amount of RMB50,029,785 were reclassified as equity securities without readily determinable fair values in 2019, mainly including investments in Gaoqu and Tukai (Note 8 (7) and (8)), as the Group lost significant influence over the investees. An upward adjustment of RMB1,796,000 as result of observable price change for the identical or similar investment of the same investees was recognized in other income (expense), net. (2) In addition to the talent agencies mentioned in Note (1), in 2019, the Group formed twelves new companies with third parties with an aggregate cash contribution of RMB73,600,000 and represents equity interest from 5% to 20%, none of which was individually material . |
Accrued expenses and other cu_2
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 | Accrued expenses and other current liabilities consist of the following: As of December 31, 2018 2019 RMB RMB Accrued payroll and welfare 153,930,730 163,309,115 Marketing cost 96,754,190 112,859,994 Payable for repurchase of ordinary shares — 53,293,800 Deposits 24,913,728 30,566,743 Other tax payable 23,032,710 13,767,363 Other s 14,823,634 18,550,109 Total 313,454,992 392,347,124 |
Cost of revenues (Tables)
Cost of revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cost of revenues | |
Schedule of cost of revenue | Cost of revenues consist of the following: Years ended December 31, 2017 2018 2019 RMB RMB RMB Bandwidth costs 433,600,999 555,863,781 617,801,344 Revenue sharing fees and content costs 1,373,133,060 2,790,038,662 5,176,508,004 Other s 83,634,718 157,453,785 292,763,988 Total 1,890,368,777 3,503,356,228 6,087,073,336 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income taxes | |
Schedule of Income (loss) before income taxes | Income (loss) before income taxes consist of: Years ended December 31, 2017 2018 2019 RMB RMB RMB PRC (611,768,937 ) (881,940,287 ) 143,570,454 Foreign — 12,871,144 (106,980,746 ) Total (611,768,937 ) (869,069,143 ) 36,589,708 |
Schedule of reconciliation of total tax expenses | The Group did not incur any current or deferred component of income tax expenses for the years ended December 31, 2017, 2018 and 2019. The reconciliation of total tax expenses computed by applying the respective statutory income tax rate to pre-tax Years ended December 31, 2017 2018 2019 PRC income tax rate 25.00 % 25.00 % 25.00 % Expenses not deductible for tax purposes (0.74 )% (2.45 )% 157.72 % Super deduction on research and development expenses 3.66 % 6.14 % (145.44 )% Effect of change in income tax rate — — (555.07 )% Effect of tax holiday (8.31 )% (0.27 )% — Effect of tax rate in different tax jurisdiction — 0.71 % 4.82 % Change in valuation allowance (19.61 )% (29.13 )% 512.97 % Total 0.00 % 0.00 % 0.00 % |
Schedule of aggregate amount and per share effect of the tax holiday | The aggregate amount and per share effect of the tax holiday are as follows: Years ended December 31, 2017 2018 2019 RMB RMB RMB The aggregate dollar effect 50,837,998 2,346,487 — Per share effect—basic and diluted 6.21 0.29 — |
Schedule of deferred tax assets | Deferred tax assets are as follows: Years ended December 31, 2018 2019 RMB RMB Deferred tax assets Tax loss carried forward 447,008,731 632,330,401 Deductible temporary differences 111,856,999 108,575,967 Tax basis difference upon 2016 Restructuring 46,732,514 66,891,597 Allowance for doubtful receivables 1,110,718 5,537,748 Total deferred tax assets 606,708,962 813,335,713 Less: valuation allowance (606,708,962 ) (813,335,713 ) Net deferred tax assets — — |
Schedule of movement of deferred tax valuation allowance | The movement of deferred tax valuation allowance is as follows: Years ended December 31, 2017 2018 2019 RMB RMB RMB Balance at beginning of the year 233,311,017 353,511,080 606,708,962 Additions 120,200,063 253,197,882 206,626,751 Balance at end of the year 353,511,080 606,708,962 813,335,713 |
Noncontrolling Interest (Tables
Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Schedule of earning per share basic and diluted | As of December 31, 2019, the Group’s noncontrolling interest mainly included equity interest in Nonolive, Shuangsi and DouYu Japan. The following schedule shows the effects of changes in the ownership interest of the Company in its subsidiaries on equity attributed to DouYu for the years ended December 31, 2017, 2018 and 2019. Below are the changes in the Group’s ownership in its subsidiary on the Group’s equity. Years ended December 31, 2017 2018 2019 RMB RMB RMB Net income (loss) attributable to DouYu’s ordinary shareholders (612,897,944 ) (876,279,828 ) 39,753,232 Transfers to noncontrolling interest Decrease in DouYu’s additional paid-in capital due to vest of Gogo Glocal’s noncontrolling interest restricted shares (Note 15) — — (22,209,344 ) Decrease in DouYu’s additional paid-in capital for acquisition of shares of Gogo Glocal’s noncontrolling interest (1) — — (11,107,350 ) Net transfers to noncontrolling interest — — (33,316,694 ) Change from net income attribute to DouYu and transfers to noncontrolling interest (612,897,944 ) (876,279,828 ) 6,436,538 In October, 2019, the Group purchased 444,444 ordinary shares from the founders of Gogo Glocal with cash consideration of US $ at a fair value of RMB |
Convertible redeemable prefer_2
Convertible redeemable preferred shares (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Convertible redeemable preferred shares | |
Schedule of carrying amount of preferred equity | The following is the rollforward of the carrying amounts of Preferred Share for the years ended December 31, 2018 and 2019: Series A Series B-1 Series B-2 Series B-3 Series B-4 (1) Series C-1 Series C-2 (2) Series D Series E (3) RMB RMB RMB RMB RMB RMB RMB RMB RMB December 31, 2016 106,999,090 56,187,500 464,343,750 202,671,887 — 1,265,848,000 33,333,333 — — Issuance — — — — — — — 500,000,000 — December 31, 2017 106,999,090 56,187,500 464,343,750 202,671,887 — 1,265,848,000 33,333,333 500,000,000 — Issuance — — — — 22,254,400 — (33,333,333 ) — 4,026,518,012 December 31, 2018 106,999,090 56,187,500 464,343,750 202,671,887 22,254,400 1,265,848,000 — 500,000,000 4,026,518,012 Conversion in (106,999,090 ) (56,187,500 ) (464,343,750 ) (202,671,887 ) (22,254,400 ) (1,265,848,000 ) — (500,000,000 ) (4,026,518,012 ) December 31, 2019 — — — — — — — — — (1) In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 B-4 (2) In January 2018, Wuhan Douyu repurchased Series C-2 C-2 paid-in (3) On May 29, 2018, the Company issued 7,828,728 shares of Series E redeemable convertible preferred shares (“Series E Preferred Shares”) at a per-share |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Stock [Member] | |
Non-vested Restricted Stock Shares Activity | A summary of non-vested restricted share activity during the years ended December 31, 2019 is presented below: Number of shares Weighted average grant-date Outstanding as of December 31, 2018 4,900,000 18.45 Forfeited (1,039,780 ) 18.45 Vested (1) (1,810,754 ) 19.27 Outstanding as of December 31, 2019 2,049,466 3 1.50 |
Restricted Stock Units (RSUs) [Member] | |
Non-vested Restricted Stock Shares Activity | A summary of restricted share units activity during the years ended December 31, 2019 is presented below: Number of share Weighted average grant- Weighted average RMB Years Outstanding as of December 31, 2018 2,098,069 274.51 2.58 Granted 306 579.27 Vested (289,451 ) 274.51 Forfeited (14,338 ) 274.51 Outstanding as of December 31, 2019 1,794,586 274.55 2.58 |
Net income (loss) per share a_2
Net income (loss) per share and net loss attributable to ordinary shareholders (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted net loss per share | Basic and diluted net loss per share for each of the year presented were calculated as follows: Years ended December 31, 2017 2018 2019 RMB RMB RMB Basic net income (loss) per share calculation Numerator: Net income (loss) attributable to DouYu Holdings Limited shareholders (612,897,944 ) (876,279,828 ) 39,753,232 Deemed dividend — (6,661,667 ) — Amounts allocated to convertible redeemable preferred shares for participating rights to dividends — — (14,283,763 ) Net income (loss) attributable to ordinary shareholders for computing basic net income (loss) per share (612,897,944 ) (882,941,495 ) 25,469,469 Denominator: Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share 8,188,790 8,115,160 19,254,661 Basic net income (loss) per ordinary share (74.8 5 ) (108.80 ) 1.32 Diluted net income (loss) per share calculation Numerator: Net income (loss) attributable to ordinary shareholders of DouYu Holdings Limited (612,897,944 ) (882,941,495 ) 25,469,469 Add: undistributed earnings allocated to participating securities — — 14,283,763 Net income (loss) attributable to ordinary shareholders for computing diluted net income (loss) per ordinary share (612,897,944 ) (882,941,495 ) 39,753,232 Denominator: Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share 8,188,790 8,115,160 19,254,661 Add: conversion of convertible redeemable preferred shares into ordinary shares — — 10,798,380 Restricted Share Units — — 1,389,890 Weighted average ordinary shares used in computing diluted income (loss) per ordinary share 8,188,790 8,115,160 31,442,931 Diluted net income (loss) per ordinary share (74.85 ) (108.80 ) 1.26 |
Schedule of antidilutive securities excluded from computation of earnings per share | Diluted earnings per share do not include the following instruments as their inclusion would have been anti-dilutive: Years ended December 31, 2017 2018 2019 RMB RMB RMB Convertible Redeemable Preferred Equity/Shares 12,046,442 19,906,105 — Restricted Share Units — 2,098,069 — Total 12,046,442 22,004,174 — |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of revenue by type of service provided by the Group | The following table summarizes the revenue by type of service provided by the Group: Years ended December 31, 2017 2018 2019 RMB RMB RMB Live streaming 1,521,784,105 3,147,196,247 6,617,291,032 Advertisement 248,846,529 342,169,195 513,265,806 Other 115,086,367 165,017,684 152,673,415 Total 1,885,717,001 3,654,383,126 7,283,230,253 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Schedule of major related parties and their relationships | The table below sets forth major related parties and their relationships with the Group: Company Name Relationship with the Group Tencent Holdings Limited (“Tencent Group”) Parent company of one of our ordinary shareholders Beijing Sequoia Xinyuan Equity Investment Center LLP Related party of one of our ordinary shareholders |
Schedule of significant related party transactions | For the years ended December 31, 2017, Years ended December 31, 2017 2018 2019 Live streaming revenue derived from Equity method investees- talent agencies — 25,164,152 78,933,963 Tencent Group — 3,405,827 — Total — 28,569,979 78,933,963 Advertisement revenue derived from Tencent Group 14,050,283 27,483,962 2,699,737 Other revenue derived from Tencent Group 7,676,262 19,892,736 26,581,068 Bandwidth fees paid to Tencent Group 142,548,292 258,981,005 230,752,735 Revenue sharing fees and content cost paid to Tencent Group — — 4,986,374 Equity method investees- talent agencies 27,907,101 229,901,724 715,473,955 Total 27,907,101 229,901,724 720,460,329 Payment handling fees paid to Tencent Group 5,305,712 12,656,246 29,546,113 Content rights purchased from Tencent Group 71,300,000 116,100,000 112,354,423 |
Schedule of amounts due from/to related parties | As of December 31, 2017, 2018 and 2019, the amounts due from/to related parties are as follows: Years ended December 31, 2017 2018 2019 Amount due from related parties Tencent Group 13,536,360 56,840,030 23,935,019 Equity method investees- talent agencies — 7,230,184 108,831 Total 13,536,360 64,070,214 24,043,850 Amount due to related parties Tencent Group 153,195,674 227,897,451 251,069,127 Beijing Sequoia Xinyuan Equity Investment Center LLP (1) — 1,355,094,229 — Shaojie Chen (2) — 39,995,000 — Equity method investees- talent agencies 7,066,386 5,320,840 47,663,895 Total 160,262,060 1,628,307,520 298,733,022 (1) In May 2018, as an integrated step of the 2018 Restructuring , in order to comply with certain PRC foreign currency control rules and regulations, Beijing Sequoia has to redeem its investment in Series A Preferred Equity in Wuhan Douyu for US $ , , has been received by the Company but the redemption amount , equivalent to RMB1,355,094,229 , has not yet been paid by Wuhan Douyu , which was considered as a non-cash financing activity in the combined and consolidated statements of cash flows for the year ended December 31, 2018 $ $ in the amount of 1,323,049,149 , (2) The Group has received an advance payment of RMB39,995,000 from Mr. Shaojie Chen, which was subsequent ly |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments under non-cancelable operating leases agreements | Future minimum lease payments under non-cancelable Years ending RMB 2020 45,023,403 2021 26,297,961 2022 11,451,395 2023 1,297,103 2023 and thereafter — |
SCHEDULE I FINANCIAL INFORMAT_2
SCHEDULE I FINANCIAL INFORMATION FOR PARENT COMPANY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of condensed balance sheets | SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY DOUYU INTERNATIONAL HOLDINGS LIMITED CONDENSED BALANCE SHEETS As of December 31, 2018 2019 2019 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 3,757,734,490 7,140,577,532 1,020,753,285 Prepayments 49,333 838,398 119,850 Other current assets 60,502,935 56,840,976 8,125,479 Amount due from subsidiaries and VIEs 426 39,995,433 5,717,390 Total current assets 3,818,287,184 7,238,252,339 1,034,716,004 Other non-current assets 13,229,851 — — Investments in subsidiaries and VIEs (188,401,872 ) 124,167,455 17,749,872 Total assets 3,643,115,163 7,362,419,794 1,052,465,876 LIABILITIES Current liabilities: Accrued expenses and other current liabilities 11,842,346 60,938,325 8,711,199 Amount due to subsidiaries and VIEs 333,665 339,159 48,483 Deferred revenue — 13,162,958 1,881,659 Total current liabilities 12,176,011 74,440,442 10,641,341 Non-current liabilities — 46,070,348 6,585,806 Total liabilities 12,176,011 120,510,790 17,227,147 Convertible redeemable preferred shares (total redemption value of RMB7,262,965,150 and nil as of December 31, 2018 and 2019, respectively) 6,644,822,639 — — Shareholders’ equity ( ) Ordinary shares (US$0.0001 par value, 479,999,830 and 500,000,000 shares authorized, 10,170,111 and 34,568,689 shares issued, 8,063,790 and 32,751,819 shares outstanding as of December 31, 2018 and 2019, respectively) 5,148 22,144 3,166 Treasury shares (nil and 291,207 ordinary shares as of December 31, 2018 and 2019, respectively) — (168,567,125 ) (24,096,853 ) Additional paid-in 48,989,244 10,324,277,855 1,475,866,692 Accumulated deficit (3,388,471,092 ) (3,348,717,860 ) (478,702,842 ) Accumulated other comprehensive income 325,593,213 434,893,990 62,168,566 Total shareholders’ e quity ( ) (3,013,883,487 ) 7,241,909,004 1,035,238,729 TOTAL LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS EQUITY ( ) 3,643,115,163 7,362,419,794 1,052,465,876 |
Schedule of condensed statements of comprehensive loss | SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY DOUYU INTERNATIONAL HOLDINGS LIMITED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Year ended December 31, 2017 2018 2019 RMB RMB RMB US$ Total net revenues — — — — Cost of revenues — — — — General and administrative expenses — (11,697,585 ) (41,464,310 ) (5,927,368 ) Other operating income (expense), — (338 ) 6,508,518 930,400 Interest income — 68,216,989 148,245,151 21,191,805 Equity in deficit of subsidiaries and VIE (612,897,944 ) (932,798,894 ) (73,536,127 ) (10,512,069 ) Net income (loss) (612,897,944 ) (876,279,828 ) 39,753,232 5,682,768 Other comprehensive income — 325,593,213 109,300,777 15,624,664 Comprehensive income ( ) (612,897,944 ) (550,686,615 ) 149,054,009 21,307,432 |
Schedule of condensed statements of cash flows | SCHEDULE I—ADDITIONAL INFORMATION OF THE PARENT COMPANY DOUYU INTERNATIONAL HOLDINGS LIMITED CONDENSED STATEMENTS OF CASH FLOWS Year ended December 31, 2018 2019 RMB RMB RMB US$ CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) (612,897,944 ) (876,279,828 ) 39,753,232 5,682,768 Adjustments to reconcile net loss to net cash provided by operating activities: Loss from equity in earnings of subsidiaries and VIEs 612,897,944 932,798,894 73,536,127 10,512,069 Share-based compensation — — 23,241,480 3,322,395 Changes in operating assets and liabilities: Prepayments — (49,333 ) (789,065 ) (112,798 ) Other current assets — (60,502,935 ) 3,661,959 523,481 Other non-current assets — (6,353,017 ) — — Amount due from subsidiaries and VIEs — (426 ) (39,995,000 ) (5,717,329 ) Accrued expenses and other current liabilities — 11,842,346 (4,197,822 ) (600,083 ) Amount due to subsidiaries and VIEs — 333,665 — — Other liabilities — — 59,233,306 8,467,465 CASH PROVIDED BY OPERATING ACTIVITIES — 1,789,366 154,444,217 22,077,968 Investment in subsidiaries — (1,853,885,036 ) (151,881,863 ) (21,711,677 ) CASH USED IN INVESTING ACTIVITIES — (1,853,885,036 ) (151,881,863 ) (21,711,677 ) Proceeds on issuance of ordinary shares through IPO — 5,207 3,422,497,233 489,249,683 Deferred offering cost — (6,876,834 ) — — Payment of deferred offering costs — — (36,249,484 ) (5,181,903 ) Repurchase of ordinary shares — — (115,273,325 ) (16,478,447 ) Capital contribution from convertible redeemable preferred shareholders — 4,026,518,012 — — Capital investment — 1,260,439,815 — — CASH PROVIDED BY FINANCING ACTIVITIES — 5,280,086,200 3,270,974,424 467,589,333 Effect of foreign exchange rate changes — 329,743,960 109,306,264 15,625,449 NET INCREASE IN CASH AND CASH EQUIVALENTS — 3,757,734,490 3,382,843,042 483,581,073 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR — — 3,757,734,490 537,172,212 CASH AND CASH EQUIVALENTS AT YEAR END — 3,757,734,490 7,140,577,532 1,020,753,285 Supplemental disclosure on non-cash investing and financing activities: Deferred offering costs payable — 6,353,017 — — Payable for repurchase of ordinary shares not yet paid — — 53,293,800 7,618,406 |
Organization and principal ac_3
Organization and principal activities - Additional information (Detail) | Jul. 17, 2019USD ($)shares | Feb. 03, 2016CNY (¥) | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018$ / shares | Jan. 05, 2018$ / sharesshares | May 08, 2015CNY (¥) |
Registered capital | $ 3,166 | ¥ 5,148 | ¥ 22,144 | ||||||
Cash consideration paid | $ 1,574,286 | ¥ 11,012,762 | ¥ 57,971,520 | ||||||
Ordinary shares subscribed, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
IPO [Member] | |||||||||
Shares Issued | shares | 4,492,473 | ||||||||
Net Issue Proceeds | $ | $ 497,300,000 | ||||||||
IPO [Member] | American Depositary Shares [Member] | |||||||||
Shares Issued | shares | 44,924,730 | ||||||||
2016 Restructuring [Member] | Guangzhou Douyu Internet Technology Co., Ltd [Member] | |||||||||
Cash and cash equivalents not transferred | ¥ 2,600,000 | ||||||||
Tax assets not transferred | 9,000,000 | ||||||||
Cash consideration paid | 1,900,000 | ||||||||
Cash and deductible tax assets retained | 11,600,000 | ||||||||
2016 Restructuring [Member] | Wuhan Douyu Internet Technology [Member] | |||||||||
Registered capital | ¥ 10,000,000 | ||||||||
Cash consideration paid | ¥ 1,900,000 | ||||||||
2018 Restructuring [Member] | |||||||||
Ordinary shares subscribed | shares | 8,188,790 | ||||||||
Ordinary shares subscribed, par value | $ / shares | $ 0.0001 |
Organization and principal ac_4
Organization and principal activities - Schedule of principal subsidiaries and VIEs (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Wuhan Douyu Education Consulting Co., Ltd.[Member] | ||
Date of incorporation/ establishment | Nov. 9, 2016 | |
Place of incorporation/ establishment | Wuhan | |
Percentage of direct/indirect ownership | 100.00% | |
Wuhan Yuwan Culture Media Co., Ltd.[Member] | ||
Date of incorporation/ establishment | Jun. 28, 2016 | |
Place of incorporation/ establishment | Wuhan | |
Percentage of direct/indirect ownership | 100.00% | |
Wuhan Yuxing Tianxia Culture Media Co., Ltd.[Member] | ||
Date of incorporation/ establishment | Jun. 24, 2016 | |
Place of incorporation/ establishment | Wuhan | |
Percentage of direct/indirect ownership | 100.00% | |
Wuhan Yuyin Raoliang Culture Co., Ltd.[Member] | ||
Date of incorporation/ establishment | Jun. 23, 2016 | |
Place of incorporation/ establishment | Wuhan | |
Percentage of direct/indirect ownership | 100.00% | |
Wuhan Yu Leyou Internet Technology Co., Ltd.[Member] | ||
Date of incorporation/ establishment | Nov. 9, 2016 | |
Place of incorporation/ establishment | Wuhan | |
Percentage of direct/indirect ownership | 100.00% | |
Wuhan Xiaoyu Chuhai Internet Technology Co., Ltd.[Member] | ||
Date of incorporation/ establishment | Jan. 5, 2017 | |
Place of incorporation/ establishment | Wuhan | |
Percentage of direct/indirect ownership | 100.00% | |
Wuhan Douyu Yule Internet Technology Co., Ltd. ("Wuhan Yule") [Member] | ||
Date of incorporation/ establishment | Apr. 2, 2018 | |
Place of incorporation/ establishment | Wuhan | |
Percentage of direct/indirect ownership | 100.00% | |
DouYu Network Inc [Member] | ||
Date of incorporation/ establishment | Jan. 12, 2018 | |
Place of incorporation/ establishment | The BritishVirgin Islands | |
Percentage of direct/indirect ownership | 100.00% | |
Douyu Hongkong Limited [Member] | ||
Date of incorporation/ establishment | Jan. 24, 2018 | |
Place of incorporation/ establishment | Hong Kong | |
Percentage of direct/indirect ownership | 100.00% | |
Gogo Global Holding Limited [Member] | ||
Date of incorporation/ establishment | Oct. 8, 2018 | |
Place of incorporation/ establishment | Cayman | |
Percentage of direct/indirect ownership | 71.06% | |
Wuhan Ouyue Online TV Co., Ltd.[Member] | ||
Date of incorporation/ establishment | Feb. 3, 2016 | |
Place of incorporation/ establishment | Wuhan | |
Percentage f direct/indirect ownership (VIEs) | 100.00% | |
Wuhan Douyu Network Technology Co., Ltd.[Member] | ||
Date of incorporation/ establishment | May 8, 2015 | |
Place of incorporation/ establishment | Wuhan | |
Percentage f direct/indirect ownership (VIEs) | 100.00% |
Summary of significant accoun_4
Summary of significant accounting policies - Schedule of financial statement amounts and balances of the VIEs (Detail) | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019CNY (¥) | |
ASSETS | |||||
Cash and cash equivalents | $ 1,156,758,766 | ¥ 5,562,204,889 | ¥ 539,601,552 | ¥ 8,091,990,270 | |
Restricted cash | 6,132,990 | 42,902,719 | |||
Accounts receivable, net | 26,889,080 | 129,464,732 | 135,778,457 | 188,099,873 | |
Prepayments | 7,191,027 | 135,755,353 | 50,304,112 | ||
Amount due from related parties | 3,437,094 | 64,070,214 | 13,536,360 | 24,043,850 | |
Other current assets | 29,206,278 | 225,513,856 | 204,309,593 | ||
Property and equipment, net | 5,562,150 | 50,427,610 | 38,909,465 | ||
Intangible assets, net | 28,312,440 | 131,013,892 | 198,056,841 | ||
Investments | 32,240,313 | 134,252,190 | 225,533,885 | ||
Other non-current assets | 1,221,780 | 48,581,307 | 8,546,843 | ||
TOTAL ASSETS | 1,301,379,526 | 6,494,851,722 | 9,103,670,339 | ||
LIABILITIES | |||||
Accounts payable | 127,232,031 | 800,370,211 | 890,038,953 | ||
Advances from customers | 2,449,400 | 9,708,051 | 5,488,122 | 17,134,532 | |
Deferred revenue | 28,015,908 | 112,071,796 | 195,982,486 | ||
Accrued expenses and other current liabilities | 56,086,446 | 313,454,992 | 392,347,124 | ||
Amounts due to related parties | 42,704,209 | 1,628,307,520 | 160,262,060 | 298,733,022 | |
TOTAL LIABILITIES | 263,073,800 | 2,863,912,570 | 1,840,306,465 | ||
Income Statement | |||||
Net revenue | 1,041,145,646 | ¥ 7,283,230,253 | 3,654,383,126 | 1,885,717,001 | |
Net income (loss) | 4,767,151 | 33,348,128 | (876,279,828) | (612,897,944) | |
Statement of Cash Flows | |||||
Net cash provided by (used in) operating activities | 116,244,391 | 813,176,020 | (337,586,406) | (381,036,409) | |
Net cash used in investing activities | (35,209,284) | (246,303,031) | (264,950,385) | (92,006,705) | |
Net cash (used in) provided by financing activities | $ 271,082,686 | 1,896,331,830 | 5,280,086,200 | 500,000,000 | |
Variable Interest Entities [Member] | |||||
ASSETS | |||||
Cash and cash equivalents | 1,549,689,255 | 826,481,128 | |||
Restricted cash | 42,902,719 | ||||
Accounts receivable, net | 68,238,203 | 176,599,681 | |||
Prepayments | 18,440,371 | 12,982,856 | |||
Amount due from related parties | 53,815,484 | 13,431,477 | |||
Other current assets | 93,062,950 | 82,405,807 | |||
Property and equipment, net | 29,297,602 | 17,794,907 | |||
Intangible assets, net | 15,645,467 | 130,272,386 | |||
Investments | 128,018,556 | 147,033,947 | |||
Other non-current assets | 6,858,141 | 1,918,598 | |||
TOTAL ASSETS | 1,963,066,029 | 1,451,823,506 | |||
LIABILITIES | |||||
Accounts payable | 256,071,492 | 794,266,492 | |||
Advances from customers | 8,411,446 | 16,975,882 | |||
Deferred revenue | 112,071,796 | 181,250,993 | |||
Accrued expenses and other current liabilities | 103,101,896 | 177,228,742 | |||
Amounts due to related parties | 1,547,837,321 | 59,693,186 | |||
TOTAL LIABILITIES | 2,027,493,951 | ¥ 1,229,415,295 | |||
Income Statement | |||||
Net revenue | 7,207,666,259 | 3,436,175,885 | 1,885,717,001 | ||
Net income (loss) | 985,034,474 | (680,682,612) | (612,897,944) | ||
Statement of Cash Flows | |||||
Net cash provided by (used in) operating activities | 816,655,741 | 1,091,289,940 | (381,036,409) | ||
Net cash used in investing activities | (133,917,000) | ¥ (80,279,043) | (92,006,705) | ||
Net cash (used in) provided by financing activities | ¥ (1,363,044,149) | ¥ 500,000,000 |
Summary of significant accoun_5
Summary of significant accounting policies - Additional information (Detail) | Jan. 01, 2019CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018USD ($) |
Percentage Of VIE contribution to consolidated revenue | 99.00% | 100.00% | 99.00% | 94.00% | |||
Percentage Of VIE accounted of consolidated total assets | 16.00% | 16.00% | |||||
Percentage Of VIE accounted of consolidated total liabilities | 67.00% | 67.00% | |||||
Convenience translation rate per US$1.00 | 6.9954 | 6.9954 | |||||
Impairment loss of investments | $ 2,727,038 | ¥ 19,076,725 | ¥ 15,166,140 | ||||
Rebates to advertiser | 64,274,647 | 44,389,826 | ¥ 35,337,970 | ||||
Capitalized research and development expenses | 0 | 0 | 0 | ||||
Advertising and market promotion expenses | 135,859,453 | 129,013,488 | 98,732,746 | ||||
Recognizes income tax due to uncertain tax position | $ | $ 0 | $ 0 | |||||
Interest and penalties related to potential underpaid income tax expenses | 0 | 0 | |||||
Deferred revenue | ¥ 111,637,250 | ||||||
Government subsidies | ¥ 68,834,899 | ¥ 27,430,993 | ¥ 8,820,295 | ||||
Accounting Standards Update 2016-02 [Member] | |||||||
Future minimum operating lease commitments | ¥ 84,069,862 |
Summary of significant accoun_6
Summary of significant accounting policies - Schedule of property and equipment, net estimated useful lives (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Computer and transmission equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, net, estimated useful lives | 3 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, net, estimated useful lives | Over the shorter of the lease term or expected useful lives |
Furniture and office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, net, estimated useful lives | 5 years |
Motor vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, net, estimated useful lives | 5 years |
Summary of significant accoun_7
Summary of significant accounting policies - Schedule of intangible assets, net estimated useful lives (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, net estimated useful lives | Over the shorter of the contract period or expected useful lives |
License for Online Transmission of Audio/Video Programs [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, net estimated useful lives | Infinite life |
Brand name [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, net estimated useful lives | 10 years |
Platform [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, net estimated useful lives | 5 years |
Software [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, net estimated useful lives | 3 years |
Others [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, net estimated useful lives | 10 years |
Others [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible assets, net estimated useful lives | 1 year |
Summary of significant accoun_8
Summary of significant accounting policies - Schedule of disaggregation of revenue (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 1,041,145,646 | ¥ 7,283,230,253 | ¥ 3,654,383,126 | ¥ 1,885,717,001 |
Live Streaming [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,617,291,032 | 3,147,196,247 | 1,521,784,105 | |
Advertisement [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 513,265,806 | 342,169,195 | 248,846,529 | |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | ¥ 152,673,415 | ¥ 165,017,684 | ¥ 115,086,367 |
Summary of significant accoun_9
Summary of significant accounting policies - Schedule of contract balance (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Summary of significant accounting policies | ||||
Opening Balance | ¥ 129,464,732 | ¥ 135,778,457 | ||
Increase (decrease), net | 58,635,141 | (6,313,725) | ||
Ending Balance | $ 26,889,080 | 188,099,873 | 129,464,732 | ¥ 135,778,457 |
Opening Balance | 9,708,051 | 5,488,122 | ||
Increase (decrease), net | 1,061,623 | 7,426,481 | 4,219,929 | (30,583) |
Ending Balance | $ 2,449,400 | 17,134,532 | 9,708,051 | 5,488,122 |
Opening Balance | 112,071,796 | 45,921,961 | ||
Increase (decrease), net | 70,747,732 | 66,149,835 | ||
Ending Balance | ¥ 182,819,528 | ¥ 112,071,796 | ¥ 45,921,961 |
Business Acquisition - Addition
Business Acquisition - Additional information (Detail) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2019CNY (¥) | Oct. 31, 2018CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Business Acquisition [Line Items] | |||||
Net cash consideration | $ 1,574,286 | ¥ 11,012,762 | ¥ 57,971,520 | ||
Contractual Rights [Member] | |||||
Business Acquisition [Line Items] | |||||
Assets acquired, Intangile Asset | 111,879,121 | 77,877,624 | |||
Nonolive [Member] | |||||
Business Acquisition [Line Items] | |||||
Net cash consideration | ¥ 57,971,520 | ||||
Cash acquired upon disposal of previously held equity interest | 10,000,000 | ||||
Revenues included in the combined and consolidated statements of comprehensive income since the acquisition date | 5,885,855 | ||||
Net loss included in the combined and consolidated statements of comprehensive income since the acquisition date | (48,164,404) | ||||
Equity interest previously held disposal loss | ¥ 3,504,018 | ||||
Equity interest in the acquired business that was accounted for under the cost method | 4.80% | ||||
Goodwill recognized from the acquisition | ¥ 13,667,502 | ||||
Shuangsi Culture Broadcasting Company Limited [Member] | |||||
Business Acquisition [Line Items] | |||||
Net cash consideration | ¥ 33,012,762 | ||||
Cash acquired upon disposal of previously held equity interest | ¥ 879,138 | ||||
Revenues included in the combined and consolidated statements of comprehensive income since the acquisition date | 8,115,484 | ||||
Net loss included in the combined and consolidated statements of comprehensive income since the acquisition date | ¥ 16,449,823 | ||||
Percentage of Interest Acquired | 85.00% | ||||
Assets Acquired | ¥ 25,935,985 | ||||
Liabilities Assumed | 4,088,132 | ||||
Non-controlling interest Acquired | 5,980,924 | ||||
Goodwill recognized from the acquisition | 17,145,833 | ||||
Shuangsi Culture Broadcasting Company Limited [Member] | Contractual Rights [Member] | |||||
Business Acquisition [Line Items] | |||||
Assets acquired, Intangile Asset | 10,742,500 | ||||
Shuangsi Culture Broadcasting Company Limited [Member] | Participating right [member] | |||||
Business Acquisition [Line Items] | |||||
Assets acquired, Intangile Asset | ¥ 8,000,000 |
Business Acquisition - Schedule
Business Acquisition - Schedule of fair value of assets acquired and goodwill resulted for this acquisition (Detail) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2018CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Business Acquisition [Line Items] | ||||
Cash consideration | $ 1,574,286 | ¥ 11,012,762 | ¥ 57,971,520 | |
Nonolive [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash consideration | ¥ 57,971,520 | |||
Fair value of the acquired business cost method investments prior to the acquisition | 6,495,982 | |||
Goodwill | 13,667,502 | |||
Nonolive [Member] | Platform [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of assets acquired | 10,000,000 | |||
Nonolive [Member] | Brand Name [Member] | ||||
Business Acquisition [Line Items] | ||||
Fair value of assets acquired | ¥ 40,800,000 |
Business Acquisition - Schedu_2
Business Acquisition - Schedule of unaudited pro forma results of operations (Detail) - CNY (¥) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Pro forma revenue | ¥ 3,681,270,272 | ¥ 1,911,340,047 |
Pro forma loss from operations | (879,923,547) | (696,280,827) |
Pro forma net loss | ¥ (903,761,476) | ¥ (697,409,834) |
Pro forma net loss per share, basic and diluted | ¥ (111.37) | ¥ (85.17) |
Accounts receivable, net - Sche
Accounts receivable, net - Schedule of accounts receivable, net (Detail) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Accounts receivable, net | |||||
Accounts receivable, gross | ¥ 203,934,775 | ¥ 135,372,101 | |||
Less: allowance for doubtful receivables | (15,834,902) | (5,907,369) | ¥ (5,172,435) | ¥ (1,690,103) | |
Accounts receivable, net | $ 26,889,080 | ¥ 188,099,873 | ¥ 129,464,732 | ¥ 135,778,457 |
Accounts receivable, net - Sc_2
Accounts receivable, net - Schedule of allowance for doubtful receivables (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Accounts receivable, net | ||||
Balance | ¥ 5,907,369 | ¥ 5,172,435 | ¥ 1,690,103 | |
Provisions for doubtful accounts | $ 1,938,952 | 13,563,744 | 1,121,009 | 3,482,332 |
Write offs | (3,636,211) | (386,075) | ||
Balance | ¥ 15,834,902 | ¥ 5,907,369 | ¥ 5,172,435 |
Accounts receivable, net - Sc_3
Accounts receivable, net - Schedule of concentration of risk, accounts receivable, net (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2017CNY (¥) | |
Concentration Risk [Line Items] | ||||
Accounts receivable, net | $ 26,889,080 | ¥ 129,464,732 | ¥ 188,099,873 | ¥ 135,778,457 |
Company A | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, net | $ 5,377,177 | ¥ 21,112,127 | 37,615,505 | |
Company A | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 20.00% | 16.00% | ||
Company B | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, net | ¥ 13,441,984 | |||
Company B | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 10.00% | |||
Company C | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, net | $ 6,829,772 | 47,776,989 | ||
Company C | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 25.00% | |||
Company D | ||||
Concentration Risk [Line Items] | ||||
Accounts receivable, net | $ 3,354,602 | ¥ 23,466,780 | ||
Company D | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 12.00% |
Other current assets - Schedule
Other current assets - Schedule of other current assets (Detail) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Other current assets | ||||
Interest receivable | ¥ 53,484,027 | ¥ 61,145,183 | ||
Value-added tax recoverable | 62,336,003 | 57,328,066 | ||
Funds receivable from third party payment service provider | [1] | 69,263,440 | 47,029,453 | |
Content rights | 10,589,085 | 35,175,308 | ||
Others | 8,637,038 | 24,835,846 | ||
Total | $ 29,206,278 | ¥ 204,309,593 | ¥ 225,513,856 | |
[1] | The Group opened accounts with external online payment service providers to collect funding from users. |
Property and equipment, net - S
Property and equipment, net - Schedule of property and equipment, net (Detail) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Property, Plant and Equipment, Gross [Abstract] | |||
Gross carrying amount | ¥ 127,361,965 | ¥ 108,757,934 | |
Less: accumulated depreciation | (88,452,500) | (58,330,324) | |
Property and equipment, net | $ 5,562,150 | 38,909,465 | 50,427,610 |
Computer and transmission equipment [Member] | |||
Property, Plant and Equipment, Gross [Abstract] | |||
Gross carrying amount | 91,375,589 | 86,612,440 | |
Leasehold improvements [Member] | |||
Property, Plant and Equipment, Gross [Abstract] | |||
Gross carrying amount | 29,237,111 | 16,820,394 | |
Furniture and office equipment [Member] | |||
Property, Plant and Equipment, Gross [Abstract] | |||
Gross carrying amount | 6,339,065 | 4,914,900 | |
Motor vehicles [Member] | |||
Property, Plant and Equipment, Gross [Abstract] | |||
Gross carrying amount | ¥ 410,200 | ¥ 410,200 |
Property and equipment, net - A
Property and equipment, net - Additional information (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Property and equipment, net | ||||
Depreciation expense | $ 4,690,925 | ¥ 32,814,894 | ¥ 26,996,910 | ¥ 23,167,001 |
Intangible assets, net - Schedu
Intangible assets, net - Schedule of intangible assets, net (Detail) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | |
Gross carrying amount | ||||
Gross carrying amount | ¥ 276,975,187 | ¥ 152,633,651 | ||
Less: accumulated amortization | ||||
Accumulated amortization | (78,918,346) | (21,619,759) | ||
Intangible assets, net | $ 28,312,440 | 198,056,841 | 131,013,892 | |
License for Online Transmission of Audio/Video Programs [Member] | ||||
Gross carrying amount | ||||
Gross carrying amount | [1] | 7,988,748 | 7,988,748 | |
Trade Names [Member] | ||||
Gross carrying amount | ||||
Gross carrying amount | 41,276,297 | 40,602,217 | ||
Less: accumulated amortization | ||||
Accumulated amortization | (4,717,435) | (576,754) | ||
Agency contract rights [Member] | ||||
Gross carrying amount | ||||
Gross carrying amount | [2] | 193,898,260 | 82,044,138 | |
Less: accumulated amortization | ||||
Accumulated amortization | (63,433,706) | (17,691,672) | ||
Platform [Member] | ||||
Gross carrying amount | ||||
Gross carrying amount | 10,116,739 | 9,944,894 | ||
Less: accumulated amortization | ||||
Accumulated amortization | (2,867,765) | (838,019) | ||
Software [Member] | ||||
Gross carrying amount | ||||
Gross carrying amount | 8,613,202 | 6,764,753 | ||
Less: accumulated amortization | ||||
Accumulated amortization | (2,745,522) | (1,490,443) | ||
Others [Member] | ||||
Gross carrying amount | ||||
Gross carrying amount | 15,081,941 | 5,288,901 | ||
Less: accumulated amortization | ||||
Accumulated amortization | ¥ (5,153,918) | ¥ (1,022,871) | ||
[1] | In February 2016, Wuhan Douyu obtained effective control of Wuhan Ouyue, a PRC legal entity from Mr. Shaojie Chen, the Group’s CEO through a series of contractual arrangements. Wuhan Ouyue has no business and holds one asset, License for Online Transmission of Audio/Video Programs. The transaction was deemed as an asset acquisition under ASC 805 and the License for Online Transmission of Audio/Video Programs was recognized based on the consideration paid, which approximate the market value of the asset acquired. The license permits the Group in the provision of online streaming of video on its platforms. The license is renewable every 3 years and may be renewed indefinitely. The Group has renewed this license in March 2018 subsequent to its acquisition and intends to renew the license indefinitely. | |||
[2] | The agency contract right acquired in 2018 and 2019 are RMB77,877,624 and RMB111,879,121, respectively, with weighted average amortization period of 3 years and 4.5 years. |
Intangible assets, net - Sche_2
Intangible assets, net - Schedule of intangible assets, net (Parenthetical) (Detail) - Agency contract rights [Member] - CNY (¥) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Agency contract right acquired | ¥ 111,879,121 | ¥ 77,877,624 |
Agency contract right acquired, weighted average amortization period | 4 years 6 months | 3 years |
Intangible assets, net - Additi
Intangible assets, net - Additional information (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Intangible Assets Net Excluding Goodwill [Abstract] | ||||
Amortization expenses | $ 8,192,086 | ¥ 57,306,920 | ¥ 18,548,448 | ¥ 2,875,712 |
Intangible assets, net - Sche_3
Intangible assets, net - Schedule of future amortization expense (Detail) | Dec. 31, 2019CNY (¥) |
Intangible Assets Excluding Goodwill [Abstract] | |
2020 | ¥ 71,648,424 |
2021 | 42,630,742 |
2022 | 25,059,432 |
2023 | 21,017,272 |
2024 | ¥ 9,965,351 |
Intangible assets, net - Sche_4
Intangible assets, net - Schedule of weighted average amortization periods of intangible assets (Detail) - Weighted Average [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Brand Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 10 years | 10 years |
Agency contract rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 3 years 10 months 24 days | 2 years 10 months 24 days |
Platform [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 5 years | 5 years |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 3 years 1 month 6 days | 2 years 10 months 24 days |
Others [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted average amortization period | 3 years 3 months 18 days | 5 years 10 months 24 days |
Investments - Additional Inform
Investments - Additional Information (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Cost method investment, impairment loss | ¥ 0 | ¥ 0 | ¥ 0 |
Equity securities without readily determinable fair value, upward price adjustment | ¥ 1,796,000 | ||
Shanghai Bluefin Culture Media Co Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, impairment loss | 1,832,851 | ||
Beijing Bazhuayu Culture Media Co Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, impairment loss | 4,637,543 | ||
Nanjing Dash Information Technology Co Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, impairment loss | ¥ 6,815,887 |
Investments - Schedule of inves
Investments - Schedule of investments accounted for under equity method (Detail) - CNY (¥) | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | ¥ 32,802,100 | ¥ 76,740,190 | |
Hangzhou Aijidi Culture Creation Co., Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | [1] | 4,090,990 | 4,543,520 |
Beijing Wanyan Culture Media Co., Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | [2] | 5,471,438 | |
Wuhan Guaji Culture Media Co., Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | [3] | 2,840,655 | |
Chongqing Yuwan Network Media Co., Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | [4] | 9,721,472 | 13,865,155 |
Hunan Yuyou Starfire Culture Media Co., Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | [5] | 15,139,902 | 14,968,298 |
Yule Xinghui (Tianjin) Culture Development Co., Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | [6] | 8,669,526 | |
Shanghai Gaoqu Culture Media Co., Ltd. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | [7] | 10,286,579 | |
Hainan Tukai Culture Media Co., Ltd [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | [8] | 2,485,478 | |
Others [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | [9] | ¥ 3,849,736 | ¥ 13,609,541 |
[1] | In 2016, the Group acquired 10% of the equity of Aijidi for a consideration of RMB7,500,000. The Group has the right to appoint one board of director to Aijidi, therefore has a significant influence on Aijidi. In 2019, the Group’s equity interest was diluted to 6.2% as of December 31, 2019 due to Aijidi’s additional capital contribution from other shareholders. | ||
[2] | In 2016, the Group invested in Wanyan RMB8,000,000 for a 20% equity interest. The Group recorded an impairment loss of RMB1,879,859 and RMB5,182,821 for the year ended December 31, 2018 and 2019, respectively, due to the deterioration in its operation. | ||
[3] | In 2017, the Group formed Guaji with unrelated third party investors and contributed RMB2,000,000 for a 32% equity interest in the company. The Group recorded a full impairment loss of RMB2,839,352 for the year ended December 31, 2019 as Guaji has ceased operations in 2019. | ||
[4] | In 2018, the Group formed Chongqing Yuwan with unrelated third party investors and contributed RMB16,000,000 for a 30% equity interest in the company. | ||
[5] | In 2018, the Group formed Yuyou Starfire with unrelated third party investors and contributed RMB15,000,000 for a 30% equity interest in the company. | ||
[6] | In 2018, the Group formed Yule Xinghui with unrelated third party investors and contributed RMB10,000,000 for a 20% equity interest in the company. The Group determined the investment was impaired and recorded a full impairment loss of RMB8,114,100 for the year ended December 31, 2019. | ||
[7] | In 2018, the Group formed Gaoqu with unrelated third party investors and contributed RMB11,500,000 for a 20% equity interest in the company. In 2019, due to the financing from the unrelated third party investors, the Group’s equity interest decreased to 10% and therefore the Group lost significant influence over the company. The company was subsequently reclassified as equity securities without readily determinable fair values. | ||
[8] | In 2018, the Group formed Tukai with unrelated third party investors and contributed RMB4,000,000 for a 15% equity interest in the company. In 2019, the Group further invested RMB26,000,000 in the company and the Group’s equity interest decreased to 19.9% due to the additional capital from other investors. After the transaction, the Group did not have representation on the board of directors anymore, and therefore lost significant influence over the company. This investment was subsequently reclassified as equity securities without readily determinable fair values. | ||
[9] | In 2018, the Group made investments in several talent agencies with aggregate cash consideration of RMB14,500,000 and represents equity interest from 10% to 49%, none of which was individually material. |
Investments - Schedule of inv_2
Investments - Schedule of investments accounted for under equity method (Parenthetical) (Detail) - CNY (¥) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Hangzhou Aijidi Culture Creation Co., Ltd [Member] | ||||
Marketable Securities [Line Items] | ||||
Percentage of equity method investment acquired | 6.20% | 10.00% | ||
Payment for equity method investment | ¥ 7,500,000 | |||
Beijing Wanyan Culture Media Co., Ltd [Member] | ||||
Marketable Securities [Line Items] | ||||
Percentage of equity method investment acquired | 20.00% | |||
Payment for equity method investment | ¥ 8,000,000 | |||
Equity method investment, impairment loss | ¥ 5,182,821 | ¥ 1,879,859 | ||
Wuhan Guaji Culture Media Co., Ltd [Member] | ||||
Marketable Securities [Line Items] | ||||
Percentage of equity method investment acquired | 32.00% | |||
Payment for equity method investment | ¥ 2,000,000 | |||
Equity method investment, impairment loss | 2,839,352 | |||
Chongqing Yuwan Network Media Co Ltd [Member] | ||||
Marketable Securities [Line Items] | ||||
Percentage of equity method investment acquired | 30.00% | |||
Payment for equity method investment | ¥ 16,000,000 | |||
Hunan Yuyou Starfire Culture Media Co., Ltd [Member] | ||||
Marketable Securities [Line Items] | ||||
Percentage of equity method investment acquired | 30.00% | |||
Payment for equity method investment | ¥ 15,000,000 | |||
Yule Xinghui Tianjin Culture Development Co Ltd [Member] | ||||
Marketable Securities [Line Items] | ||||
Percentage of equity method investment acquired | 20.00% | |||
Payment for equity method investment | ¥ 10,000,000 | |||
Equity method investment, impairment loss | ¥ 8,114,100 | |||
Shanghai Gaoqu Culture Media Co., Ltd. [Member] | ||||
Marketable Securities [Line Items] | ||||
Percentage of equity method investment acquired | 10.00% | 20.00% | ||
Payment for equity method investment | ¥ 11,500,000 | |||
Hainan Tukai Culture Media Co., Ltd [Member] | ||||
Marketable Securities [Line Items] | ||||
Percentage of equity method investment acquired | 19.90% | 15.00% | ||
Payment for equity method investment | ¥ 26,000,000 | ¥ 4,000,000 | ||
Others [Member] | ||||
Marketable Securities [Line Items] | ||||
Payment for equity method investment | ¥ 14,500,000 | |||
Others [Member] | Maximum [Member] | ||||
Marketable Securities [Line Items] | ||||
Percentage of equity method investment acquired | 49.00% | |||
Others [Member] | Minimum [Member] | ||||
Marketable Securities [Line Items] | ||||
Percentage of equity method investment acquired | 10.00% |
Investments - Schedule of inv_3
Investments - Schedule of investments accounted for under equity securities without readily determinable fair values (Detail) - CNY (¥) | Dec. 31, 2019 | Dec. 31, 2018 | |
Marketable Securities [Line Items] | |||
Equity securities without readily determinable fair value | ¥ 192,731,785 | ¥ 57,512,000 | |
Technology and software [member] | |||
Marketable Securities [Line Items] | |||
Equity securities without readily determinable fair value | 59,102,000 | 47,512,000 | |
Other [Member] | |||
Marketable Securities [Line Items] | |||
Equity securities without readily determinable fair value | 10,000,000 | ¥ 10,000,000 | |
Content producers [Member] | |||
Marketable Securities [Line Items] | |||
Equity securities without readily determinable fair value | [1],[2] | ¥ 123,629,785 | |
[1] | In addition to the talent agencies mentioned in Note (1), in 2019, the Group formed twelves new companies with third parties with an aggregate cash contribution of RMB73,600,000 and represents equity interest from 5% to 20%, none of which was individually material. | ||
[2] | Investments in talent agencies previously accounted for under equity method with carrying amount of RMB50,029,785 were reclassified as equity securities without readily determinable fair values in 2019, mainly including investments in Gaoqu and Tukai (Note 8 (7) and (8)), as the Group lost significant influence over the investees. An upward adjustment of RMB1,796,000 as result of observable price change for the identical or similar investment of the same investees was recognized in other income (expense), net. |
Investments - Schedule of inv_4
Investments - Schedule of investments accounted for under equity securities without readily determinable fair values (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
Marketable Securities [Line Items] | |
Equity securities without readily determinable fair value, upward price adjustment | ¥ 1,796,000 |
Talent Agencies [Member] | |
Marketable Securities [Line Items] | |
Investments | 50,029,785 |
Equity securities without readily determinable fair value, upward price adjustment | 1,796,000 |
Twelve Investments | |
Marketable Securities [Line Items] | |
Investments | ¥ 73,600,000 |
Twelve Investments | Minimum [Member] | |
Marketable Securities [Line Items] | |
Percentage of equity method investment acquired | 5.00% |
Twelve Investments | Maximum [Member] | |
Marketable Securities [Line Items] | |
Percentage of equity method investment acquired | 20.00% |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities - Schedule of accrued expenses and other current liabilities (Detail) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Accrued expenses and other current liabilities | |||
Accrued payroll and welfare | ¥ 163,309,115 | ¥ 153,930,730 | |
Marketing cost | 112,859,994 | 96,754,190 | |
Payable for repurchase of ordinary shares | 53,293,800 | ||
Deposits | 30,566,743 | 24,913,728 | |
Other tax payable | 13,767,363 | 23,032,710 | |
Others | 18,550,109 | 14,823,634 | |
Total | $ 56,086,446 | ¥ 392,347,124 | ¥ 313,454,992 |
Cost of revenues - Schedule of
Cost of revenues - Schedule of cost of revenue (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Cost of revenues | $ 870,153,720 | ¥ 6,087,073,336 | ¥ 3,503,356,228 | ¥ 1,890,368,777 |
Bandwidth costs | ||||
Cost of revenues | 617,801,344 | 555,863,781 | 433,600,999 | |
Revenue sharing fees and content costs | ||||
Cost of revenues | 5,176,508,004 | 2,790,038,662 | 1,373,133,060 | |
Others | ||||
Cost of revenues | ¥ 292,763,988 | ¥ 157,453,785 | ¥ 83,634,718 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax rate | 25.00% | 25.00% | 25.00% |
Favourable statutory tax rate | 15.00% | 15.00% | |
Percentage of research and development expenses entitled to claim tax deductible expenses | 175.00% | ||
Operating loss carry forwards | ¥ 2,493,643,064 | ¥ 2,463,119,437 | |
Withholding income tax for dividends, which arise from profits of foreign invested enterprises | 10.00% | ||
Threshold ownership percentage for reduction in withholding tax rate | 25.00% | ||
Minimum [Member] | |||
Withholding tax rate is reduced to (for foreign investor qualifies as the beneficial owner) | 5.00% | ||
Maximum [Member] | |||
Withholding tax rate is reduced to (for foreign investor qualifies as the beneficial owner) | 10.00% | ||
Inland Revenue, Hong Kong [Member] | |||
Tax rate | 16.50% | ||
State Administration of Taxation, China [Member] | |||
Tax rate | 25.00% | ||
Tax liability limitation threshold | ¥ 100,000 |
Income taxes - Schedule of Inco
Income taxes - Schedule of Income (loss) before income taxes (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Income (loss) before income taxes | $ 5,230,538 | ¥ 36,589,708 | ¥ (869,069,143) | ¥ (611,768,937) |
CHINA | ||||
Income (loss) before income taxes | 143,570,454 | (881,940,287) | ¥ (611,768,937) | |
Foreign [Member] | ||||
Income (loss) before income taxes | ¥ (106,980,746) | ¥ 12,871,144 |
Income taxes - Schedule of reco
Income taxes - Schedule of reconciliation of total tax expenses (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income taxes | |||
PRC income tax rate | 25.00% | 25.00% | 25.00% |
Expenses not deductible for tax purposes | 157.72% | (2.45%) | (0.74%) |
Super deduction on research and development expenses | (145.44%) | 6.14% | 3.66% |
Effect of change in income tax rate | (555.07%) | ||
Effect of tax holiday | (0.27%) | (8.31%) | |
Effect of tax rate in different tax jurisdiction | 4.82% | 0.71% | |
Change in valuation allowance | 512.97% | (29.13%) | (19.61%) |
Total | 0.00% | 0.00% | 0.00% |
Income taxes - Schedule of aggr
Income taxes - Schedule of aggregate amount and per share effect of the tax holiday (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income taxes | |||
The aggregate dollar effect | ¥ 0 | ¥ 2,346,487 | ¥ 50,837,998 |
Per share effect—basic and diluted | ¥ 0 | ¥ 0.29 | ¥ 6.21 |
Income taxes - Schedule of defe
Income taxes - Schedule of deferred tax assets (Detail) - CNY (¥) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets | ||||
Tax loss carried forward | ¥ 609,004,112 | ¥ 447,008,731 | ||
Deductible temporary differences | 114,334,735 | 111,856,999 | ||
Tax basis difference upon 2016 Restructuring | 66,897,143 | 46,732,514 | ||
Allowance for doubtful receivables | 5,509,508 | 1,110,718 | ||
Total deferred tax assets | 795,745,498 | 606,708,962 | ||
Less: valuation allowance | (795,745,498) | (606,708,962) | ¥ (353,511,080) | ¥ (233,311,017) |
Net deferred tax assets | ¥ 0 | ¥ 0 |
Income taxes - Schedule of move
Income taxes - Schedule of movement of deferred tax valuation allowance (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income taxes | |||
Balance at beginning of the year | ¥ 606,708,962 | ¥ 353,511,080 | ¥ 233,311,017 |
Additions | 189,036,536 | 253,197,882 | 120,200,063 |
Balance at end of the year | ¥ 795,745,498 | ¥ 606,708,962 | ¥ 353,511,080 |
Ordinary shares - Additional in
Ordinary shares - Additional information (Detail) | Dec. 20, 2019USD ($)shares | Dec. 20, 2019CNY (¥)shares | Apr. 01, 2018shares | Jan. 05, 2018$ / sharesshares | May 31, 2018shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥)shares | Jul. 01, 2019shares | Dec. 31, 2018$ / sharesshares |
Ordinary shares authorized shares | 500,000,000 | 500,000,000 | 479,999,830 | |||||||
Ordinary shares, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||||||
Ordinary shares subscribed | 8,188,790 | |||||||||
Stock repurchase value | ¥ | ¥ 168,567,125 | |||||||||
Stock repurchase commission expense payable | ¥ | ¥ 53,293,800 | |||||||||
Twenty Ninteen Share Repurchase Program [Member] | ||||||||||
Repurchase of shares | $ | $ 100,000,000 | |||||||||
Stock repurchase program, period in force | 12 months | 12 months | ||||||||
Stock repurchase value | $ 24,108,875 | ¥ 168,567,125 | ||||||||
Stock repurchase commission expense payable | $ 7,636,994 | ¥ 53,293,800 | ||||||||
2018 Restricted Share Unit Scheme [Member] | ||||||||||
Ordinary shares, par value | $ / shares | $ 0.0001 | |||||||||
Restricted Stock Units (RSUs) [Member] | 2018 Restricted Share Unit Scheme [Member] | ||||||||||
Shares issued for employee benefit plan | 2,106,321 | |||||||||
Angel Preferred Stock [Member] | ||||||||||
Number of shares converted | 2,944,395 | |||||||||
Series B-4 Preferred Shares [Member] | ||||||||||
Shares issued | 125,000 | |||||||||
IPO [member] | ||||||||||
Shares Issued | 4,492,473 | |||||||||
Ordinary Shares [Member] | ||||||||||
Number of shares converted | 2,944,395 | |||||||||
Repurchased shares | 291,207 | 291,207 | 125,000 |
Noncontrolling Interest - Sched
Noncontrolling Interest - Schedule of group's ownership in its subsidiary on the group's equity (Detail) - CNY (¥) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Noncontrolling Interest [Abstract] | ||||
Net income (loss) attributable to DouYu's ordinary shareholders | ¥ 39,753,232 | ¥ (876,279,828) | ¥ (612,897,944) | |
Transfers to noncontrolling interest | ||||
Decrease in DouYu's additional paid-in capital due to vest of Gogo Glocal's noncontrolling interest restricted shares (Note 15) | (22,209,344) | |||
Decrease in DouYu's additional paid-in capital for acquisition of shares of Gogo Glocal's noncontrolling interest | [1] | (11,107,350) | ||
Net transfers to noncontrolling interest | (33,316,694) | |||
Change from net income attribute to DouYu and transfers to noncontrolling interest | ¥ 6,436,538 | ¥ (876,279,828) | ¥ (612,897,944) | |
[1] | In October, 2019, the Group purchased 444,444 ordinary shares from the founders of Gogo Glocal with cash consideration of US$2,760,025 (equivalent of RMB19,520,000) at a determinable fair value of US$6.21 per share. See details in Note 15 II. Non-vested Gogo Glocal restricted shares. As a result, additional paid-in capital increased and the value of the noncontrolling interest decreased. |
Noncontrolling Interest - Addit
Noncontrolling Interest - Additional Information (Detail) | Oct. 31, 2019USD ($)shares | Oct. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥) |
Noncontrolling interest, decrease from redemptions or purchase of interests | ¥ | ¥ (19,520,000) | ||
Noncontrolling Interest Equity Fair Value Per Share | ¥ / shares | ¥ 43.92 | ||
Founders of gogo glocal [Member] | |||
Stock repurchased during period, shares | shares | 444,444 | 444,444 | |
Noncontrolling interest, decrease from redemptions or purchase of interests | $ 2,760,025 | ¥ 19,520,000 |
Convertible redeemable prefer_3
Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Detail) - CNY (¥) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Class of Stock [Line Items] | ||||||
Beginning balance | ¥ 6,644,822,639 | |||||
Ending balance | ¥ 6,644,822,639 | |||||
Series A Preferred Equity [Member] | ||||||
Class of Stock [Line Items] | ||||||
Beginning balance | 106,999,090 | 106,999,090 | ¥ 106,999,090 | |||
Conversion into ordinary shares upon IPO | (106,999,090) | |||||
Ending balance | 106,999,090 | 106,999,090 | ||||
Series B-1 Preferred Equity [Member] | ||||||
Class of Stock [Line Items] | ||||||
Beginning balance | 56,187,500 | 56,187,500 | 56,187,500 | |||
Conversion into ordinary shares upon IPO | (56,187,500) | |||||
Ending balance | 56,187,500 | 56,187,500 | ||||
Series B-2 Preferred Equity [Member] | ||||||
Class of Stock [Line Items] | ||||||
Beginning balance | 464,343,750 | 464,343,750 | 464,343,750 | |||
Conversion into ordinary shares upon IPO | (464,343,750) | |||||
Ending balance | 464,343,750 | 464,343,750 | ||||
Series B-3 Preferred Equity [Member] | ||||||
Class of Stock [Line Items] | ||||||
Beginning balance | 202,671,887 | 202,671,887 | 202,671,887 | |||
Conversion into ordinary shares upon IPO | (202,671,887) | |||||
Ending balance | 202,671,887 | 202,671,887 | ||||
Series B-4 Preferred Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Beginning balance | [1] | 22,254,400 | ||||
Issuance | [1] | 22,254,400 | ||||
Conversion into ordinary shares upon IPO | [1] | (22,254,400) | ||||
Ending balance | 22,254,400 | [1] | ||||
Series C-1 Preferred Equity [Member] | ||||||
Class of Stock [Line Items] | ||||||
Beginning balance | 1,265,848,000 | 1,265,848,000 | 1,265,848,000 | |||
Conversion into ordinary shares upon IPO | (1,265,848,000) | |||||
Ending balance | 1,265,848,000 | 1,265,848,000 | ||||
Series C-2 Preferred Equity [Member] | ||||||
Class of Stock [Line Items] | ||||||
Beginning balance | [2] | 33,333,333 | 33,333,333 | |||
Issuance | [2] | (33,333,333) | ||||
Ending balance | 33,333,333 | [2] | ||||
Series D Preferred Equity [Member] | ||||||
Class of Stock [Line Items] | ||||||
Beginning balance | 500,000,000 | 500,000,000 | ||||
Issuance | 500,000,000 | |||||
Conversion into ordinary shares upon IPO | (500,000,000) | |||||
Ending balance | 500,000,000 | ¥ 500,000,000 | ||||
Series E Preferred Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Beginning balance | [3] | 4,026,518,012 | ||||
Issuance | [3] | 4,026,518,012 | ||||
Conversion into ordinary shares upon IPO | [3] | (4,026,518,012) | ||||
Ending balance | ¥ 4,026,518,012 | [3] | ||||
[1] | In May 2018, the Company repurchased 125,000 ordinary shares from one of the investors and issued the corresponding number of Series B-4 Preferred Shares to the same investor with no cash consideration. The difference between the fair value of ordinary shares repurchased and that of the Series B-4 Preferred Shares issued is immaterial. | |||||
[2] | In January 2018, Wuhan Douyu repurchased Series C-2 Preferred Equity from its investor at fair value for a cash consideration of RMB39,995,000. The difference of RMB 6,661,667 between the consideration paid and the carrying amount of Series C-2 Preferred Equity at the date of repurchase was recorded in additional paid-in capital. | |||||
[3] | On May 29, 2018, the Company issued 7,828,728 shares of Series E redeemable convertible preferred shares (“Series E Preferred Shares”) at a per-share purchase price of US$80.57 for cash consideration of RMB4,026,518,012. |
Convertible redeemable prefer_4
Convertible redeemable preferred shares - Schedule of carrying amount of preferred equity (Parenthetical) (Detail) | Dec. 20, 2019shares | May 29, 2018CNY (¥) | May 31, 2018shares | Jan. 31, 2018CNY (¥) | Dec. 31, 2018CNY (¥) | May 29, 2018$ / sharesshares |
Class of Stock [Line Items] | ||||||
Repurchase of Preferred Equity | ¥ 39,995,000 | |||||
Deemed dividend upon repurchase of Preferred Equity | ¥ 6,661,667 | |||||
Ordinary Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Repurchased shares | shares | 291,207 | 125,000 | ||||
Series C-2 Preferred Equity [Member] | ||||||
Class of Stock [Line Items] | ||||||
Repurchase of Preferred Equity | ¥ 39,995,000 | |||||
Deemed dividend upon repurchase of Preferred Equity | ¥ 6,661,667 | |||||
Series E Preferred Shares [Member] | ||||||
Class of Stock [Line Items] | ||||||
Preferred shares issued | shares | 7,828,728 | |||||
Preferred shares per-share purchase price | $ / shares | $ 80.57 | |||||
Preferred shares cash consideration | ¥ 4,026,518,012 |
Convertible redeemable prefer_5
Convertible redeemable preferred shares - Additional information (Detail) - CNY (¥) | Dec. 20, 2019 | Jan. 31, 2015 | May 31, 2018 | Jan. 31, 2018 | Nov. 14, 2017 | Aug. 31, 2016 | Apr. 30, 2016 | Apr. 30, 2015 | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||||||||||
Liquidation value for all preferred shares | ¥ 0 | ¥ 7,500,606,175 | ||||||||
Redemption value | ¥ 0 | ¥ 7,262,965,150 | ||||||||
Ordinary Shares [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Repurchased shares | 291,207 | 125,000 | ||||||||
Beijing Sequoia Xinyuan Equity Investment Center LLP [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Convertible loan and a detachable warrant, total proceeds | ¥ 50,000,000 | |||||||||
Series A Preferred Equity [Member] | Beijing Sequoia Xinyuan Equity Investment Center LLP [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Percentage of equity interest with preference rights | 20.49% | |||||||||
Cash consideration received | ¥ 106,999,090 | |||||||||
Series B-1 Preferred Equity [Member] | Beijing Sequoia Xinyuan Equity Investment Center LLP [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Percentage of equity interest with preference rights | 2.71% | |||||||||
Conversion of outstanding loan principal and unpaid interest, Value | ¥ 56,187,500 | |||||||||
Series B-2 Preferred Equity [Member] | Wuhan Douyu Internet Technology Co Ltd [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Percentage of equity interest with preference rights | 18.80% | |||||||||
Cash consideration received | ¥ 381,504,000 | |||||||||
Series B-3 Preferred Equity [Member] | Wuhan Douyu Internet Technology Co Ltd [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Percentage of equity interest with preference rights | 1.96% | |||||||||
Cash consideration received | ¥ 50,000,000 | |||||||||
Series B-2 and B-3 Preferred Equity [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Deemed dividend recognized | 72,736,597 | |||||||||
Series B-2 and B-3 Preferred Equity [Member] | Wuhan Douyu Internet Technology Co Ltd [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Deemed dividend recognized | ¥ 85,378,540 | |||||||||
Percentage of equity interest repurchased | 5.95% | |||||||||
Repurchase of equity interest | ¥ 162,775,040 | |||||||||
Equity repurchased fair value | ¥ 77,396,500 | |||||||||
Series C-1 Preferred Equity [Member] | Wuhan Douyu Internet Technology Co Ltd [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Percentage of equity interest with preference rights | 15.80% | |||||||||
Cash consideration received | ¥ 1,067,000,000 | |||||||||
Deemed dividend recognized | 126,827,921 | |||||||||
Repurchase of equity interest | 198,848,000 | |||||||||
Equity repurchased fair value | ¥ 72,020,079 | |||||||||
Percentage of equity interest repurchased and cancelled | 2.94% | |||||||||
Series C-2 Preferred Equity [Member] | Wuhan Douyu Internet Technology Co Ltd [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Deemed dividend recognized | ¥ 6,661,667 | |||||||||
Repurchase of equity interest | ¥ 39,995,000 | |||||||||
Series C-2 Preferred Equity [Member] | Shanghai Qincheng Investment Center LLP [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Cash consideration received | ¥ 30,000,000 | |||||||||
Percentage of equity called by warrants | 0.49% | |||||||||
Series D Preferred Equity [Member] | Wuhan Douyu Internet Technology Co Ltd [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Percentage of equity interest with preference rights | 5.81% | |||||||||
Cash consideration received | ¥ 500,000,000 |
Share-based compensation - Sche
Share-based compensation - Schedule of non-vested restricted equity activity (Detail) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2019¥ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested restricted equity beginning balance | shares | 4,900,000 |
Forfeited | shares | (1,039,780) |
Vested | shares | (1,810,754) |
Non-vested restricted equity ending balance | shares | 2,049,466 |
Weighted average grant-date fair vale Outstanding | ¥ / shares | ¥ 18.45 |
Weighted average grant-date fair value, Forfeited | ¥ / shares | 18.45 |
Weighted average grant-date fair value, Vested | ¥ / shares | 19.27 |
Weighted average grant-date fair vale Outstanding | ¥ / shares | ¥ 31.50 |
Share-based compensation - Sc_2
Share-based compensation - Schedule of non-vested restricted equity activity (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019CNY (¥)shares | |
Noncontrolling Interest | ¥ 22,209,344 |
Gogo Glocal Holding Limited [Member] | |
Vested Shares | shares | 1,810,754 |
Minority Interest Ownership Percentage By Noncontrolling Owners | 17.80% |
Noncontrolling Interest | ¥ 22,209,344 |
Share-based compensation - Sc_3
Share-based compensation - Schedule of restricted share units activity (Detail) - Restricted Stock Units (RSUs) [Member] - ¥ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Non-vested restricted equity beginning balance | 2,098,069 | |
Restricted share units, grants in period | 306 | |
Restricted share units, Vested in period | (289,451) | |
Restricted share units, Forfeited in period | (14,338) | |
Non-vested restricted equity ending balance | 1,794,586 | 2,098,069 |
Weighted average grant-date fair vale Outstanding | ¥ 274.51 | |
Weighted average grant-date fair vale, grants | 579.27 | |
Weighted average grant-date fair value, Vested | 274.51 | |
Weighted average grant-date fair value, Forfeited | 274.51 | |
Weighted average grant-date fair vale Outstanding | ¥ 274.55 | ¥ 274.51 |
Weighted average remaining contractual life | 2 years 6 months 29 days | 2 years 6 months 29 days |
Share-based compensation - Addi
Share-based compensation - Additional information (Detail) | Oct. 31, 2018shares | Apr. 01, 2018¥ / sharesshares | Sep. 30, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / shares | Dec. 31, 2017CNY (¥) | Sep. 30, 2019$ / shares | Dec. 31, 2018$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation expenses | $ 41,567,568 | ¥ 290,781,764 | ¥ 35,404,887 | ¥ 17,574,638 | |||||
Incremental compensation cost | ¥ 28,224,142 | ||||||||
Fair value per share | ¥ / shares | ¥ 43.92 | ||||||||
Nonolive [member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Transfer restriction and repurchase consideration per share | $ / shares | $ 1 | ||||||||
Number of shares issued subject to transfer restriction | shares | 2,163,325 | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value per share of the restricted equity | ¥ / shares | ¥ 274.55 | ¥ 274.51 | |||||||
Restricted share units, grants in period | shares | 306 | 306 | |||||||
Restricted Stock Units (RSUs) [Member] | 2018 Restricted Share Unit Scheme [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based compensation expenses | ¥ 235,506,658 | ¥ 0 | |||||||
Fair value per share of the restricted equity | ¥ / shares | ¥ 274.51 | ||||||||
Total unrecognized share-based compensation expense | 342,243,484 | 575,940,921 | |||||||
Ordinary shares issued to trust as a reserve pool for future issuance of equity share | shares | 2,106,321 | ||||||||
Restricted share units, effective period | 10 years | ||||||||
Restricted share units, grants in period | shares | 2,098,069 | ||||||||
Restricted share units, vesting condition | The restricted share units will begin vesting by equal instalment for 36 months upon a qualified IPO | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate fair value of the restricted equity | 80,100,005 | ||||||||
Share-based compensation expenses | ¥ 0 | ¥ 17,574,638 | 17,574,638 | ||||||
Fair value per share of the restricted equity | ¥ / shares | ¥ 31.50 | ¥ 18.45 | |||||||
Fair value per share | ¥ / shares | ¥ 43.92 | ||||||||
Restricted Stock [Member] | Nonolive [member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock repurchased during period, shares | shares | 1,696,895 | ||||||||
Restricted Stock [Member] | Nonolive [member] | Founder One [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock repurchased during period, shares | shares | 1,039,780 | ||||||||
Restricted Stock [Member] | Gogo Glocal Holding Limited [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate fair value of the restricted equity | ¥ 90,425,865 | ||||||||
Share-based compensation expenses | ¥ 55,275,106 | ¥ 17,830,249 | ¥ 0 | ||||||
Ordinary shares issued in connection of the acquisition | shares | 4,900,000 | ||||||||
Percentage of equity issued in connection of the acquisition | 46.00% | ||||||||
Transfer restriction and repurchase consideration per share | $ / shares | $ 1 | ||||||||
Requisite employment service period | 15 months | ||||||||
Fair value per share of the restricted equity | ¥ / shares | ¥ 18.45 | ||||||||
Total unrecognized share-based compensation expense | ¥ 25,872,131 | ||||||||
Unrecognized compensation expense period | 33 months | 33 months | |||||||
Restricted Stock [Member] | Nonolive [member] | Founder One [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Stock repurchased during period, shares | shares | 444,444 | ||||||||
Repurchase of shares | ¥ 100,000,000 |
Net income (loss) per share a_3
Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of basic and diluted net loss per share (Detail) | 12 Months Ended | |||
Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2019$ / shares | Dec. 31, 2018CNY (¥)¥ / sharesshares | Dec. 31, 2017CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net income (loss) attributable to DouYu Holdings Limited shareholders | ¥ 39,753,232 | ¥ (876,279,828) | ¥ (612,897,944) | |
Deemed dividend | (6,661,667) | |||
Amounts allocated to convertible redeemable preferred shares for participating rights to dividends | (14,283,763) | |||
Net income (loss) attributable to ordinary shareholders for computing basic net income (loss) per share | ¥ 25,469,469 | ¥ (882,941,495) | ¥ (612,897,944) | |
Denominator: | ||||
Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share | shares | 19,254,661 | 8,115,160 | 8,188,790 | |
Basic net income (loss) per ordinary share | (per share) | ¥ 1.32 | $ 0.19 | ¥ (108.80) | ¥ (74.85) |
Numerator: | ||||
Net income (loss) attributable to ordinary shareholders of DouYu Holdings Limited | ¥ 25,469,469 | ¥ (882,941,495) | ¥ (612,897,944) | |
Add: undistributed earnings allocated to participating securities | 14,283,763 | |||
Net income (loss) attributable to ordinary shareholders for computing diluted net income (loss) per ordinary share | ¥ 39,753,232 | ¥ (882,941,495) | ¥ (612,897,944) | |
Denominator: | ||||
Weighted average number of ordinary shares used in computing basic income (loss) per ordinary share | shares | 19,254,661 | 8,115,160 | 8,188,790 | |
Add: conversion of convertible redeemable preferred shares into ordinary shares | shares | 10,798,380 | |||
Restricted Share Units | shares | 1,389,890 | |||
Weighted average ordinary shares used in computing diluted income (loss) per ordinary share | shares | 31,442,931 | 8,115,160 | 8,188,790 | |
Diluted net income (loss) per ordinary share | (per share) | ¥ 1.26 | $ 0.18 | ¥ (108.80) | ¥ (74.85) |
Net income (loss) per share a_4
Net income (loss) per share and net loss attributable to ordinary shareholders - Schedule of antidilutive securities excluded from computation of earnings per share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 22,004,174 | 12,046,442 | |
Convertible Redeemable Preferred Equity/Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 19,906,105 | 12,046,442 | |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive securities | 2,098,069 |
Statutory reserves and restri_2
Statutory reserves and restricted net assets - Additional information (Detail) | Dec. 31, 2019CNY (¥) |
Statutory reserves and restricted net assets [Abstract] | |
Total restricted net assets | ¥ 3,481,099,358 |
Segment Information - Schedule
Segment Information - Schedule of revenue by type of service provided by the Group (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 1,041,145,646 | ¥ 7,283,230,253 | ¥ 3,654,383,126 | ¥ 1,885,717,001 |
Live Streaming [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,617,291,032 | 3,147,196,247 | 1,521,784,105 | |
Advertisement [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 513,265,806 | 342,169,195 | 248,846,529 | |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | ¥ 152,673,415 | ¥ 165,017,684 | ¥ 115,086,367 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - CHINA - Customer Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 99.50% | 99.80% | 100.00% |
Long Lived Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 100.00% | 100.00% |
Related party transactions - Sc
Related party transactions - Schedule of major related parties and their relationships (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Tencent Holdings Limited ("Tencent Group") [Member] | |
Related Party Transaction [Line Items] | |
Nature of company relationship with the group | Parent company of one of our ordinary shareholders |
Beijing Sequoia Xinyuan Equity Investment Center LLP [Member] | |
Related Party Transaction [Line Items] | |
Nature of company relationship with the group | Related party of one of our ordinary shareholders |
Related party transactions - _2
Related party transactions - Schedule of significant related party transactions (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Revenue derived from related parties | ¥ 108,214,768 | ¥ 75,946,677 | ¥ 21,726,545 |
Fee paid to related parties | 720,460,329 | 229,901,724 | 27,907,101 |
Equity method investees talent agencies [Member] | |||
Related Party Transaction [Line Items] | |||
Fee paid to related parties | 715,473,955 | 229,901,724 | 27,907,101 |
Tencent Group [Member] | |||
Related Party Transaction [Line Items] | |||
Fee paid to related parties | 4,986,374 | ||
Purchased from related parties | 112,354,423 | 116,100,000 | 71,300,000 |
Live Streaming Revenue [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue derived from related parties | 78,933,963 | 28,569,979 | |
Live Streaming Revenue [Member] | Equity method investees talent agencies [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue derived from related parties | 78,933,963 | 25,164,152 | |
Live Streaming Revenue [Member] | Tencent Group [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue derived from related parties | 3,405,827 | ||
Advertisement Revenue [Member] | Tencent Group [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue derived from related parties | 2,699,737 | 27,483,962 | 14,050,283 |
Bandwidth Fees [Member] | Tencent Group [Member] | |||
Related Party Transaction [Line Items] | |||
Fee paid to related parties | 230,752,735 | 258,981,005 | 142,548,292 |
Others [Member] | Tencent Group [Member] | |||
Related Party Transaction [Line Items] | |||
Other revenue derived from related parties | 26,581,068 | 19,892,736 | 7,676,262 |
Payment handling fees [Member] | Tencent Group [Member] | |||
Related Party Transaction [Line Items] | |||
Fee paid to related parties | ¥ 29,546,113 | ¥ 12,656,246 | ¥ 5,305,712 |
Related party transactions - _3
Related party transactions - Schedule of amounts due from/to related parties (Detail) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Related Party Transaction [Line Items] | |||||
Amount due from related parties | $ 3,437,094 | ¥ 24,043,850 | ¥ 64,070,214 | ¥ 13,536,360 | |
Amounts due to related parties | $ 42,704,209 | 298,733,022 | 1,628,307,520 | 160,262,060 | |
Tencent Group [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amount due from related parties | 23,935,019 | 56,840,030 | 13,536,360 | ||
Amounts due to related parties | 251,069,127 | 227,897,451 | 153,195,674 | ||
Beijing Sequoia Xinyuan Equity Investment Center LLP [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amounts due to related parties | [1],[2] | 1,355,094,229 | |||
Shaojie Chen [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amounts due to related parties | [3] | 39,995,000 | |||
Equity method investees talent agencies [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amount due from related parties | 108,831 | 7,230,184 | |||
Amounts due to related parties | ¥ 47,663,895 | ¥ 5,320,840 | ¥ 7,066,386 | ||
[1] | In May 2018, as an integrated step of the 2018 Restructuring (Note 1), in order to comply with certain PRC foreign currency control rules and regulations, Beijing Sequoia has to redeem its investment in Series A Preferred Equity in Wuhan Douyu for US$197,443,500 (equivalent of RMB1,358,253,325) from Wuhan Douyu and the redemption amount in full is to be reinvested to the Company as capital contribution. As of December 31, 2018, the capital contribution amount, equivalent to RMB 1,260,439,815, has been received by the Company but the redemption amount, equivalent to RMB1,355,094,229, has not yet been paid by Wuhan Douyu, which was considered as a non-cash financing activity in the combined and consolidated statements of cash flows for the year ended December 31, 2018. The redemption amount is denominated in US$ and to be settled in RMB. Foreign exchange loss of RMB94,654,414 was recognized in other expense for the year ended December 31, 2018. US$197,443,500 equivalent in the amount of RMB1,323,049,149 was fully settled in March, 2019. | ||||
[2] | In May 2018, as an integrated step of the 2018 Restructuring, in order to comply with certain PRC foreign currency control rules and regulations, Beijing Sequoia has to redeem its investment in Series A Preferred Equity in Wuhan Douyu for USD197,443,500 (equivalent of RMB1,358,253,325) from Wuhan Douyu and the redemption amount in full is to be reinvested to the Company as capital contribution. As of December 31, 2018, the capital contribution amount has been received by the Company but the redemption amount has not yet been paid by Wuhan Douyu. The redemption amount is denominated in USD and to be settled in RMB. Foreign exchange loss of RMB94,654,414 was recognized in other expense for the year ended December 31, 2018. USD197,443,500 equivalent RMB was fully settled in March of 2019. | ||||
[3] | The Group has received an advance payment of RMB39,995,000 from Mr. Shaojie Chen, which was subsequently settled in February 2019. |
Related party transactions - _4
Related party transactions - Schedule of amounts due from/to related parties (Parenthetical) (Detail) | Feb. 28, 2019CNY (¥) | Mar. 31, 2019USD ($) | Mar. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2019CNY (¥) | May 31, 2018USD ($) | May 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2016CNY (¥) |
Related Party Transaction [Line Items] | |||||||||
Preferred share redemption value | ¥ 6,644,822,639 | ||||||||
Beijing Sequoia Xinyuan Equity Investment Center LLP [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Foreign exchange loss recognized from redemption of preferred equity investment with related party | 94,654,414 | ||||||||
Proceeds from redemption of preferred equity investment settled | $ 197,443,500 | ¥ 1,323,049,149 | |||||||
Shaojie Chen [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Related party transaction, advance payment received | ¥ 39,995,000 | ||||||||
Wuhan Douyu [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred share redemption value | 1,260,439,815 | ||||||||
Related party transaction, advance payment received | 1,355,094,229 | ||||||||
Series A Preferred Equity [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred share redemption value | ¥ 106,999,090 | ¥ 106,999,090 | ¥ 106,999,090 | ||||||
Series A Preferred Equity [Member] | Beijing Sequoia Xinyuan Equity Investment Center LLP [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Preferred share redemption value | $ 197,443,500 | ¥ 1,358,253,325 |
Commitments and contingencies -
Commitments and contingencies - Schedule of future minimum lease payments under non-cancelable operating leases agreements (Detail) | Dec. 31, 2019CNY (¥) |
Operating lease agreements | |
2020 | ¥ 45,023,403 |
2021 | 26,297,961 |
2022 | 11,451,395 |
2023 | 1,297,103 |
2023 and thereafter | ¥ 0 |
Commitments and contingencies_2
Commitments and contingencies - Additional Information (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Rental expenses under operating leases | ¥ 39,845,627 | ¥ 36,914,653 | ¥ 25,971,264 |
Non Compete Agreement infringement [Member] | |||
Damages Sought Value | ¥ 66,700,000 |
SCHEDULE I ADDITIONAL INFORMATI
SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Detail) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) |
Current assets: | ||||
Cash and cash equivalents | $ 1,156,758,766 | ¥ 8,091,990,270 | ¥ 5,562,204,889 | ¥ 539,601,552 |
Prepayments | 7,191,027 | 50,304,112 | 135,755,353 | |
Other current assets | 29,206,278 | 204,309,593 | 225,513,856 | |
Amount due from subsidiaries and VIEs | 3,437,094 | 24,043,850 | 64,070,214 | 13,536,360 |
Total current assets | 1,229,615,235 | 8,601,650,417 | 6,117,009,044 | |
Other non-current assets | 1,221,780 | 8,546,843 | 48,581,307 | |
TOTAL ASSETS | 1,301,379,526 | 9,103,670,339 | 6,494,851,722 | |
Current liabilities: | ||||
Accrued expenses and other current liabilities | 56,086,446 | 392,347,124 | 313,454,992 | |
Amount due to subsidiaries and VIEs | 42,704,209 | 298,733,022 | 1,628,307,520 | ¥ 160,262,060 |
Deferred revenue | 28,015,908 | 195,982,486 | 112,071,796 | |
Total current liabilities | 256,487,994 | 1,794,236,117 | 2,863,912,570 | |
Non-current liabilities | 6,585,806 | 46,070,348 | ||
TOTAL LIABILITIES | 263,073,800 | 1,840,306,465 | 2,863,912,570 | |
Convertible redeemable preferred shares (total redemption value of RMB7,262,965,150 and nil as of December 31, 2018 and 2019, respectively) | 6,644,822,639 | |||
Shareholders' equity (deficit) | ||||
Ordinary shares (US$0.0001 par value, 479,999,830 and 500,000,000 shares authorized, 10,170,111 and 34,568,689 shares issued, 8,063,790 and 32,751,819 shares outstanding as of December 31, 2018 and 2019, respectively) | 3,166 | 22,144 | 5,148 | |
Treasury shares (nil and 291,207 ordinary shares as of December 31, 2018 and 2019, respectively) | (24,096,853) | (168,567,125) | ||
Accumulated deficit | (478,702,842) | (3,348,717,860) | (3,388,471,092) | |
Accumulated other comprehensive income | 62,168,566 | 434,893,990 | 325,593,213 | |
Total DouYu Shareholder's Equity (Deficit) | 1,035,238,729 | 7,241,909,004 | (3,013,883,487) | |
TOTAL LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) | 1,301,379,526 | 9,103,670,339 | 6,494,851,722 | |
Parent Company | ||||
Current assets: | ||||
Cash and cash equivalents | 1,020,753,285 | 7,140,577,532 | 3,757,734,490 | |
Prepayments | 119,850 | 838,398 | 49,333 | |
Other current assets | 8,125,479 | 56,840,976 | 60,502,935 | |
Amount due from subsidiaries and VIEs | 5,717,390 | 39,995,433 | 426 | |
Total current assets | 1,034,716,004 | 7,238,252,339 | 3,818,287,184 | |
Other non-current assets | 13,229,851 | |||
Investments in subsidiaries and VIEs | 17,749,872 | 124,167,455 | (188,401,872) | |
TOTAL ASSETS | 1,052,465,876 | 7,362,419,794 | 3,643,115,163 | |
Current liabilities: | ||||
Accrued expenses and other current liabilities | 8,711,199 | 60,938,325 | 11,842,346 | |
Amount due to subsidiaries and VIEs | 48,483 | 339,159 | 333,665 | |
Deferred revenue | 1,881,659 | 13,162,958 | ||
Total current liabilities | 10,641,341 | 74,440,442 | 12,176,011 | |
Non-current liabilities | 6,585,806 | 46,070,348 | ||
TOTAL LIABILITIES | 17,227,147 | 120,510,790 | 12,176,011 | |
Convertible redeemable preferred shares (total redemption value of RMB7,262,965,150 and nil as of December 31, 2018 and 2019, respectively) | 6,644,822,639 | |||
Shareholders' equity (deficit) | ||||
Ordinary shares (US$0.0001 par value, 479,999,830 and 500,000,000 shares authorized, 10,170,111 and 34,568,689 shares issued, 8,063,790 and 32,751,819 shares outstanding as of December 31, 2018 and 2019, respectively) | 3,166 | 22,144 | 5,148 | |
Treasury shares (nil and 291,207 ordinary shares as of December 31, 2018 and 2019, respectively) | (24,096,853) | (168,567,125) | ||
Additional paid-in capital | 1,475,866,692 | 10,324,277,855 | 48,989,244 | |
Accumulated deficit | (478,702,842) | (3,348,717,860) | (3,388,471,092) | |
Accumulated other comprehensive income | 62,168,566 | 434,893,990 | 325,593,213 | |
Total DouYu Shareholder's Equity (Deficit) | 1,035,238,729 | 7,241,909,004 | (3,013,883,487) | |
TOTAL LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) | $ 1,052,465,876 | ¥ 7,362,419,794 | ¥ 3,643,115,163 |
SCHEDULE I ADDITIONAL INFORMA_2
SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED BALANCE SHEETS (Parenthetical) (Detail) | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2019$ / shares | Dec. 31, 2018CNY (¥)shares | Dec. 31, 2018$ / shares |
Condensed Financial Statements, Captions [Line Items] | ||||
Convertible redeemable preferred shares, redemption value | ¥ | ¥ 6,644,822,639 | |||
Ordinary stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||
Ordinary stock, shares authorized | 500,000,000 | 479,999,830 | ||
Ordinary stock, shares issued | 34,568,689 | 10,170,111 | ||
Ordinary stock, shares outstanding | 32,751,819 | 8,063,790 | ||
Treasury Stock, Common, Shares | 291,207 | 0 | ||
Parent Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Convertible redeemable preferred shares, redemption value | ¥ | ¥ 6,644,822,639 | |||
Ordinary stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||
Ordinary stock, shares authorized | 500,000,000 | 479,999,830 | ||
Ordinary stock, shares issued | 34,568,689 | 10,170,111 | ||
Ordinary stock, shares outstanding | 32,751,819 | 8,063,790 | ||
Treasury Stock, Common, Shares | 291,207 | 0 | ||
Parent Company | Convertible Redeemable Preferred Shares [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Convertible redeemable preferred shares, redemption value | ¥ | ¥ 0 | ¥ 7,262,965,150 |
SCHEDULE I ADDITIONAL INFORMA_3
SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | |
Condensed Income Statements, Captions [Line Items] | ||||
Total net revenues | $ 1,041,145,646 | ¥ 7,283,230,253 | ¥ 3,654,383,126 | ¥ 1,885,717,001 |
Cost of revenues | (870,153,720) | (6,087,073,336) | (3,503,356,228) | (1,890,368,777) |
General and administrative expenses | (63,776,604) | (446,142,859) | (196,824,280) | (100,641,525) |
Other operating income (expense), net | 14,423,486 | 100,898,056 | 54,910,077 | 9,302,582 |
Interest income | 22,743,074 | 159,096,901 | 85,840,246 | 6,878,388 |
Equity in deficit of subsidiaries and VIE | (463,387) | (3,241,580) | (7,210,685) | (1,129,007) |
Net income (loss) | 4,767,151 | 33,348,128 | (876,279,828) | (612,897,944) |
Other comprehensive income | 15,647,651 | 109,461,578 | 325,593,213 | |
Comprehensive income attributable to the ordinary shareholders | 21,307,432 | 149,054,009 | (550,686,615) | (612,897,944) |
Parent Company | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Total net revenues | ||||
Cost of revenues | ||||
General and administrative expenses | (5,927,368) | (41,464,310) | (11,697,585) | |
Other operating income (expense), net | 930,400 | 6,508,518 | (338) | |
Interest income | 21,191,805 | 148,245,151 | 68,216,989 | |
Equity in deficit of subsidiaries and VIE | (10,512,069) | (73,536,127) | (932,798,894) | (612,897,944) |
Net income (loss) | 5,682,768 | 39,753,232 | (876,279,828) | (612,897,944) |
Other comprehensive income | 15,624,664 | 109,300,777 | 325,593,213 | |
Comprehensive income attributable to the ordinary shareholders | $ 21,307,432 | ¥ 149,054,009 | ¥ (550,686,615) | ¥ (612,897,944) |
SCHEDULE I ADDITIONAL INFORMA_4
SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - CONDENSED STATEMENTS OF CASH FLOWS (Detail) | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) | Dec. 31, 2017CNY (¥) | Dec. 31, 2019CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income (loss) | $ 4,767,151 | ¥ 33,348,128 | ¥ (876,279,828) | ¥ (612,897,944) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Loss from equity in earnings of subsidiaries and VIEs | 463,387 | 3,241,580 | 7,210,685 | 1,129,007 | |
Share-based compensation | 41,567,568 | 290,781,764 | 35,404,887 | 17,574,638 | |
Changes in operating assets and liabilities: | |||||
Prepayments | 12,215,347 | 85,451,242 | (50,864,521) | (45,743,227) | |
Other current assets | 3,663,477 | 25,627,488 | (133,691,495) | (17,751,035) | |
Other non-current assets | (103,385) | (723,216) | (8,468,841) | (570,012) | |
Amount due from subsidiaries and VIEs | 5,721,812 | 40,026,364 | (50,533,854) | (4,679,139) | |
Accrued expenses and other current liabilities | 3,535,832 | 24,734,559 | 105,273,090 | 76,070,533 | |
Amount due to subsidiaries and VIEs | 9,365,402 | 65,514,731 | 72,956,231 | 113,565,182 | |
Net cash provided by (used in) operating activities | 116,244,391 | 813,176,020 | (337,586,406) | (381,036,409) | |
Cash used in investing activities | (35,209,284) | (246,303,031) | (264,950,385) | (92,006,705) | |
Proceeds on issuance of ordinary shares through IPO | 489,249,683 | 3,422,497,233 | 5,207 | ||
Payment of deferred offering costs | 5,181,903 | 36,249,484 | 6,876,834 | ||
Repurchase of ordinary shares | (16,478,447) | (115,273,325) | |||
Capital investment from a preferred shareholder in connection with 2018 Restructuring | 1,260,439,815 | ||||
Cash provided by financing activities | 271,082,686 | 1,896,331,830 | 5,280,086,200 | 500,000,000 | |
Effect of foreign exchange rate changes | 15,650,755 | 109,483,281 | 345,053,928 | (4,179,144) | |
Net increase in cash, cash equivalents and restricted cash | 367,768,548 | 2,572,688,100 | 5,022,603,337 | 22,777,742 | |
Cash, cash equivalent and restricted cash at the beginning of the year | 795,123,208 | 5,562,204,889 | 539,601,552 | 516,823,810 | |
Cash, cash equivalent and restricted cash at the end of the year | 1,162,891,756 | 8,134,892,989 | 5,562,204,889 | 539,601,552 | |
Supplemental disclosure on non-cash investing and financing activities: | |||||
Deferred offering costs payable | 6,353,017 | ||||
Payable for repurchase of ordinary shares not yet paid | ¥ 53,293,800 | ||||
Parent Company | |||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net income (loss) | 5,682,768 | 39,753,232 | (876,279,828) | (612,897,944) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Loss from equity in earnings of subsidiaries and VIEs | 10,512,069 | 73,536,127 | 932,798,894 | ¥ 612,897,944 | |
Share-based compensation | 3,322,395 | 23,241,480 | |||
Changes in operating assets and liabilities: | |||||
Prepayments | (112,798) | (789,065) | (49,333) | ||
Other current assets | 523,481 | 3,661,959 | (60,502,935) | ||
Other non-current assets | (6,353,017) | ||||
Amount due from subsidiaries and VIEs | (5,717,329) | (39,995,000) | (426) | ||
Accrued expenses and other current liabilities | (600,083) | (4,197,822) | 11,842,346 | ||
Amount due to subsidiaries and VIEs | 333,665 | ||||
Other liabilities | 8,467,465 | 59,233,306 | |||
Net cash provided by (used in) operating activities | 22,077,968 | 154,444,217 | 1,789,366 | ||
Investment in subsidiaries | (21,711,677) | (151,881,863) | (1,853,885,036) | ||
Cash used in investing activities | (21,711,677) | (151,881,863) | (1,853,885,036) | ||
Proceeds on issuance of ordinary shares through IPO | 489,249,683 | 3,422,497,233 | 5,207 | ||
Payment of deferred offering costs | (5,181,903) | (36,249,484) | (6,876,834) | ||
Repurchase of ordinary shares | (16,478,447) | (115,273,325) | |||
Capital contribution from convertible redeemable preferred shareholders | 4,026,518,012 | ||||
Capital investment from a preferred shareholder in connection with 2018 Restructuring | 1,260,439,815 | ||||
Cash provided by financing activities | 467,589,333 | 3,270,974,424 | 5,280,086,200 | ||
Effect of foreign exchange rate changes | 15,625,449 | 109,306,264 | 329,743,960 | ||
Net increase in cash, cash equivalents and restricted cash | 483,581,073 | 3,382,843,042 | 3,757,734,490 | ||
Cash, cash equivalent and restricted cash at the beginning of the year | 537,172,212 | 3,757,734,490 | |||
Cash, cash equivalent and restricted cash at the end of the year | 1,020,753,285 | ¥ 7,140,577,532 | 3,757,734,490 | ||
Supplemental disclosure on non-cash investing and financing activities: | |||||
Deferred offering costs payable | ¥ 6,353,017 | ||||
Payable for repurchase of ordinary shares not yet paid | $ 7,618,406 | ¥ 53,293,800 |
SCHEDULE I ADDITIONAL INFORMA_5
SCHEDULE I ADDITIONAL INFORMATION OF THE PARENT COMPANY - Additional information (Detail) | Dec. 31, 2019 |
Condensed Financial Statements, Captions [Line Items] | |
Convenience exchange rate per US$1.00 | 6.9954 |