Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-39216 |
Entity Registrant Name | Huize Holding Limited |
Entity Central Index Key | 0001778982 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | 49/F, Building T1 |
Entity Address, Address Line Two | Qianhai Financial Centre, Linhai Avenue |
Entity Address, Postal Zip Code | 518000 |
Entity Address, Country | CN |
Entity Address, City or Town | Shenzhen |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | false |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP |
Auditor Firm ID | 1424 |
Auditor Location | Shenzhen, the People’s Republic of China |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Ronald Tam |
Entity Address, Address Line One | 49/F, Building T1 |
Entity Address, Address Line Two | Qianhai Financial Centre, Linhai Avenue |
Entity Address, Postal Zip Code | 518000 |
Entity Address, Country | CN |
Entity Address, City or Town | Shenzhen |
City Area Code | 755 |
Local Phone Number | 3689 9088 |
Contact Personnel Email Address | tanguohao@huize.com |
Country Region | 86 |
ADR [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American depositary shares (each representing 20 Class A common shares, par value US$0.00001 per share) |
Trading Symbol | HUIZ |
Security Exchange Name | NASDAQ |
Common Class A [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A common shares, par value US$0.00001 per share |
No Trading Symbol Flag | true |
Security Exchange Name | NASDAQ |
Entity Common Stock, Shares Outstanding | 886,166,726 |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 150,591,207 |
Consolidated Balance Sheets
Consolidated Balance Sheets $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 381,158,000 | $ 59,812 | ¥ 404,618,000 |
Restricted cash (including amounts of the consolidated VIE of RMB 217,950 thousand and RMB 127,315 thousand as of December 31, 2020 and 2021, respectively) | 183,408,000 | 28,781 | 324,330,000 |
Contract assets | 0 | 0 | 216,000 |
Accounts receivable, net of allowance for doubtful accounts | 777,262,000 | 121,969 | 232,589,000 |
Insurance premium receivables (including amounts of the consolidated VIE of RMB 1,974 thousand and RMB 1,217 thousand as of December 31, 2020 and 2021, respectively) | 1,217,000 | 191 | 1,974,000 |
Amounts due from related parties | 128,000 | 20 | 251,000 |
Prepaid expense and other receivables | 77,511,000 | 12,163 | 44,377,000 |
Total current assets | 1,420,684,000 | 222,936 | 1,008,355,000 |
Non-current assets | |||
Restricted cash (including amounts of the consolidated VIE of RMB nil and RMB 24,680 thousand as of December 31, 2020 and 2021, respectively) | 44,418,000 | 6,970 | 0 |
Property, plant and equipment, net | 48,461,000 | 7,605 | 10,251,000 |
Intangible assets, net | 21,626,000 | 3,394 | 2,030,000 |
Deferred tax assets | 605,000 | 95 | 605,000 |
Long-term investments | 73,001,000 | 11,456 | 46,084,000 |
Operating lease right-of-use assets | 247,819,000 | 38,888 | 267,352,000 |
Goodwill | 461,000 | 72 | 461,000 |
Other assets | 379,000 | 59 | 838,000 |
Total non-current assets | 436,770,000 | 68,539 | 327,621,000 |
Total assets | 1,857,454,000 | 291,475 | 1,335,976,000 |
Current liabilities | |||
Short-term borrowings (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB 31,540 thousand and RMB 216,710 thousand as of December 31, 2020 and 2021, respectively) | 216,710,000 | 34,007 | 31,540,000 |
Accounts payable (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB 227,532 thousand and RMB 680,183 thousand as of December 31, 2020 and 2021, respectively) | 680,369,000 | 106,765 | 227,532,000 |
Insurance premium payables (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB 187,219 thousand and RMB 124,019 thousand as of December 31, 2020 and 2021, respectively) | 124,019,000 | 19,461 | 187,219,000 |
Contract liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB nil and RMB 2,681 thousand as of December 31, 2020 and 2021, respectively) | 7,236,000 | 1,135 | |
Other payables and accrued expenses (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB 39,421 thousand and RMB 207,462 thousand as of December 31, 2020 and 2021, respectively) | 71,255,000 | 11,181 | 31,153,000 |
Payroll and welfare payable (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB 52,564 thousand and RMB 92,094 thousand as of December 31, 2020 and 2021, respectively) | 93,451,000 | 14,665 | 63,919,000 |
Income taxes payable (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB 2,440 thousand and RMB 2,440 thousand as of December 31, 2020 and 2021, respectively) | 2,440,000 | 383 | 2,440,000 |
Operating lease liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB 12,763 thousand and RMB 12,362 thousand as of December 31, 2020 and 2021, respectively) | 14,886,000 | 2,336 | 12,763,000 |
Amounts due to related parties (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB nil and RMB 11,875 thousand as of December 31, 2020 and 2021, respectively) | 11,875,000 | 1,863 | 0 |
Total current liabilities | 1,222,241,000 | 191,796 | 556,566,000 |
Non-current liabilities | |||
Long-term borrowings (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB 53,860 thousand and RMB 20,000 thousand as of December 31, 2020 and 2021, respectively) | 20,000,000 | 3,138 | 53,860,000 |
Deferred tax liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB 605 thousand and RMB 4,455 thousand as of December 31, 2020 and 2021, respectively) | 4,892,000 | 768 | 605,000 |
Operating lease liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB 252,106 thousand and RMB 245,396 thousand as of December 31, 2020 and 2021, respectively) | 249,183,000 | 39,102 | 252,106,000 |
Payroll and welfare payable (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB nil both as of December 31, 2020 and 2021, respectively) | 225,000 | 35 | 4,156,000 |
Total non-current liabilities | 274,300,000 | 43,043 | 310,727,000 |
Total liabilities | 1,496,541,000 | 234,839 | 867,293,000 |
Commitments and contingencies | |||
Shareholders' equity | |||
Treasury stock, value | (9,545,000) | (1,498) | (2,063,000) |
Additional paid-in capital | 896,772,000 | 140,723 | 884,920,000 |
Accumulated other comprehensive loss | (27,295,000) | (4,283) | (21,972,000) |
Accumulated deficit | (499,940,000) | (78,451) | (392,274,000) |
Total shareholders' equity attributable to Huize Holding Limited shareholders | 360,064,000 | 56,503 | 468,683,000 |
Non-controlling interests | 849,000 | 133 | 0 |
Total shareholders' equity | 360,913,000 | 56,636 | 468,683,000 |
Total liabilities and shareholders' equity | 1,857,454,000 | 291,475 | 1,335,976,000 |
Common Class A [Member] | |||
Shareholders' equity | |||
Common shares | 62,000 | 10 | 62,000 |
Common Class B [Member] | |||
Shareholders' equity | |||
Common shares | ¥ 10,000 | $ 2 | ¥ 10,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020CNY (¥)shares |
Insurance premium receivables | ¥ 1,217 | ¥ 1,974 |
Restricted Cash, Current | 24,680 | 0 |
Short-term borrowings | 216,710 | 31,540 |
Accounts payable | 680,369 | 227,532 |
Insurance premium payables | 124,019 | 187,219 |
Contract liabilities | 7,236 | |
Other payables and accrued expenses | 71,255 | 31,153 |
Payroll and welfare payable | 93,451 | 63,919 |
Income taxes payable | 2,440 | 2,440 |
Amounts due to related parties | 11,875 | 0 |
Long-term borrowings | 20,000 | 53,860 |
Deferred tax liabilities | 4,892 | 605 |
Operating lease liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB nil and RMB 252,106 thousand as of December 31, 2019 and December 31, 2020, respectively) | ¥ 249,183 | ¥ 252,106 |
Treasury Stock, Shares | shares | 3,436,860 | 896,180 |
Common Class A [Member] | ||
Common shares authorized | shares | 7,000,000,000 | |
Common shares issued | shares | 894,456,046 | 894,456,046 |
Common shares outstanding | shares | 886,166,726 | 888,506,366 |
Common Class B [Member] | ||
Common shares authorized | shares | 800,000,000 | 800,000,000 |
Common shares issued | shares | 150,591,207 | 150,591,207 |
Common shares outstanding | shares | 150,591,207 | 150,591,207 |
Variable Interest Entity [Member] | ||
Restricted cash | ¥ 127,315 | ¥ 217,950 |
Insurance premium receivables | 1,217 | 1,974 |
Short-term borrowings | 216,710 | 31,540 |
Accounts payable | 680,183 | 227,532 |
Insurance premium payables | 124,019 | 187,219 |
Contract liabilities | 2,681 | 0 |
Other payables and accrued expenses | 207,461 | 39,419 |
Payroll and welfare payable | 92,094 | 52,564 |
Income taxes payable | 2,440 | 2,440 |
Amounts due to related parties | 11,875 | 0 |
Long-term borrowings | 20,000 | 53,860 |
Deferred tax liabilities | 4,455 | 605 |
Operating lease liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB nil and RMB 252,106 thousand as of December 31, 2019 and December 31, 2020, respectively) | 252,106 | 245,396 |
Other non-current liabilities | 0 | 0 |
Variable Interest Entity [Member] | Nonrecourse [Member] | ||
Operating lease liabilities (including amounts of the consolidated VIE and its subsidiaries without recourse to the Company of RMB nil and RMB 252,106 thousand as of December 31, 2019 and December 31, 2020, respectively) | ¥ 12,362 | ¥ 12,763 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Operating revenue | ||||
Brokerage income | ¥ 2,232,253 | $ 350,289 | ¥ 1,215,434 | ¥ 982,124 |
Other income | 12,763 | 2,003 | 4,788 | 11,195 |
Total operating revenue | 2,245,016 | 352,292 | 1,220,222 | 993,319 |
Operating costs and expenses | ||||
Cost of revenue | (1,688,087) | (264,898) | (813,507) | (629,531) |
Other cost | (2,670) | (419) | (2,846) | (1,837) |
Total operating costs | (1,690,757) | (265,317) | (816,353) | (631,368) |
Selling expenses | (350,573) | (55,012) | (230,438) | (164,665) |
General and administrative expenses | (197,619) | (31,011) | (150,207) | (161,816) |
Research and development expenses | (120,478) | (18,906) | (49,135) | (33,831) |
Total operating costs and expenses | (2,359,427) | (370,246) | (1,246,133) | (991,680) |
Operating income/(loss) | (114,411) | (17,954) | (25,911) | 1,639 |
Other income/(expenses) | ||||
Interest expenses | (3,206) | (503) | (1,157) | (190) |
Unrealized exchange income/(loss) | (59) | (9) | (9) | 362 |
Investment income/(loss) | (5,328) | (836) | 137 | 718 |
Others, net | 12,627 | 1,981 | 10,177 | 12,676 |
Profit/(loss) before income tax, and share of (loss)/income of equity method investee | (110,377) | (17,321) | (16,763) | 15,205 |
Income tax expense | 0 | 0 | (1,768) | (57) |
Share of (loss) /income of equity method investee | 2,660 | 417 | 239 | (180) |
Net profit/(loss) | (107,717) | (16,904) | (18,292) | 14,968 |
Net profit/(loss) attributable to non-controlling interests | (51) | (8) | 0 | 66 |
Net profit/(loss) attributable to Huize Holding Limited | (107,666) | (16,896) | (18,292) | 14,902 |
Redeemable preferred shares redemption value accretion | 0 | 0 | (4,274) | (32,854) |
Allocation to redeemable preferred shares | 0 | 0 | 1,074 | (7,431) |
Net loss attributable to common shareholders | (107,666) | (16,896) | (21,492) | (25,383) |
Net profit/(loss) | (107,717) | (16,904) | (18,292) | 14,968 |
Foreign currency translation adjustment, net of tax | (5,323) | (835) | (22,386) | 140 |
Comprehensive income/(loss) | (113,040) | (17,739) | (40,678) | 15,108 |
Comprehensive income/(loss) attributable to non-controlling interests | (51) | (8) | 0 | 87 |
Comprehensive income/(loss) attributable to Huize Holding Limited | ¥ (112,989) | $ (17,731) | ¥ (40,678) | ¥ 15,021 |
Weighted average number of common shares used in computing net (loss)/profit per share | ||||
Basic and diluted | 1,021,861,206 | 1,021,861,206 | 963,817,614 | 452,445,068 |
Net loss per share attributable to common shareholders | ||||
Basic and diluted | (per share) | ¥ (0.11) | $ (0.02) | ¥ (0.02) | ¥ (0.06) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' (Deficit)/Equity ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Common sharesCNY (¥)shares | Treasury StockCNY (¥)shares | Additional paid-in capitalCNY (¥) | Accumulated other comprehensive incomeCNY (¥) | Accumulated deficitCNY (¥) | Non-Controlling interestCNY (¥) | Common Class A [Member]CNY (¥)shares | Common Class A [Member]Common sharesCNY (¥)shares | Common Class B [Member]CNY (¥)shares | Common Class B [Member]Common sharesCNY (¥)shares |
Balance Beginning at Dec. 31, 2018 | ¥ (385,238) | ¥ 31 | ¥ 2,778 | ¥ 295 | ¥ (388,884) | ¥ 542 | ||||||
Balance Beginning (Shares) at Dec. 31, 2018 | shares | 445,272,000 | |||||||||||
Net profit (loss) for the year | 14,968 | 14,902 | 66 | |||||||||
Share-based payment compensation | 94,960 | ¥ 2 | 94,958 | |||||||||
Share-based payment compensation (Shares) | shares | 38,038,373 | |||||||||||
Redeemable preferred shares redemption value accretion | (32,854) | (32,854) | ||||||||||
Foreign currency translation | 140 | 119 | 21 | |||||||||
Others | (629) | (629) | ||||||||||
Balance Ending at Dec. 31, 2019 | (308,653) | ¥ 33 | 64,882 | 414 | (373,982) | 0 | ||||||
Balance Ending (Shares) at Dec. 31, 2019 | shares | 483,310,373 | |||||||||||
Net profit (loss) for the year | (18,292) | (18,292) | ||||||||||
Share-based payment compensation | 35,880 | 35,880 | ||||||||||
Redeemable preferred shares redemption value accretion | (4,274) | (4,274) | ||||||||||
Foreign currency translation | (22,386) | (22,386) | ||||||||||
Issuance of common shares upon Initial Public Offering ("IPO") | 324,215 | 324,208 | ¥ 7 | |||||||||
Issuance of common shares upon Initial Public Offering ("IPO") (Shares) | shares | 105,000,000 | |||||||||||
Shares issued upon exercise of over-allotment option | 4,852 | 4,851 | ¥ 1 | |||||||||
Shares issued upon exercise of over-allotment option (Shares) | shares | 1,449,060 | |||||||||||
Re-designation of common shares into Class A common shares and Class B common | ¥ (33) | ¥ 23 | ¥ 10 | |||||||||
Re-designation of common shares into Class A common shares and Class B common shares (Shares) | shares | (483,310,373) | 332,719,166 | 150,591,207 | |||||||||
Conversion and re-designation of redeemable preferred shares into Class A common shares | 458,901 | 458,870 | ¥ 31 | |||||||||
Conversion and re-designation of redeemable preferred shares into Class A common shares (Shares) | shares | 450,046,220 | |||||||||||
Repurchase of Class A common shares | (2,063) | ¥ (2,063) | ||||||||||
Repurchase of Class A common shares (Shares) | shares | 896,180 | |||||||||||
Shares issued upon exercise of option | 503 | 503 | ||||||||||
Shares issued upon exercise of option (Shares) | shares | 188,100 | |||||||||||
Balance Ending at Dec. 31, 2020 | 468,683 | ¥ (2,063) | 884,920 | (21,972) | (392,274) | 0 | ¥ 62 | ¥ 10 | ||||
Balance Ending (Shares) at Dec. 31, 2020 | shares | 0 | 896,180 | 889,402,546 | 150,591,207 | ||||||||
Net profit (loss) for the year | (107,717) | $ (16,904) | (107,666) | (51) | ||||||||
Share-based payment compensation | 11,355 | 11,355 | ||||||||||
Set-up of subsidiaries with non-controlling interests | 900 | 900 | ||||||||||
Foreign currency translation | (5,323) | (835) | (5,323) | |||||||||
Shares issued upon exercise of over-allotment option | 497 | 497 | ¥ 0 | |||||||||
Shares issued upon exercise of over-allotment option (Shares) | shares | 201,040 | |||||||||||
Repurchase of Class A common shares | (7,482) | ¥ (7,482) | ||||||||||
Repurchase of Class A common shares (Shares) | shares | 3,436,860 | 2,540,680 | ||||||||||
Balance Ending at Dec. 31, 2021 | ¥ 360,913 | $ 56,636 | ¥ (9,545) | ¥ 896,772 | ¥ (27,295) | ¥ (499,940) | ¥ 849 | ¥ 62 | ¥ 10 | |||
Balance Ending (Shares) at Dec. 31, 2021 | shares | 0 | 3,436,860 | 889,603,586 | 150,591,207 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Cash flows from operating activities: | ||||
Net profit/(loss) | ¥ (107,717) | $ (16,904) | ¥ (18,292) | ¥ 14,968 |
Adjustments to reconcile net profit/(loss) to net cash provided by operating activities: | ||||
Allowance for doubtful account | 1,445 | 227 | 1,218 | 626 |
Depreciation and amortization | 7,424 | 1,165 | 5,108 | 3,779 |
Unrealized exchange (income)/ loss | 59 | 9 | 9 | (362) |
Share-based compensation expense | 11,355 | 1,782 | 35,880 | 94,958 |
Interest expense | 3,206 | 503 | 1,157 | 190 |
Investment (income)/loss | 5,328 | 836 | (137) | (718) |
Share of loss/(income) of equity method investee | (2,660) | (417) | (239) | 180 |
Deferred income tax | 0 | (466) | 20 | |
Amortization of right-of-use assets | 32,941 | 5,169 | 8,408 | |
Amortization of Directors and Officers Liability Insurance premium | 7,798 | 1,224 | 6,127 | |
Loss on disposal of Property, plant and equipment | (194) | (30) | 44 | |
Adjustments to reconcile net profit/(loss) to net cash provided by operating activities: | (41,015) | (6,436) | 38,817 | 113,641 |
Changes in operating assets and liabilities: | ||||
Increase in account receivables | (545,678) | (85,629) | (52,824) | (74,508) |
Decrease in insurance premium receivables | 757 | 119 | 355 | 6,814 |
Increase in prepaid expense and other receivables | (40,020) | (6,280) | (30,755) | (6,860) |
Decrease in amounts due from related parties | 123 | 19 | 29 | 10,266 |
Increase/(decrease) in amounts due to related party | 11,875 | 1,863 | (465) | 465 |
Decrease/(increase) in other assets | (10,332) | |||
Increase in accounts payable | 452,550 | 71,015 | 103,091 | 52,163 |
Increase/(decrease) in insurance premium payables | (63,200) | (9,917) | 61,632 | 11,140 |
Decrease/(increase) in contract assets | 216 | 34 | (216) | |
Increase in payroll and welfare payable | 25,578 | 4,014 | 24,082 | 12,143 |
Increase in tax payable | 2,234 | 37 | ||
Increase in other payables and accrued expenses | 29,860 | 4,686 | 2,577 | 3,055 |
Decrease in operating lease liabilities | (14,199) | (2,228) | (10,891) | |
Increase in contract liabilities | 7,236 | 1,135 | ||
Net cash provided by/(used in) operating activities | (175,917) | (27,605) | 137,666 | 118,024 |
Cash flows from investing activities: | ||||
Purchase of long-term investment | (33,614) | (5,275) | (22,450) | (2,000) |
Purchase of property, equipment and intangible assets | (38,061) | (5,973) | (8,196) | (6,035) |
Proceeds from disposal of property, equipment and intangible assets | 980 | 154 | 60 | |
Proceeds from disposal of investments | 3,820 | 599 | ||
Acquisition of subsidiary, net of cash acquired | (14,292) | (2,243) | (569) | |
Others | 241 | 38 | 137 | 1,048 |
Net cash used in investing activities | (80,926) | (12,700) | (31,078) | (6,927) |
Cash flows from financing activities: | ||||
Proceeds from borrowings | 184,000 | 28,874 | 105,400 | 30,000 |
Repayments of borrowings | (40,503) | (6,356) | (61,266) | (35,285) |
Repayments of convertible bonds | (8,794) | |||
Proceeds from IPO, net of issuance costs | 340,479 | |||
Repurchase of Class A common shares | (3,003) | (471) | (2,063) | |
Proceeds from exercise of share options | 497 | 78 | 503 | |
Net cash (used in)/provided by financing activities | 141,891 | 22,266 | 383,053 | (14,079) |
Effect of exchange rate changes on cash and cash equivalents | (5,012) | (786) | (10,020) | 38 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | (119,964) | (18,825) | 479,621 | 97,056 |
Total cash and cash equivalents and restricted cash at beginning of year | 728,948 | 114,388 | 249,327 | 152,271 |
Total cash and cash equivalents and restricted cash at end of year | 608,984 | 95,563 | 728,948 | 249,327 |
Supplemental disclosure of cash flow information | ||||
Cash paid for interest | (7,813) | (1,226) | (4,386) | (2,094) |
Cash paid for income tax | ||||
Supplemental disclosure of non-cash investing and financing activities | ||||
Accretion on redeemable preferred shares to redemption value | (4,274) | ¥ (32,854) | ||
Supplemental disclosure of non-cash operating activities | ||||
Operating lease assets obtained in exchange for operating lease liabilities | 13,400 | 2,103 | ¥ 270,256 | |
Subsidiaries [Member] | ||||
Cash flows from financing activities: | ||||
Cash received by subsidiaries from minority shareholders | ¥ 900 | $ 141 |
Principal Activities and Reorga
Principal Activities and Reorganization | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principal Activities and Reorganization | 1. Principal activities and reorganization (a) History and Reorganization The Group commenced its operation in August 2006 by Mr. Cunjun Ma (“the founder”). Subsequently in December 2014, March 2016 and July 2016, the Company completed Series A, Series B and Series B+ financing respectively, and issued redeemable preferred shares to certain third party investors. In July 2018, the Company issued a convertible bond to certain third party investors. In October 2018, the investors converted the bond into Series B++ redeemable preferred shares. Huize Holding Limited (“Huize” or the “Company”) was incorporated on December 24, 2014 under the laws of the Cayman Islands. The Company commenced a reorganization (“Reorganization”) in preparation of an offshore listing by issuing 184,200,000 common shares and 98,900,000 redeemable preferred shares were issued to the three shareholders in 2014 and 2015 after the Company was established. In June 2015, Shenzhen Zhixuan was established as an indirect wholly foreign owned entity of the Company in the People’s Republic of China (the “PRC”). In June 2019, the Group completed the Reorganization by issuing 261,072,000 common shares, 105,122,000 Series A redeemable preferred shares, 185,512,580 Series B redeemable preferred shares, 43,937,180 Series B+ redeemable preferred shares and 16,574,460 Series B++ redeemable preferred shares to the shareholders of Huiye Tianze. After such share issuance, the total number of shares outstanding equals to that of Huiye Tianze. However, since the Company is an offshore entity, all PRC investors are required to register with relevant PRC governmental authorities in order to hold equity interest in the Company. All shareholders, except for one shareholder that which owns 21.87% of Huiye Tianze, have completed the relevant registrations. 78.13% of the shareholders received shares of the Company. The 21.87% shares of the Company were issued to an offshore affiliate of that shareholder. Concurrently, the Company obtained control over Huiye Tianze through Shenzhen Zhixuan by entering into a series of contractual arrangements as described in note 2b. As a result, Huiye Tianze became a consolidated VIE of the Group. The Company determined that the Reorganization is a recapitalization and accordingly prepared its financial statements using the carryover basis of assets and liabilities of Huiye Tianze and its subsidiaries. Accordingly, the Company became the ultimate holding company of Huiye Tianze and its subsidiaries, which is principally engaged in the provision of insurance brokerage services in the PRC. The Company and its consolidated subsidiaries and variable interest entities (“VIE”) are collectively referred to as the “Group”. In February 2020, the Company completed its initial public offering (“IPO”) in Nasdaq Global Market. The initial public offering of an aggregate of 5,250,000 American depository shares (“ADS”), each presenting 20 class A common shares of the Company, was priced at US$10.50 per ADS. On March 10, 2020, the underwriters have exercised part of their over-allotment option to purchase an additional 72,453 American Depositary Shares of the Company at the IPO price of US$10.50 per ADS. After giving effect to the exercise of the over-allotment option, the Company had issued and sold a total of 5,322,453 ADSs in the IPO, for total gross proceeds of approximately US$55.9 million. As of December 31, 2021, the Company’s principal subsidiaries, consolidated VIE and subsidiaries of VIE are as follows: Principal Subsidiaries Date of Incorporation/ Establishment Place of Incorporation/ Establishment Percentage of Direct Indirect Economic Interest Principal Activities Smart Choice Ventures Limited (“Smart Choice”) January 14, 2015 British Virgin Islands 100 % Investment holding Hong Kong Smart Choice Ventures Limited (“HK Smart Choice”) February 18, Hong Kong 100 % Investment holding Zhixuan International Management Consulting (Shenzhen) Co., Ltd. (“Shenzhen Zhixuan”) June 9, 2015 PRC 100 % Management consulting Huize Global (HK) Limited March 26, 2021 Hong Kong 100 % Investment holding Huize Hong Kong Insurance Broker Limited May 5, 2021 Hong Kong 100 % Insurance brokerage VIE Shenzhen Huiye Tianze Investment Holding Co., Ltd October 30, PRC 100 % Investment, investment VIE’s Principal Subsidiaries Huize Insurance Brokerage Co., Ltd. (“Huize Insurance Brokerage”) October 14, PRC 100 % Insurance brokerage Shenzhen Huize Shidai Co., Ltd. (“Huize Technology”) April 28, 2012 PRC 100 % Technology development Hefei Huize Internet Technology Co., Ltd. (“Hefei Huize”) August 5, 2015 PRC 100 % Technology development Shenzhen Zhixuan Wealth Investment Management Co., April 20, 2016 PRC 100 % Management consulting, Huize (Chengdu) Internet Technology Co., Ltd. (“Chengdu May 11, 2018 PRC 100 % Technology development |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of significant accounting policies (a) Basis of presentation The Group’s consolidated financial statements for the years ended December 31, 2019, 2020 and 2021 are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and related disclosures. Actual results may differ from those estimates. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. As an emerging growth company, the Company elects to use the extended transition year for complying with new or revised financial accounting standards. (b) Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and a consolidated VIE, including the VIE’s subsidiaries, for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A consolidated VIE is an entity in which the Company, or its subsidiaries, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or one of its subsidiaries is the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the VIE and the VIE’s subsidiaries have been eliminated upon consolidation. The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) between the Company’s PRC subsidiary, Zhixuan and the VIE, Huiye Tianze. Through the Contractual Agreements, the VIE is effectively controlled by the Company. Exclusive Business Cooperation Agreement Exclusive Option Agreement Pursuant to the exclusive option agreements, each shareholder of Huiye Tianze has irrevocably granted Zhixuan an exclusive option to purchase, or have its designated person or persons to purchase, at its discretion at any time, to the extent permitted under PRC law, all or part of their current and future shares in Huiye Tianze. As for the consideration, the purchase price should be equal to the minimum price as permitted by PRC law. Share Pledge Agreements Power of Attorney : attorney-in-fact The following table sets forth the assets, liabilities, results of operations and cash flows of Huiye Tianze and its subsidiaries, which are included in the Group’s consolidated financial statements. Transactions between the VIE and its subsidiaries are eliminated in the balances presented below: Selected Condensed Consolidated Balance Sheets Information As of December 31, 2020 December 31, 2021 RMB RMB Assets Current assets Cash and cash equivalent 211,979 323,011 Restricted cash 217,950 127,315 Account receivables, net of allowance for impairment 232,589 777,055 Insurance premium receivables 1,974 1,217 Prepaid expense and other receivables 66,323 106,865 Total current assets 730,815 1,335,463 Non-current assets Restricted cash — 24,680 Property, Plant and Equipment, net 10,217 47,800 Intangible assets, net 2,030 18,979 Deferred tax assets 605 605 Long-term investments 36,889 59,450 Operating lease right-of-use assets 267,352 241,880 Goodwill 461 461 Other Assets 838 379 Total non-current 318,392 394,234 Total assets 1,049,207 1,729,697 Liabilities and Shareholders’ Equity Short-term borrowings 31,540 216,710 Accounts payable 227,532 680,183 Insurance premium payables 187,219 124,019 Contract liabilities — 2,681 Other payables and accrued expenses 39,419 207,461 Payroll and welfare payable 52,564 92,094 Income taxes payable 2,440 2,440 Operating lease liabilities 12,763 12,362 Amount due to related parties — 11,875 Total current liabilities 553,477 1,349,825 Non-current liabilities Long-term borrowings 53,860 20,000 Deferred tax liabilities 605 4,455 Operating lease liabilities 252,106 245,396 Total non-current liabilities 306,571 269,851 Total liabilities 860,048 1,619,676 Shareholders’ equity Common shares 44,766 44,766 Additional paid-in capital 462,858 460,157 Accumulated deficit (318,465 ) (395,751 ) Total shareholders’ equity attributable to Huize Holding Limited shareholders 189,159 109,172 Non-controlling interests — 849 Total shareholders’ equity 189,159 110,021 Total liabilities and shareholders’ equity 1,049,207 1,729,697 Selected Condensed Consolidated Statements of Income Information For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Operating revenue Brokerage commission income 973,715 1,215,434 2,231,388 Other income 11,195 4,560 11,494 Total operating revenue 984,910 1,219,994 2,242,882 Operating costs and expenses Cost of revenue (622,906 ) (813,507 ) (1,687,770 ) Other cost (1,837 ) (2,846 ) (2,670 ) Total operating costs (624,743 ) (816,353 ) (1,690,440 ) Selling expenses (163,119 ) (230,438 ) (346,305 ) General and administrative expenses (153,324 ) (136,921 ) (172,822 ) Research and development expenses (33,831 ) (49,135 ) (120,478 ) Total operating costs and expenses (975,017 ) (1,232,847 ) (2,330,045 ) Operating income/(loss) 9,893 (12,853 ) (87,163 ) Other income/(expenses) Interest expenses (197 ) (1,813 ) (4,092 ) Unrealized exchange income/(loss) 421 (421 ) — Investment income — 137 (1,369 ) Others, net 12,690 10,153 12,627 Profit before income tax, and share of (loss)/income of equity method investee 22,807 (4,797 ) (79,997 ) Income tax expense (20 ) (1,768 ) — Share of (loss)/income of equity method investee (180 ) 239 2,660 Net profit/(loss) 22,607 (6,326 ) (77,337 ) Net profit/(loss) attributable to non-controlling interests — — (51 ) Net profit/(loss) attributable to Huize Holding Limited 22,607 (6,326 ) (77,286 ) Redeemable preferred shares redemption value accretion — — — Allocation to redeemable preferred shares — — — Net profit/( loss ) attributable to common shareholders 22,607 (6,326 ) (77,286 ) Net profit/( loss ) 22,607 (6,326 ) (77,337 ) Foreign currency translation adjustment, net of tax — — — Comprehensive income/(loss) 22,607 (6,326 ) (77,337 ) Comprehensive income/(loss) attributable to non-controlling interests — — (51 ) Comprehensive income/(loss) attributable to Huize Holding Limited 22,607 (6,326 ) (77,286 ) Selected Condensed Consolidated Cash Flows Information For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Net cash provided by/(used in) operating activities 120,566 168,225 (152,844 ) Cash flows from investing activities: Purchase of long-term investment (2,000 ) (22,450 ) (22,601 ) Purchase of property, equipment and intangible assets (6,035 ) (8,162 ) (37,359 ) Proceeds from disposal of property, equipment and intangible assets 60 — 961 Acquisition of subsidiary, net of cash paid — (569 ) (11,805 ) Payments of inter-company balances — — (5,050 ) Proceeds from disposal of investments — — 890 Others 11 137 241 Net cash used in investing activities (7,964 ) (31,044 ) (74,723 ) Cash flows from financing activities: Proceeds from issuance of common share and redeemable preferred shares during Reorganization (62 ) — — Proceeds from borrowings 30,000 105,400 184,000 Repayments of borrowings (35,285 ) (61,266 ) (40,503 ) Repayments of convertible bonds (8,794 ) — — Proceeds from inter-company balances — — 128,000 Proceeds from exercise of share option — 245 247 Cash received by subsidiaries from minority shareholders — — 900 Net cash (used in)/provided by financing activities (14,141 ) 44,379 272,644 Effect of exchange rate changes on cash and cash equivalents — — — Net increase in cash and cash equivalents and restricted cash 98,461 181,560 45,077 Total cash and cash equivalents and restricted cash at beginning of year 149,908 248,369 429,929 Total cash and cash equivalents and restricted cash at end of year 248,369 429,929 475,006 The of Under the contractual arrangements with the VIE, the Company can have the assets transferred out of the VIE and VIE’s subsidiaries, except for restricted cash and insurance premium receivables balance as disclosed on the balance sheet. Except for these two amounts, there is no other asset of the VIE that can only be used to settle obligations of the VIE and VIE’s subsidiaries. Since the VIE are incorporated as limited liability companies under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the Company. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIE. However, as the Company is conducting certain businesses through its VIE and VIE’s subsidiaries, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss. In the opinion of the Company’s management, the contractual arrangements among its subsidiary, the VIE and their respective Nominee Shareholders are in compliance with current PRC laws and are legally binding and enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. In addition, shareholders of the the In March 2019, the People’s Congress of the PRC passed the Draft Foreign Investment Enterprises (“FIE”) Law, which was released for public comment by the Ministry of Commerce (“MOFCOM”) in January 2015. The newly passed FIE Law will go into effect in 2020. The FIE Law appears to include VIE within the scope of entities that could be considered to be FIEs, that would be subject to restrictions under existing PRC law on foreign investment in certain categories of industry. Specifically, the FIE Law introduces the concept of “actual control” for determining whether an entity is considered to be an FIE. In addition to control through direct or indirect ownership or equity, the FIE Law includes control through contractual arrangements within the definition of “actual control”. These provisions regarding control through contractual arrangements could be construed to include the Group’s contractual arrangements with its VIE, and as a result, the Group’s VIE could become explicitly subject to the current restrictions on foreign investment in certain categories of industry. The FIE Law includes provisions that would exempt from the definition of FIEs where the ultimate controlling shareholders are either entities organized under PRC law or individuals who are PRC citizens. The FIE Law is silent as to what type of enforcement action might be taken against existing VIE, that operates in restricted or prohibited industries and is not controlled by entities organized under PRC law or individuals who are PRC citizens. If the restrictions and prohibitions on FIEs included in the FIE Law are enacted and enforced in their current form, the Group’s ability to use the contractual arrangements with its VIE and the Group’s ability to conduct business through the VIE could be severely limited. The Company’s ability to control the VIE also depends on the power of attorney Zhixuan has to vote on all matters requiring shareholders’ approvals in the VIE. As noted above, the Company believes these power of attorney are legally binding and enforceable but may not be as effective as direct equity ownership. In addition, if the Group’s corporate structure or the contractual arrangements with the VIE were found to be in violation of any existing PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions: • revoke the Group’s business and operating licenses; • require the Group to discontinue or restrict its operations; • restrict the Group’s right to collect revenues; • block the Group’s websites; • require the Group to restructure its operations, re-apply • impose additional conditions or requirements with which the Group may not be able to comply; or • 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 may result in a material adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these restrictions causes the Group to lose the right to direct the activities of the VIE or the right to receive their economic benefits, the Group would no longer be able to consolidate the financial statements of the VIE. In the opinion of management, the likelihood of losing the benefits in respect of the Group’s current ownership structure or the contractual arrangements with its VIE is remote. (c) Business combinations and non-controlling The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 — “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Company and equity instruments issued by the Company. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling non-controlling When there is a change in ownership interests that result in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling For the Company’s majority-owned subsidiaries and VIE, a non-controlling equity non-controlling non-controlling non-controlling non-controlling (d) Use of estimates Financial statements amounts that reflect significant accounting estimates and assumptions mainly include, but are not limited to (i) allowance for doubtful accounts (losses of accounts receivable, insurance premium receivables and other receivables), (ii) valuation and forfeiture rate of share-based compensation arrangements, (iii) operating revenue and cost of revenue recognition, (iv) fair value of long-term investments, (v) useful life of property, plant and equipment and intangible assets, (vi) valuation of acquired assets and liabilities assumed, (vii) assessment for impairment of intangible assets, (viii) realizability of deferred tax assets, (ix) uncertainty tax position and (x) discount rate of lease liability. Actual results could materially differ from these estimates. (e) Comprehensive Income and Foreign Currency Translation The Group’s operating results are reported in the consolidated statements of comprehensive income/(loss) pursuant to FASB ASC Topic 220, “Comprehensive Income”. Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Group’s OCI is comprised of gains and losses resulting from translating foreign currency financial statements of entities, of which functional currency is other than Renminbi (“RMB”) which is the reporting currency of the Group, net of related income taxes, where applicable. Such subsidiaries’ assets and liabilities are translated into RMB at period-end (f) Convenience translation Translations of balances in the Group’s consolidated balance sheets, consolidated statements of comprehensive income/(loss) and consolidated statements of cash flows from RMB into US$ as of and for year ended December 31, 2021 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.3726, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on the last trading day of 2021 (December 30, 2021). No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2021 or at any other rate. (g) Cash and cash equivalents Cash and cash equivalents consist of (1) cash on hand; (2) bank deposits and short-term, highly liquid investments, with original maturities of less than three (h) Restricted cash In its capacity as an insurance broker, the Group collects “premiums” (unremitted insurance premiums) from certain insureds and remits the “premiums” to the appropriate insurance companies. Unremitted insurance premiums are held in custody until disbursed by the Group. The Group reports such amounts as restricted cash in the consolidated balance sheets , and classify into current and non-current portion based on the length of restricted period. Unremitted insurance premiums were RMB 193,470 thousand and RMB 126,715 thousand (US$ 19,884 thousand) as of December 31, 2020 and December 31, 2021, respectively. During the year ended December 31, 2020 and 2021, HK Smart Choice provided security for the loan of Huize Technology by pledged deposits. The amount of pledged deposits as of December 31, 2020 and 2021 were RMB 106,380 thousand and RMB 75,831 (US$ 11,900 thousand), respectively. Also, restricted cash balance includes guarantee deposits are required by China Banking and Insurance Regulatory Commission (“CBIRC”) in order to protect insurance premium appropriation by insurance broker. The restricted cash balance related to this requirement were RMB 24,480 thousand and RMB 25,280 (US$ 3,967 thousand) as of December 31, 2020 and as of December 31, 2021. (i) Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not bear interest. Accounts receivable represent brokerage fees receivable from insurance companies. The allowance for doubtful accounts is the Group’s best estimate of the amount of probable credit losses in the Group’s existing accounts receivable balance. The Group assesses the collectability of accounts receivable by determining the allowance percentage for the overdue balances by age. The Group makes allowance for the overdue balances of continuing cooperating insurance companies over 6 months and for the overdue balances of discontinuing cooperating insurance companies over 3 months. (j) Insurance Premium Receivables Insurance premium receivables consist of insurance premiums to be collected from the insured, and are recorded at the invoiced amount and do not bear interest. The insurance premium received are included in net cash provided by operating activities in the consolidated statements of cash flows. (k) Fair value measurement Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy 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. The three levels of inputs that may be used to measure fair value include: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Recurring The Group’s financial instruments are not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purpose. The carrying amount of cash and cash equivalents, restricted cash-current portion, accounts receivable, insurance premium receivables, amounts due from related parties, other receivables, accounts payable, insurance premium payables, other payables and amount due to related parties approximate their net carrying values reported in the consolidated balance sheets due to the short term maturities of these instruments. Restricted cash-non current portion, long-term borrowings and operating lease liabilities are measured at amortized cost using discounted rates reflected time value of money. As the market interest rate is relatively stable during the reporting period, the carrying values of restricted cash-non current portion and long-term borrowings approximated their fair values reported in the consolidated balance sheets. Investment accounted for at fair value are measured at fair value. Non-recurring The Group measures certain financial assets, including equity securities without readily determinable fair value and investments under equity method, at fair value on a non-recurring non-financial (l) Property, Plant and Equipment, net Property, plant and equipment are stated at cost. Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives, taking into account residual value, if any. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Office furniture and equipment 5~10 0%~5% Computer and electronic equipment 3~5 years 0%~5% Motor vehicles 4~5 years 5% Leasehold improvements shorter of remaining lease Nil Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation/amortization are removed from the accounts and any resulting gain or loss is recognized in consolidated statements of comprehensive income/(loss). (m) Intangible assets, net Intangible assets with an indefinite useful life represent the insurance brokerage license, insurance agency license and insurance adjusting license. Intangible assets with an indefinite useful life are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired. Intangible assets with finite lives represent domain name and purchased computer software. These intangible assets are amortized on a straight-line basis over their estimated useful lives of the respective assets. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Domain name 10 years 0 % Purchased computer software 3~10 years 0 % (n) Impairment of long-lived assets and intangible assets Long-lived assets including property, plant and equipment and intangible assets with indefinite lives and finite lives, are assessed for impairment, whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Group measures the carrying amount of long-lived assets against the estimated undiscounted future cash flows associated with it. Impairment exists when the estimated undiscounted future cash flows are less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. No impairment loss was recognized for the years ended December 31, 2019, 2020 and December 31, 2021. (o) Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Impairment of goodwill assessment is performed on at least an annual basis on December 31 or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. According to ASC 350-20-35, two-step (p) Asset acquisition When the Company acquires other entities, if the assets acquired and liabilities assumed do not constitute a business, the transaction is accounted for as an asset acquisition. Assets are recognized based on the cost, which generally includes the transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the Company’s financial statements. The cost of a group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair value and does not give rise to goodwill. (q) Long-term investments (i) Equity investments accounted for using the equity method In accordance with ASC 323 — “Investment — Equity Method and Joint Ventures”, the Group applies the equity method of accounting to equity investments, in common stock or in-substance common stock, over which it has significant influence but does not own a majority equity interests or otherwise control. An investment in in-substance common stock is an investment that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to one in that entity’s common stock. Under the equity method, the Group initially records its investment at cost. The difference between the cost of the equity investment and the amount of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill or as an intangible asset as appropriate. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investee’s net income or loss into the consolidated statements of comprehensive income (loss) after the date of acquisition. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee. The Group continually reviews its investment in equity investees under the equity method to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. The fair value determination, particularly for investments in early stage privately held companies, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and the determination of whether any identified impairment is other-than-temporary. If any impairment is considered other-than-temporary, the Group writes down the asset to its fair value and takes the corresponding charge to the consolidated statements of comprehensive income (loss). (ii) Investments accounted for at fair values Securities with readily determinable fair values are measured at fair value. Equity securities accounted for at fair values include investments in i) marketable equity securities, which are publicly traded stock and ii) unlisted companies, for which the Company measures at fair value on a recurring basis. Pursuant to ASC 321, for equity investments measured at fair value with changes in fair value recorded in earnings, the Company does not assess whether those securities are impaired. (iii) Equity investments measured at measurement alternative and Private equity funds pursue various investment strategies. Investments in private equity funds generally are not redeemable due to the closed-ended nature of these funds. The private equity fund, over which the Group does not have the ability to exercise significant influence, is accounted for under the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) to estimate fair value using the net asset value per share (or its equivalent) of the investment (“NAV practical expedient”). For investments in an investee over which the Group does not have significant influence and which do not have readily determinable fair value and do not qualify for NAV practical expedient, the Company elects to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes, in accordance with ASU 2016-01. Under this measurement alternative, changes in the carrying value of the equity investment will be required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. For those equity investments that the Company elects to use the measurement alternative, the Company makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Company has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in net income (loss) equal to the difference between the carrying value and fair value. (r) Short-term and long The Short-term and long ( s Insurance Premium Payables Insurance premium payables are insurance premiums collected on behalf of insurance companies but not yet remitted as of the balance sheet dates, and insurance premiums due but not yet collected from the insured. ( t Lease Before January 1, 2020, the Group adopted ASC Topic 840 (“ASC 840”), Leases, and each lease is classified at the inception date as either a capital lease or an operating lease. The Group adopted ASU No. 2016-02, The Group determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Group recognizes a right of use(“ROU”) asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Lease terms are determined after taking into account of rental escalation clauses, renewal options and/or termination options, if any. Lease expense is recorded in the consolidated statements of comprehensive income/(loss) on a straight-line basis over the lease term. Upon adoption, the Group as the lessee of operating leases recognized ROU assets and lease liabilities (including current and non-current) ( u Share-based Compensation Employee share-based compensation All forms of share-based payments to employees, including employee stock options, employee stock purchase plans restricted shares and shares award, are treated the same as any other form of compensation by recognizing the related cost in the consolidated statements of comprehensive income/(loss) in accordance with ASC 718, “Stock Compensation”. In accordance with the guidance, the Company determines whether a share option should be classified and accounted for as a liability award or an equity award. Compensation cost related to employee |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value measurement The following tables set forth, by level within the fair value hierarchy, financial assets measured at fair value as of December 31, 2020 and 2021. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement. As of December 31, 2021 Level 1 Level 2 Level 3 Total RMB RMB Investments accounted for at fair value Listed equity securities 840 — — 840 |
Acquisitions of subsidiary
Acquisitions of subsidiary | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions of subsidiary | 4. Acquisitions of subsidiary Asset acquisitions In 2021, the Group entered into purchase agreements with four companies to acquire 100% equity ownership for a total cash consideration of RMB13,759 thousand. One company holds an insurance adjusting license and the others hold insurance agency licenses. The Group evaluated the acquisition of the purchased assets under ASC 805-Business The purchase price of the assets are as follows: As of December 31, 2021 RMB Cash 1,954 Intangible assets — Insurance adjusting licenses 3,067 Intangible assets — Insurance agency licenses 12,336 Accounts receivable, net of allowance for doubtful accounts 37 Prepaid expense and other receivables 194 Property, plant and equipment, net 19 Intangible assets, net 30 Total assets acquired 17,637 Accounts payable (3 ) Payroll and welfare payable (22 ) Income taxes payable (2 ) Deferred tax liabilities (3,851 ) Total liabilities assumed (3,878 ) Net assets acquired 13,759 Business combinations In May 2021, the Group completed a business combination to complement its existing businesses. Total cash consideration transferred for the acquisitions amounted to RMB 2,712 thousand. The purchase price allocated to the fair value of assets acquired and liabilities assumed were RMB 3,452 thousand and RMB 740 thousand, respectively. No goodwill was |
Accounts Receivable, Net of All
Accounts Receivable, Net of Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable, Net of Allowance for Doubtful Accounts | 5. Accounts receivable, net of allowance for doubtful accounts Account receivables, net of allowance for doubtful accounts by the Group consist of the following: As of December 31, 2020 December 31, 2021 RMB RMB Accounts receivable 234,313 780,431 Less: allowance for doubtful accounts (1,724 ) (3,169 ) Accounts receivable, net 232,589 777,262 The following table summarizes the movement of the Group’s provision for doubtful accounts: As of December 31, 2020 December 31, 2021 RMB RMB Balance at the beginning of the year 1,127 1,724 Provision for doubtful accounts 709 1,445 Write-offs (112 ) — Balance at the end of the year 1,724 3,169 |
Related Party Balances and Tran
Related Party Balances and Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Balances and Transactions | 6. Related party balances and transactions The table below sets major related parties of the Group and their relationships with the Group: Entity or individual name Relationship with the Group Cunjun Ma Chief Executive Officer and Director of the Group Individual Director or Officer Directors or Officers of the Group Shareholders and minority shareholders Shareholders and minority shareholders Xiaoke Huixuan (Shenzhen) Technology Co., Ltd. (“Xiaoke”) Company that the Group has significant influence on Details of related party transactions for the years ended December 31, 2019, 2020 and 2021 are as follows: Service provided by related parties: For the year ended December 31 2019 2020 2021 RMB RMB RMB Technology service fee to Xiaoke — — 11,609 Others — — 552 Total — — 12,161 Xiaoke provides technology service to the Company according to the cooperation agreement in 2021. Details of related party balances as of December 31, 2020 and 2021 are as follows: Amounts due from related parties: As of December 31, 2020 December 31, 2021 RMB RMB Shareholders 251 128 251 128 The amount due from related parties represents the advance miscellaneous fees for shareholders. Amounts due to related parties: As of December 31, 2020 December 31, 2021 RMB RMB Xiaoke 11,753 Others — 122 — 11,875 The amount due to Xiaoke represents the payable for technology service. |
Prepaid expenses and other rece
Prepaid expenses and other receivables and other assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid expenses and other receivables and other assets | 7. Prepaid expenses and other receivables and other Prepaid expenses and other receivables and other assets consist of the following, with current portion presented as Prepaid expenses and other receivables and non-current As of December 31, 2020 December 31, 2021 RMB RMB Current portion: Prepaid input value-added tax 15,331 44,017 Rental and other deposits 11,285 14,532 Advances to suppliers 11,523 13,731 Interest receivables (a) 908 2,177 Advances to staff (b) 395 970 Directors and officers liability insurance 558 658 Claim advance on behalf of insurer 371 77 Advances to share repurchase 4,479 — Others 117 1,939 44,967 78,101 Less: Allowance for impairment (590 ) (590 ) 44,377 77,511 Non- current Prepayment related to investment — 200 Advances to long-term assets 838 179 838 379 (a) This represented accrued interest income on bank deposits. (b) This represented advances to staff of the Group for daily business operations which are unsecured, interest-free and repayable on demand. |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment, net | 8. Property, Plant and Equipment, net Property, plant and equipment, net, consist of the following: As of December 31, 2020 December 31, 2021 RMB RMB Computer and electronic equipment 17,313 31,041 Leasehold improvements 4,958 27,238 Office furniture and equipment 2,820 10,755 Motor vehicles 2,360 2,443 Total 27,451 71,477 Less: Accumulated depreciation (1) (17,200 ) (23,016 ) Property, equipment and equipment, net 10,251 48,461 (1) Depreciation expenses for the years ended December 31, 2019, 2020 and 2021 were RMB 3,441 thousand, RMB 4,684 thousand and RMB 6,474 thousand, respectively. No impairment for property, plant and equipment was recorded for the years |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 9. Intangible assets, net The intangible assets, net consisted of the following: As of December 31, 2020 December 31, 2021 RMB RMB Insurance agency license (note 4) — 12,336 Insurance adjusting license (note 4) — 3,067 Insurance brokerage license — 2,647 Software and system 2,943 5,436 Domain name 580 580 Total 3,523 24,066 Less: Accumulated amortization (1) (1,493 ) (2,440 ) Intangible assets, net 2,030 21,626 (1) Amortization expenses for the years ended December 31, 2019, 2020 and 2021 was RMB 338 thousand, RMB 424 thousand and RMB 950 thousand, respectively. No impairment for intangible assets was recorded for the years ended December 31, 2019, 2020 and 2021. The amortization of the coming 5 years is: As of December 31, 2021 RMB 2022 1,164 2023 1,051 2024 734 2025 445 2026 66 |
Long-term Investments
Long-term Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investment Company [Abstract] | |
Long-term Investments | 10. Long-term investments Equity investments measured Equity Method Investment Equity Total RMB RMB RMB RMB RMB Balances at January 1, 2019 12,500 9,075 — — 21,575 Additions 2,000 — — — 2,000 Share of earnings/(loss) of an equity investee — (180 ) — — (180 ) Balances at December 31, 2019 14,500 8,895 — — 23,395 Balances at January 1, 2020 14,500 8,895 — — 23,395 Additions 1,000 21,450 — — 22,450 Share of earnings/(loss) of an equity investee — 239 — — 239 Reclassification 9,195 (9,195 ) — — — Balances at December 31, 2020 24,695 21,389 — — 46,084 Balances at January 1, 2021 24,695 21,389 — — 46,084 Additions 12,500 9,900 4,641 6,373 33,414 Share of earnings/(loss) of an equity investee — 2,660 — — 2,660 Fair value change — — (1,339 ) (2,885 ) (4,224 ) Realized gain/(loss) — — 265 — 265 Exchange adjustments — — 203 29 232 Impairment (1,610 ) — — — (1,610 ) Disposal (890 ) — (2,930 ) — (3,820 ) Balances at December 31, 2021 34,695 33,949 840 3,517 73,001 Equity method As of December 31, 2019, 2020 and 2021, the Group’s investments accounted for under the equity method were RMB 8,895 thousand, RMB 21,389 thousand and RMB 33,949 thousand respectively. The Group applies the equity method of accounting to account for its equity investments over which it has significant influence but does not own a majority equity interest or otherwise control. During the year ended December 31, 2019, the Group’s investment in Chuangbicheng decreased to 3.43% and no longer owns any seat on the board. However, as the Group contributed 34.87% of Chuangbicheng’s revenue during the year ended December 31, 2019, the Group considered it still had significant influence over Chuangbicheng and used equity method to account for this investment. During the year ended December 31, 2020, the Group was granted redemption option in the investment in Chuangbicheng. The investment in Chuangbicheng no longer qualifies for accounting under the equity method and was then reclassified into equity investments measured under measurement alternative. During the year ended December 31, 2020, the Group invested RMB 19,000 thousand in cash for 49.26% equity interest in a private equity fund, Nanjing Qiqian Alpha Equity Investment LLP. As the Group has significant influence over the private equity fund, the investment was accounted for using the equity method. During the year ended December 31, 2021, the Group invested RMB 5,000 thousand in cash for 49% equity interest in a technology service company, Xiaoke, and RMB 4,900 thousand in cash for 47.62% equity interest in a private equity fund, Shanghai Dewu Chuxing Investment Management Partnership (Limited Partnership). As the Group has significant influence over these companies, the investments were accounted for using the equity method. Investment accounted for at fair value The Group paid RMB2,665 thousand in cash to invest in private equity fund in cash 31, No such investments during the years ended December 31, 2019 and 2020. Equity investme n ts measured under measurement alternative and NAV practical expedient Equity investments without readily determinable fair values include investments in a private equity fund accounted for under NAV practical expedient, and investments in private companies accounted for under measurement alternative. Investment in private equity funds over which the Group does not have the ability to exercise significant influence are accounted for under the NAV practical expedient. In March 2021, the Group paid RMB6,373 thousand in cash No such investments during the years ended December 31, 2019 and 2020. As of December 31, 2020 and 2021, the Group held investment in certain equity investments measured under measurement alternative. Impairment during the years ended December 31, 2019, 2020 and 2021 were nil, nil and RMB 1,610 thousand. |
Short-term Borrowing
Short-term Borrowing | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short-term Borrowing | 11. Short-term borrowing As of December 31, 2020 December 31, 2021 RMB RMB Bank borrowings (1) 30,000 170,000 Current portion of long-term borrowings (note 15) 1,540 46,710 31,540 216,710 (1) The Group obtained short-term borrowings to support its operation. The borrowings bear interest 4.50% for the year ended for the year ended |
Other Payables and Accrued Expe
Other Payables and Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Other payables and accrued expenses | 1 2 Other payable and accrued expenses consist of the following: As of December 31, 2020 December 31, 2021 RMB RMB Other tax payables 12,797 32,006 Other payable to suppliers 4,208 17,365 Accrued marketing expense -loyalty points 3,175 7,414 Professional fees 5,623 7,068 Advances from the insured 3,047 3,211 Interest payable 206 655 Deposits 312 625 Government housing benefit 800 — Others 985 2,911 31,153 71,255 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee benefits | 1 3 Full-time employees of the Group in the PRC are entitled to welfare benefits including pension insurance, medical insurance unemployment insurance, maternity insurance, on-the-job |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 1 4 Cayman Islands The Company was incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed. Hong Kong Under the current Hong Kong Inland Revenue Ordinance, the subsidiary established in Hong Kong is subject to 16.5% income tax rate on its taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiaries incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax. China The Company’s subsidiaries, consolidated VIE and subsidiary of the VIE established in the PRC are mainly subject to statutory income tax at a rate of 25%. On April 14, 2008, relevant governmental regulatory authorities released qualification criteria, application procedures and assessment processes for “high and new technology enterprises” (“HNTE”). The HNTE will be entitled to a favorable statutory tax rate of 15%. An enterprise’s qualification as a HNTE is reassessed by the relevant PRC governmental authorities every three years. On November 2, 2018, the local governments announced that Huize Technology was qualified as HNTE and was subject to a preferential statutory tax rate of 15% since then. On October 9, 2021, the Chengdu Huize was also qualified as HNTE and was subject to a preferential statutory tax rate of 15% since then. Accordingly, Huize Technology and Chengdu Huize are taxed at a rate of 15%, subject to reassessment. The Enterprise Income Tax (“EIT”) Law includes a provision specifying that legal entities organized outside of the PRC will be considered resident enterprises for the PRC 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 The EIT Law also imposes a withholding income tax of 10% on dividends distributed by a FIE to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident re-invested The Group does not intend to have any of its PRC subsidiaries or VIEs distribute any undistributed profits of such subsidiaries or VIEs to their direct overseas parent companies, but rather intends that such profits will be permanently reinvested by such subsidiaries and VIEs for their PRC operations. As of December 31, 2021, the VIEs are in accumulative loss situation, no withholding tax needs to be accrued and no unrecognized tax liabilities exist. Composition of income tax expense The current and deferred portions of income tax expense included in the consolidated statements of comprehensive income/(loss) during the years ended December 31, 2019, 2020 and 2021 are as follows: For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Current income tax expense 37 2,234 — Deferred income tax expense/(benefit) 20 (466 ) — Income tax expense 57 1,768 — Tax Reconciliation Reconciliation between the income tax expense computed by applying the EIT tax rate to income before income taxes and actual provision were as follows: For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Profit/(Loss) before income tax 15,025 (16,524 ) (107,717 ) Tax expense/(benefit) at EIT tax rate of 25% 3,756 (4,131 ) (26,929 ) Effect of different tax rates applicable to different subsidiaries of the Group (3,394 ) 490 (3,195 ) Changes in valuation allowance (24,412 ) 1,290 37,948 Investment income not subject to tax (171 ) (34 ) (769 ) Expenses not deductible for tax purposes 29,067 11,561 2,872 Research and development tax credit (4,789 ) (7,408 ) (12,627 ) Effect on deferred tax assets due to change in tax rates — — 2,700 Income tax expense 57 1,768 — Deferred tax assets and deferred tax liabilities The following tables sets forth the significant components of the deferred tax assets and deferred tax liabilities: December 31, 2020 December 31, 2021 RMB RMB Deferred tax assets Advertising expenses — 1,105 Net accumulated losses carry forward 31,218 67,714 Depreciation and amortization 160 271 Allowance for doubtful accounts 575 940 Accrued expenses 3,153 4,171 Less: valuation allowance (34,501 ) (73,596 ) Net deferred tax assets 605 605 Deferred tax liabilities Intangible assets — 4,287 Gain on equity method investee 605 605 Net deferred tax liabilities 605 4,892 Movement of valuation allowance For the years Ended December 31, 2019 2020 2021 RMB RMB RMB Balance at the beginning of the year 57,623 33,211 34,501 Additions 2,173 7,318 37,961 Acquisition of subsidiaries — — 1,147 Reversals (26,585 ) (6,028 ) (13 ) Balance at end of the year 33,211 34,501 73,596 Valuation allowance is provided against deferred tax assets when the Group determines that it is more-likely-than-not more-likely-than-not As of December 31, 2019, 2020 and 2021, the Group had tax on net operating loss carryforwards of approximately RMB 30,177 thousand, RMB 31,218 thousand and RMB 67,714 thousand, respectively, which arose from the subsidiaries, VIE and the VIE’s subsidiary established in PRC. As of December 31, 2019, 2020 and 2021, of the tax on net operating loss carryforwards, RMB 30,113 thousand, RMB 30,613 thousand and RMB 67,109 thousand was provided for valuation allowance respectively, while the remaining RMB 64 thousand, RMB 605 thousand and RMB 605 thousand is expected to be utilized prior to expiration considering future taxable income for respective entities. In 2019, 2020 and 2021, the net operating loss carry forward of Shenzhen Huize, Huize Technology and Chengdu Huize was provided for the addition of valuation allowance, because it was more likely than not that such deferred tax assets will not be realized based on the Group’s estimates of its future taxable income. According to the Circular of relevant governmental regulatory authorities of Taxation on Extending the Loss Carry-over Period of High-tech Enterprises and High-tech SMEs (Cai Shui [2018] No. 76), from January 1, 2018, the enterprises that have the qualifications of high-tech enterprises or high-tech SMEs will be able to make up for the losses that have not been utilized in the previous five years before the qualification year. The longest carry-over period is extended from 5 years to 10 years. As of December 31, 2021, the net operating loss carryforwards will expire during the period from 2023 to 2030, if unused. Uncertain tax positions The Group did not identify significant unrecognized tax benefits for the years ended December 31, 2019, 2020 and 2021. The Group did not incur any interest related to unrecognized tax benefits, did not recognize any penalties as income tax expense and also does not anticipate any significant change in unrecognized tax benefits within 12 months from December 31, 2021. |
Long-term Borrowing
Long-term Borrowing | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-term borrowing | 1 5 The following table summarizes the details of the Group’s long-term borrowings: Maturity Principal Interest Rate As of Type Date Amount Per Annum December 31, 2020 December 31, 2021 RMB RMB Bank loan May 20, 2022 20,000 4.60 % 20,000 20,000 Bank loan May 19, 2023 20,000 4.75 % 20,000 20,000 Bank loan July 19, 2022 29,400 3.85 % 15,400 26,710 Total 55,400 66,710 Less: Current portion of long-term borrowings (1,540 ) (46,710 ) 53,860 20,000 As of December 31, 2020 and 2021, the loans with maturity date of May 20, 2022 and May 19, 2023 were pledged by the deposits of HK Smart Choice and the loan with maturity date of July 19, 2022 was pledged by the deposits of HK Smart Choice and the credit of Huize Insurance Brokerage. Interest is payable on a monthly basis. |
Common Shares
Common Shares | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Common shares | 1 6 The Company’s Memorandum and Articles of Association authorizes the Company to issue up to 4,549,953,780 common shares with a par value of US$0.00001 per shares. As of December 31, 2019, the Company has 483,310,373 shares issued and outstanding. Each common share is entitled to one vote. On February 12, 2020, The Company completed its IPO on the Nasdaq Global Market. 5,322,453 ADSs (including 72,453 ADSs sold upon the full exercise of the underwriters’ over-allotment options), representing 106,449,060 Class A common shares, were issued and sold to the public at a price of US$10.5 per ADS. Upon the completion of IPO, the Group divided its common shares into Class A common shares and Class B common shares. Holders of Class A common shares will be entitled to one vote per share, while holders of Class B common shares will be entitled to 15 votes per share. Each Class B common share is convertible into one Class A common share at any time by the holder thereof, while Class A common shares are not convertible into Class B common shares under any circumstances. Upon any sale, transfer, assignment or disposition of Class B common shares by a holder thereof to any person or entity that is not an affiliate of such holder, such Class B common shares shall be automatically and immediately converted into an equal number of Class A common shares. All of the 150,591,207 common shares held by Huidz Holding Limited, an entity controlled by Mr. Cunjun Ma, the chairman of our board of directors and our chief executive officer, was re-designated IPO one-for-one The holders of common shares are also entitled to receive dividends whenever funds are legally available and when declared by the Board of Directors, subject to prior rights of holders of all other classes of shares outstanding. In April 2020, board of directors authorized a share repurchase program under which the Company may repurchase up to US$10 million of its outstanding ADSs over the next 12 months, subject to relevant rules under the Securities Exchange Act of 1934, as amended, and the Company’s insider trading policy. As of December 31, 2021, the Company has repurchased |
Redeemable Preferred Shares and
Redeemable Preferred Shares and Convertible Bond | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable preferred shares and convertible bond | 1 7 In September 2014, the Group issued 204,022,000 Series A Redeemable Preferred Shares (“Series A Redeemable Preferred Shares”) for an aggregate consideration upgraded to Pre-A In March 2016, the Group issued 185,512,580 Series B Redeemable Preferred Shares (“Series B Redeemable Preferred Shares”) for an aggregate consideration In July 2016, the Group issued 43,937,180 Series B+ Redeemable preferred shares (“Series B+ Redeemable Preferred Shares”) for an aggregate consideration In July 2018, the Company issued convertible bond (“CB”) at an interest of 15% per year to certain third party investors for an aggregate principal amount of RMB 33,000 thousand. According to the contract, the CB holders have the right at its sole discretion, to convert the bond into Redeemable Preferred Shares within 20 working days after 90 days from the issuance date (this 90 days is referred to as “CB interest period”) at a conversion price of RMB1.48 per share. The 20 working-day The Group’s redeemable preferred shares activities for the years ended December 31, 2019, 2020 and 2021 are summarized below: Series A Shares Series B Shares Series B+ Shares Series B++ Shares Number of Shares Amount (RMB) Number of Shares Amount (RMB) Number of Shares Amount (RMB) Number of Shares Amount (RMB) Balances as of January 1, 2019 204,022,000 78,390 185,512,580 241,918 43,937,180 75,606 16,574,460 25,859 Redeemable Preferred Shares redemption value accretion — 5,682 — 19,354 — 6,048 — 1,770 Balances as of December 31, 2019 204,022,000 84,072 185,512,580 261,272 43,937,180 81,654 16,574,460 27,629 Balances as of January 1, 2020 204,022,000 84,072 185,512,580 261,272 43,937,180 81,654 16,574,460 27,629 Redeemable Preferred Shares redemption value accretion — 788 — 2,634 — 701 — 151 Conversion and re-designation (204,022,000 ) (84,860 ) (185,512,580 ) (263,906 ) (43,937,180 ) (82,355 ) (16,574,460 ) (27,780 ) Balances as of December 31, 2020 — — — — — — — — Balances as of December 31, 2021 — — — — — — — — The redeemable preferred shares issued by the Company carry the following rights: Voting right and board seats The Redeemable Preferred Shareholders shall have the right to one vote for each Redeemable Preferred Share, the same as common shareholders. The Redeemable Preferred Shareholders are entitled to appoint a total of three directors of the Board. To constitute a quorum for the meeting of the Board, it must include the three directors appointed by Redeemable Preferred Shareholders or their entrusted proxies. Redemption Redemption Condition for Redeemable Preferred Shares: The Redeemable Preferred Shares are redeemable in the event of the Company fails to complete a qualified IPO before December 31, 2020. The redemption price of the investor of Series B+ and Series B is the investment amount of the investors plus the annual rate of return on compound interest of 8% per annum. The redemption price of the investor of Series A and Series B++ is the investment amount of the investors plus the internal rate of return of compound interest of 10% per annum. The Group accretes changes in the redemption value over the period from the date of issuance of the Redeemable Preferred Shares to their respective earliest redemption date using the contractual interest rate. Changes in the redemption value are considered to be changes in accounting estimates. The accretion will be recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in paid-in Dividends Rights The Redeemable Preferred Shareholders shall be entitled to receive dividend according to their actual investment ratio, the same as common shareholders. As explained in note 16, all the redeemable preferred shares conversed into Class A common shares on a one-for-one |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation | 1 8 Share-based compensation was recognized in operating expenses for the years ended December 31, 2019, 2020 and 2021 as follows: For the year Ended December 31, 2019 2020 2021 RMB RMB RMB Cost of revenue 43 410 (387 ) Selling expenses 6,514 10,642 (475 ) General and administrative expenses 87,980 40,820 (665 ) Research and development expenses 421 381 (297 ) 94,958 52,253 (1,824 ) Share Options before 2019 During the year ended December 31, 201 8 The following table sets forth the activities under the Company’s share options for the years ended December 31, 2019: Number of options Weighted Average Aggregate intrinsic RMB Outstanding at January 1, 2019 11,096,360 0.55 Granted — — Exercised (7,420,000 ) 0.56 Forfeited (3,676,360 ) 0.52 Outstanding at December 31, 2019 — — — Exercisable at December 31, 2019 — — — The weighted average grant date fair value of options granted during 2018 was RMB 1.22 per share. The total intrinsic value of options exercised during 2018 was RMB nil thousand. Global Share Incentive Plan In June 2019, the Company adopted a Global Share Incentive Plan (the “Global Plan”), which includes Option Plan, Restricted Shares Plan and Shares Award. Option Plan Under the Option Award Agreement, options which granted to employees vest upon satisfaction of a service condition, which is generally satisfied over four years. Additionally, the Option Grant includes a condition where employees can only exercise vested options upon the occurrence of that the Company’s common shares become listed securities, which substantially creates a performance condition (“IPO Condition”). Meanwhile, the Company offers their employees broker-assisted cashless exercise programs to help the employees exercise their stock options without having to use their personal funds to pay for the exercise price. The options are classified as liability-classified award. As of December 31, 2019, the The in February 2020 was During the year ended 2021, the Company granted 21,631,945 share options to employees pursuant to the Global Plan. The following table summarized the Company’s activities under the Option Plan for the years ended December 31, 2019, 2020 and 2021: Number of options Weighted Average exercise price (US$) Outstanding at January 1, 2019 — — Granted 19,463,440 0.1607 Exercised — — Forfeited — — Outstanding at December 31, 2019 19,463,440 0.1607 Vested and exercisable at December 31, 2019 — — Outstanding at January 1, 2020 19,463,440 0.1607 Granted — — Exercised (707,396 ) 0.1607 Forfeited (2,601,993 ) 0.1607 Outstanding at December 31, 2020 16,154,051 0.1607 Vested and exercisable at December 31, 2020 5,004,126 0.1607 Outstanding at January 1, 2021 16,154,051 0.1607 Granted 21,631,945 0.1609 Exercised (201,040 ) 0.1607 Forfeited (740,231 ) 0.1607 Outstanding at December 31, 2021 36,844,725 0.1608 Vested and exercisable at December 31, 2021 11,884,664 0.1709 The following table summarizes information regarding the share options outstanding as of December 31, 2021: As of December 31, 2021 Options number Weighted average Weighted average Aggregate US$ US$ in thousand Outstanding 36,844,725 0.1608 8.71 — Exercisable 11,884,664 0.1709 7.97 — Expected to vest 24,960,061 0.1560 9.07 — The weighted average fair value of the options was US$ 0.2030 and US$ 0.0127 per option as of December 31, 2020 and 2021, respectively. The aggregate intrinsic value is calculated as the difference between the exercise price of the options and the fair value of the underlying stock at December 31, 2021. The fair value of the option plan was estimated on the date of each balance sheet date using the binomial option pricing model with the assumptions (or ranges thereof) in the following table: Weighted average 2020 2021 Exercise price (US$) 0.1607 0.1608 Expected forfeiture rate (post-vesting) 8.30 % 10.85 % Expected volatility 39.58 % 40.57 % Excepted term (in years) 8.50 8.71 Expected dividend yield 0 % 0 % Risk-free interest rate 0.7782 % 1.4658 % Risk-free interest rate is estimated based on the yield curve of US Treasury BVAL Curve from Bloomberg as of the option valuation date. The expected volatility at the grant date and each option valuation date is estimated based on annualized standard deviation of daily stock price return of comparable companies with a time horizon close to the expected expiry of the term of the options. The Group does not anticipate any dividend payments in the foreseeable future. Expected term is the contract life of the options. Employees Restricted Shares Plan Under the Employees Restricted Shares Award Agreement, restricted shares which granted to employees vest upon satisfaction of a service condition and a performance condition, which is generally satisfied over four years. The restriction will be removed along with the satisfaction of the service condition. As of December 31, 2020, the Company granted 23,809,190 restricted common shares to certain senior management through Bodyguard Holding Limited (“Bodyguard”) as a holding platform. In March 2021, the Company granted additional 320,000 restricted shares to the senior management pursuant to the Global Plan. The following table summarized the Company’s restricted shares activities under the Employees Restricted Shares Plan for the years ended December 31, 2019, 2020 and 2021: Options to Employees Weighted Average Grant-Date Fair Value Non-vested — — Granted 23,809,190 4.20 Vested — — Forfeited — — Non-vested 23,809,190 — Non-vested 23,809,190 — Granted — — Vested (7,000,739 ) — Forfeited (3,475,844 ) — Non-vested 13,332,607 — Non-vested 13,332,607 — Granted 320,000 2.49 Vested (4,925,510 ) — Forfeited (613,553 ) — Non-vested 8,113,544 — Restricted shares granted to employees are measured based on their grant-date fair values and recognized as compensation cost on a graded-vesting method over the requisite 2.25 to 4 years’ service period. The weighted average grant date fair value of restricted shares granted for the years ended December 31 2019, 2020 and 2021 were RMB 4.20 per share, nil and RMB 2.49 per share, respectively. As at December 31, 2019, 2020 and 2021, there were a total of RMB 27,102 thousand, RMB35,880 thousand and RMB 11,355 thousand share-based compensation expenses recognized, respectively. As of December 31, 2021, there was RMB 11,883 thousand unrecognized share-based compensation. Shares Award Under the Shares Award Agreement, 14,229,183 common shares were awarded to Mr. Cunjun Ma directly through an entity wholly owned by Mr. Cunjun Ma with no consideration on June 30, 2019. The fair value of the shares awarded was RMB 4.20 per share, and a total of RMB 59,778 thousand share-based compensation expense was recognized on June 30, 2019. No shares were awarded during the year ended December 31, 2020 and 2021. |
Operating Revenue
Operating Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Operating revenue | 19 For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Brokerage income -Life and Health insurance business 902,596 1,166,118 2,170,767 -Property and Casualty insurance business 79,528 49,316 61,486 Brokerage income subtotal 982,124 1,215,434 2,232,253 Other income 11,195 4,788 12,763 Total operating revenue 993,319 1,220,222 2,245,016 |
Selling Expense
Selling Expense | 12 Months Ended |
Dec. 31, 2021 | |
Selling Expense [Abstract] | |
Selling expense | 2 0 For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Salaries and employment benefits 97,000 129,327 222,428 Advertising and marketing expenses 47,927 71,472 97,945 Rental and utilities expenses 5,323 6,961 13,781 Office expenses 3,658 5,877 5,623 Travelling expenses 1,927 1,689 3,734 Business development 471 384 761 Depreciation and amortizations 289 444 680 Share-based compensation expenses 6,514 10,642 (475 ) Others 1,556 3,642 6,096 Total 164,665 230,438 350,573 |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2021 | |
General and Administrative Expense [Abstract] | |
General and administrative expenses | 2 1 For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Salaries and employment benefits 35,547 51,457 87,321 Rental and utilities expenses 1,468 2,332 33,486 Professional service expenses 13,343 20,075 31,868 Office expenses 3,058 3,811 8,532 Bank charges 7,380 7,849 7,955 Directors and Officers Liability Insurance premium — 6,127 7,798 VAT Surcharge 3,423 3,845 6,954 Depreciation and amortizations 1,538 1,875 2,195 Travelling expenses 2,682 1,648 1,675 Bad debt expense 626 1,218 1,445 Share-based compensation expenses 87,980 40,820 (665 ) Other 4,771 9,150 9,055 Total 161,816 150,207 197,619 |
Investment Income_(Loss)
Investment Income/(Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Income Loss From Investments Net [Abstract] | |
Investment Income/(Loss) | 2 2 Investment income for the year ended December 31, 2020 was dividends received from equity investment. Investment loss for the year ended December 31, 2021 consists of (i) a loss from fair value change of RMB1,339 thousand and a realized gain of RMB265 thousand related to the investments accounted for at fair value; (ii) impairment loss related to equity investments measured under measurement alternative RMB1,610 thousand; (iii) dividends received from equity investments of RMB241 thousand; and (iv) a loss from fair value change of RMB2,885 thousand related to e |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net loss per share | 23. Net loss per share Basic net loss per share and diluted net loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2019, 2020 and 2021 as follows: For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Numerator: Net profit/(loss) 14,968 (18,292 ) (107,717 ) Less: Net profit/(loss) attributable to non-controlling 66 — (51 ) Net profit/(loss) attributable to common shares and redeemable preferred shares 14,902 (18,292 ) (107,666 ) Redeemable Preferred Shares redemption value accretion (32,854 ) (4,274 ) — Allocation to redeemable preferred shareholders (7,431 ) 1,074 — Net loss attributable to common shareholders-Basic and diluted (25,383 ) (21,492 ) (107,666 ) Denominator: Denominator for basic loss per share weighted-average common shares outstanding 452,445,068 963,817,614 1,021,861,206 Dilutive effect of restricted shares — — — Dilutive effect of share options — — — Denominator for diluted loss per share weighted-average common shares outstanding 452,445,068 963,817,614 1,021,861,206 Basic and diluted loss per share (0.06 ) (0.02 ) (0.11 ) The potentially dilutive securities that were not included in the calculation of above dilutive net loss per share in the years presented where their inclusion would be anti-diluted include restricted shares of 1,789,534 and 4,054,623 for the years ended December 31, 2020 and 2021, respectively, and share options of 4,114,655 shares and nil shares for the year ended December 31, 2020 and 2021, on a weighted average basis. |
Lease
Lease | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease | 2 4 The following table presents balances reported in the consolidated balance sheets related to the Group’s leases: As of As of RMB RMB Operating lease right-of-use 267,352 247,819 Operating lease liabilities 264,869 264,069 Lease expenses for these leases are recognized on a straight-line basis over the lease term. For short-term leases over which the Group has elected not to apply the recognition requirements of ASC 842, the Group has recognized the lease payments as expenses on a straight-line basis over the lease term. For the year ended December 31, 2019, total rental expenses under all operating leases were RMB 6,941 thousand. For the years ended December 31, 2020 and 2021, total lease cost comprised of the following: For the Year Ended December 31, 2020 2021 RMB RMB Operating lease cost 8,293 46,102 Short term lease cost 622 385 Total lease cost 8,915 46,487 The following table presents the maturity of the Group’s operating lease liabilities as of December 31, 2021: As of RMB 2022 28,261 2023 26,639 2024 34,196 2025 35,268 2026 37,400 Thereafter 173,102 Total operating lease payments (undiscounted) 334,866 Less: Imputed interest (70,797 ) Total operating lease liabilities (discounted) 264,069 As of December 31, 2021, the Group has no significant lease contract that has been entered into but not yet commenced. Supplemental cash flow information related to the operating leases was as follow (in thousands): For the Year Ended December 31, 2020 2021 RMB RMB Cash paid for amounts included in operating lease liabilities 11,383 27,360 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 2 5 The Group had investment commitments |
Parent Company Only Condensed F
Parent Company Only Condensed Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 2 6 The condensed financial information of the Company has been prepared in accordance with SEC Regulation S-X 5-04 12-04, The subsidiaries did not pay any dividend to the Company for the years presented. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The footnote disclosures contain supplemental information relating to the operations of the Company, as such, these statements are not the general- purpose financial statements of the reporting entity and should be read in conjunction with the notes to the consolidated financial statements of the Company. The Company did not have significant capital and other commitments or guarantees as of December 31, 2021. The subsidiaries did not pay any dividend to the Company for the years presented. The Condensed Financial Information of the Parent Company for the year ended December 31, 2020 has been revised to correct an immaterial error related to presentation of cash flows of amount due from subsidiary. Such cash flow was previously presented in error as cash flows from operating activities of the Parent Company and has been revised to cash flows from investing activities of the Parent Company. The impact of the above presentation error was not material to the previously issued financial statements taken as a whole. Balance sheet As of December 31, 2020 2021 RMB RMB USD$ Assets Cash and cash equivalent 187,217 16,291 2,556 Contract assets 216 — — Amount due from related parties 189 106 17 Prepaid expense and other receivables 131,895 291,666 45,770 Long-term investments 179,059 76,030 11,931 Total assets 498,576 384,093 60,274 Liabilities and Shareholders’ equity Other payables and accrued expenses 14,836 17,892 2,808 Contract liabilities — 4,555 715 Payroll and welfare payable 15,057 1,582 248 Total liabilities 29,893 24,029 3,771 As of December 31, 2020 2021 RMB RMB USD$ Note 2(f) Shareholders’ equity Class A common shares (US$0.00001 par value; 7,000,000,000 shares authorized as of December 31, 2020 and 2021, respectively; 894,456,046 shares issued as of December 31, 2020 and 2021, respectively; 888,506,366 shares and 886,166,726 shares outstanding as of December 31, 2020 and 2021, respectively) 62 62 10 Class B common shares (US$0.00001 par value; 800,000,000 shares authorized as of December 31, 2020 and 2021, respectively; 150,591,207 shares issued and outstanding as of December 31, 2020 and 2021, respectively) 10 10 2 Treasury stock (896,180 shares and 3,436,860 shares as of December 31, 2020 and December 31, 2021, respectively) (2,063 ) (9,545 ) (1,498 ) Additional paid-in 884,920 896,772 140,723 Accumulated other comprehensive loss (21,972 ) (27,295 ) (4,283 ) Accumulated deficit (392,274 ) (499,940 ) (78,451 ) Total shareholders’ equity 468,683 360,064 56,503 Total liabilities and shareholders’ equity 498,576 384,093 60,274 Statement of Comprehensive Income/(Loss) Year Ended December 31, 2019 2020 2021 RMB RMB RMB USD$ Operating revenue Other income — 228 1,269 199 Total operating revenue — 228 1,269 199 Operating cost and expenses General and administrative expenses (521 ) (4,611 ) (5,994 ) (942 ) Operating loss (521 ) (4,383 ) (4,725 ) (743 ) Other expense Interest — 11 4 1 Unrealized exchange (loss)/income (97 ) 421 — — Loss before income tax, and share of loss of subsidiaries and VIEs (618 ) (3,951 ) (4,721 ) (742 ) Share of income/(loss) of subsidiaries and VIEs 15,520 (14,341 ) (102,945 ) (16,154 ) Net profit/(loss) 14,902 (18,292 ) (107,666 ) (16,896 ) Redeemable preferred shares redemption value accretion (32,854 ) (4,274 ) — — Allocation to redeemable preferred shares (7,431 ) 1,074 — — Net loss attributable to common shareholders (25,383 ) (21,492 ) (107,666 ) (16,896 ) Net profit/(loss) 14,902 (18,292 ) (107,666 ) (16,896 ) Foreign currency translation adjustment, net of tax 119 (22,386 ) (5,323 ) (835 ) Total comprehensive income/(loss) 15,021 (40,678 ) (112,989 ) (17,731 ) Statement of cash flows Year Ended December 31, 2019 2020 2021 RMB RMB RMB USD$ Cash flows from operating activities: Net profit/(loss) 14,902 (18,292 ) (107,666 ) (16,896 ) Adjustments to reconcile net profit/(loss) to net cash used in operating activities: Unrealized exchange income/(loss) 97 (421 ) — — Share of (income)/loss of subsidiaries and VIEs (15,520 ) 14,341 102,945 16,154 Interest income — (11 ) — — (521 ) (4,383 ) (4,721 ) (742 ) Changes in operating assets and liabilities: Increase/(decrease) in other payables and accrued expenses 1,343 (1,340 ) (4,730 ) (742 ) Increase/(decrease) in contract liabilities — — 4,555 715 (Increase)/decrease in prepaid expense and other receivables (59 ) — 21 3 (Increase)/decrease in other assets (763 ) — — — (Increase)/decrease in account receivables and contract assets — (216 ) 216 34 (Increase)/decrease in amount due from related parties — (189 ) 83 13 Net cash used in operating activities — (6,128 ) (4,576 ) (719 ) Cash flows from investing activities: Investments in subsidiaries and consolidated VIEs — (245 ) (247 ) (39 ) Payments of inter-company balances — (139,123 ) (161,216 ) (25,298 ) Net cash used in investing activities — (139,368 ) (161,463 ) (25,337 ) Cash flows from financing activities: Proceeds from issuance of common shares and redeemable preferred shares 62 — — — Proceeds from initial public offering, net of issuance costs — 340,479 — — Proceeds from exercise of options — 503 497 78 Repurchase of Class A common shares — (2,063 ) (3,003 ) (471 ) Net cash provided by /(used in) 62 338,919 (2,506 ) (393 ) Effect of exchange rate changes on cash and cash equivalents — (6,268 ) (2,381 ) (374 ) Net increase/(decrease) in cash and cash equivalents and restricted cash 62 187,155 (170,926 ) (26,823 ) Total cash and cash equivalents and restricted cash at beginning of year — 62 187,217 29,378 Total cash and cash equivalents and restricted cash at end of year 62 187,217 16,291 2,555 |
Restricted Net Asset
Restricted Net Asset | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Assets Net [Abstract] | |
Restricted Net Asset | 27. Restricted net asset Relevant PRC laws and regulations permit payments of dividends by the Group’s entities incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company’s entities in the PRC are required to annually appropriate 10% of their net after-tax Furthermore, cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government control of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. For the year ended December 31, 2021, the Company performed a test on the restricted net assets of subsidiaries and VIE in accordance with Securities and Exchange Commission Regulation S-X 4-08 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 2 8 The Company evaluated its subsequent events through April 2 7 In December 2021, the Group entered into an agreement to acquire 100% equity interest in Shanghai Senhao Insurance Agency Co., Ltd., an insurance agency company. The acquisition has been finished in March 2022. The Group has assessed and concluded that the acquisition is a non-recognized subsequent event given the acquisition is completed in 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | (a) Basis of presentation The Group’s consolidated financial statements for the years ended December 31, 2019, 2020 and 2021 are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the accompanying consolidated financial statements and related disclosures. Actual results may differ from those estimates. Significant accounting policies followed by the Group in the preparation of the accompanying consolidated financial statements are summarized below. As an emerging growth company, the Company elects to use the extended transition year for complying with new or revised financial accounting standards. |
Basis of consolidation | (b) Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries and a consolidated VIE, including the VIE’s subsidiaries, for which the Company is the ultimate primary beneficiary. A subsidiary is an entity in which the Company, directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies, to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors. A consolidated VIE is an entity in which the Company, or its subsidiaries, through contractual arrangements, has the power to direct the activities that most significantly impact the entity’s economic performance, bears the risks of and enjoys the rewards normally associated with ownership of the entity, and therefore the Company or one of its subsidiaries is the primary beneficiary of the entity. All transactions and balances among the Company, its subsidiaries, the VIE and the VIE’s subsidiaries have been eliminated upon consolidation. The following is a summary of the contractual agreements (collectively, “Contractual Agreements”) between the Company’s PRC subsidiary, Zhixuan and the VIE, Huiye Tianze. Through the Contractual Agreements, the VIE is effectively controlled by the Company. Exclusive Business Cooperation Agreement Exclusive Option Agreement Pursuant to the exclusive option agreements, each shareholder of Huiye Tianze has irrevocably granted Zhixuan an exclusive option to purchase, or have its designated person or persons to purchase, at its discretion at any time, to the extent permitted under PRC law, all or part of their current and future shares in Huiye Tianze. As for the consideration, the purchase price should be equal to the minimum price as permitted by PRC law. Share Pledge Agreements Power of Attorney : attorney-in-fact The following table sets forth the assets, liabilities, results of operations and cash flows of Huiye Tianze and its subsidiaries, which are included in the Group’s consolidated financial statements. Transactions between the VIE and its subsidiaries are eliminated in the balances presented below: Selected Condensed Consolidated Balance Sheets Information As of December 31, 2020 December 31, 2021 RMB RMB Assets Current assets Cash and cash equivalent 211,979 323,011 Restricted cash 217,950 127,315 Account receivables, net of allowance for impairment 232,589 777,055 Insurance premium receivables 1,974 1,217 Prepaid expense and other receivables 66,323 106,865 Total current assets 730,815 1,335,463 Non-current assets Restricted cash — 24,680 Property, Plant and Equipment, net 10,217 47,800 Intangible assets, net 2,030 18,979 Deferred tax assets 605 605 Long-term investments 36,889 59,450 Operating lease right-of-use assets 267,352 241,880 Goodwill 461 461 Other Assets 838 379 Total non-current 318,392 394,234 Total assets 1,049,207 1,729,697 Liabilities and Shareholders’ Equity Short-term borrowings 31,540 216,710 Accounts payable 227,532 680,183 Insurance premium payables 187,219 124,019 Contract liabilities — 2,681 Other payables and accrued expenses 39,419 207,461 Payroll and welfare payable 52,564 92,094 Income taxes payable 2,440 2,440 Operating lease liabilities 12,763 12,362 Amount due to related parties — 11,875 Total current liabilities 553,477 1,349,825 Non-current liabilities Long-term borrowings 53,860 20,000 Deferred tax liabilities 605 4,455 Operating lease liabilities 252,106 245,396 Total non-current liabilities 306,571 269,851 Total liabilities 860,048 1,619,676 Shareholders’ equity Common shares 44,766 44,766 Additional paid-in capital 462,858 460,157 Accumulated deficit (318,465 ) (395,751 ) Total shareholders’ equity attributable to Huize Holding Limited shareholders 189,159 109,172 Non-controlling interests — 849 Total shareholders’ equity 189,159 110,021 Total liabilities and shareholders’ equity 1,049,207 1,729,697 Selected Condensed Consolidated Statements of Income Information For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Operating revenue Brokerage commission income 973,715 1,215,434 2,231,388 Other income 11,195 4,560 11,494 Total operating revenue 984,910 1,219,994 2,242,882 Operating costs and expenses Cost of revenue (622,906 ) (813,507 ) (1,687,770 ) Other cost (1,837 ) (2,846 ) (2,670 ) Total operating costs (624,743 ) (816,353 ) (1,690,440 ) Selling expenses (163,119 ) (230,438 ) (346,305 ) General and administrative expenses (153,324 ) (136,921 ) (172,822 ) Research and development expenses (33,831 ) (49,135 ) (120,478 ) Total operating costs and expenses (975,017 ) (1,232,847 ) (2,330,045 ) Operating income/(loss) 9,893 (12,853 ) (87,163 ) Other income/(expenses) Interest expenses (197 ) (1,813 ) (4,092 ) Unrealized exchange income/(loss) 421 (421 ) — Investment income — 137 (1,369 ) Others, net 12,690 10,153 12,627 Profit before income tax, and share of (loss)/income of equity method investee 22,807 (4,797 ) (79,997 ) Income tax expense (20 ) (1,768 ) — Share of (loss)/income of equity method investee (180 ) 239 2,660 Net profit/(loss) 22,607 (6,326 ) (77,337 ) Net profit/(loss) attributable to non-controlling interests — — (51 ) Net profit/(loss) attributable to Huize Holding Limited 22,607 (6,326 ) (77,286 ) Redeemable preferred shares redemption value accretion — — — Allocation to redeemable preferred shares — — — Net profit/( loss ) attributable to common shareholders 22,607 (6,326 ) (77,286 ) Net profit/( loss ) 22,607 (6,326 ) (77,337 ) Foreign currency translation adjustment, net of tax — — — Comprehensive income/(loss) 22,607 (6,326 ) (77,337 ) Comprehensive income/(loss) attributable to non-controlling interests — — (51 ) Comprehensive income/(loss) attributable to Huize Holding Limited 22,607 (6,326 ) (77,286 ) Selected Condensed Consolidated Cash Flows Information For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Net cash provided by/(used in) operating activities 120,566 168,225 (152,844 ) Cash flows from investing activities: Purchase of long-term investment (2,000 ) (22,450 ) (22,601 ) Purchase of property, equipment and intangible assets (6,035 ) (8,162 ) (37,359 ) Proceeds from disposal of property, equipment and intangible assets 60 — 961 Acquisition of subsidiary, net of cash paid — (569 ) (11,805 ) Payments of inter-company balances — — (5,050 ) Proceeds from disposal of investments — — 890 Others 11 137 241 Net cash used in investing activities (7,964 ) (31,044 ) (74,723 ) Cash flows from financing activities: Proceeds from issuance of common share and redeemable preferred shares during Reorganization (62 ) — — Proceeds from borrowings 30,000 105,400 184,000 Repayments of borrowings (35,285 ) (61,266 ) (40,503 ) Repayments of convertible bonds (8,794 ) — — Proceeds from inter-company balances — — 128,000 Proceeds from exercise of share option — 245 247 Cash received by subsidiaries from minority shareholders — — 900 Net cash (used in)/provided by financing activities (14,141 ) 44,379 272,644 Effect of exchange rate changes on cash and cash equivalents — — — Net increase in cash and cash equivalents and restricted cash 98,461 181,560 45,077 Total cash and cash equivalents and restricted cash at beginning of year 149,908 248,369 429,929 Total cash and cash equivalents and restricted cash at end of year 248,369 429,929 475,006 The of Under the contractual arrangements with the VIE, the Company can have the assets transferred out of the VIE and VIE’s subsidiaries, except for restricted cash and insurance premium receivables balance as disclosed on the balance sheet. Except for these two amounts, there is no other asset of the VIE that can only be used to settle obligations of the VIE and VIE’s subsidiaries. Since the VIE are incorporated as limited liability companies under the PRC Company Law, creditors of the VIE do not have recourse to the general credit of the Company. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIE. However, as the Company is conducting certain businesses through its VIE and VIE’s subsidiaries, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss. In the opinion of the Company’s management, the contractual arrangements among its subsidiary, the VIE and their respective Nominee Shareholders are in compliance with current PRC laws and are legally binding and enforceable. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. In addition, shareholders of the the In March 2019, the People’s Congress of the PRC passed the Draft Foreign Investment Enterprises (“FIE”) Law, which was released for public comment by the Ministry of Commerce (“MOFCOM”) in January 2015. The newly passed FIE Law will go into effect in 2020. The FIE Law appears to include VIE within the scope of entities that could be considered to be FIEs, that would be subject to restrictions under existing PRC law on foreign investment in certain categories of industry. Specifically, the FIE Law introduces the concept of “actual control” for determining whether an entity is considered to be an FIE. In addition to control through direct or indirect ownership or equity, the FIE Law includes control through contractual arrangements within the definition of “actual control”. These provisions regarding control through contractual arrangements could be construed to include the Group’s contractual arrangements with its VIE, and as a result, the Group’s VIE could become explicitly subject to the current restrictions on foreign investment in certain categories of industry. The FIE Law includes provisions that would exempt from the definition of FIEs where the ultimate controlling shareholders are either entities organized under PRC law or individuals who are PRC citizens. The FIE Law is silent as to what type of enforcement action might be taken against existing VIE, that operates in restricted or prohibited industries and is not controlled by entities organized under PRC law or individuals who are PRC citizens. If the restrictions and prohibitions on FIEs included in the FIE Law are enacted and enforced in their current form, the Group’s ability to use the contractual arrangements with its VIE and the Group’s ability to conduct business through the VIE could be severely limited. The Company’s ability to control the VIE also depends on the power of attorney Zhixuan has to vote on all matters requiring shareholders’ approvals in the VIE. As noted above, the Company believes these power of attorney are legally binding and enforceable but may not be as effective as direct equity ownership. In addition, if the Group’s corporate structure or the contractual arrangements with the VIE were found to be in violation of any existing PRC laws and regulations, the PRC regulatory authorities could, within their respective jurisdictions: • revoke the Group’s business and operating licenses; • require the Group to discontinue or restrict its operations; • restrict the Group’s right to collect revenues; • block the Group’s websites; • require the Group to restructure its operations, re-apply • impose additional conditions or requirements with which the Group may not be able to comply; or • 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 may result in a material adverse effect on the Group’s ability to conduct its business. In addition, if the imposition of any of these restrictions causes the Group to lose the right to direct the activities of the VIE or the right to receive their economic benefits, the Group would no longer be able to consolidate the financial statements of the VIE. In the opinion of management, the likelihood of losing the benefits in respect of the Group’s current ownership structure or the contractual arrangements with its VIE is remote. |
Business combinations and non-controlling interests | (c) Business combinations and non-controlling The Company accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 — “Business Combinations”. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers, liabilities incurred by the Company and equity instruments issued by the Company. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets acquired and liabilities assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any non-controlling non-controlling When there is a change in ownership interests that result in a loss of control of a subsidiary, the Company deconsolidates the subsidiary from the date control is lost. Any retained non-controlling For the Company’s majority-owned subsidiaries and VIE, a non-controlling equity non-controlling non-controlling non-controlling non-controlling |
Use of estimates | (d) Use of estimates Financial statements amounts that reflect significant accounting estimates and assumptions mainly include, but are not limited to (i) allowance for doubtful accounts (losses of accounts receivable, insurance premium receivables and other receivables), (ii) valuation and forfeiture rate of share-based compensation arrangements, (iii) operating revenue and cost of revenue recognition, (iv) fair value of long-term investments, (v) useful life of property, plant and equipment and intangible assets, (vi) valuation of acquired assets and liabilities assumed, (vii) assessment for impairment of intangible assets, (viii) realizability of deferred tax assets, (ix) uncertainty tax position and (x) discount rate of lease liability. Actual results could materially differ from these estimates. |
Comprehensive Income and Foreign Currency Translation | (e) Comprehensive Income and Foreign Currency Translation The Group’s operating results are reported in the consolidated statements of comprehensive income/(loss) pursuant to FASB ASC Topic 220, “Comprehensive Income”. Comprehensive income consists of two components: net income and other comprehensive income (“OCI”). The Group’s OCI is comprised of gains and losses resulting from translating foreign currency financial statements of entities, of which functional currency is other than Renminbi (“RMB”) which is the reporting currency of the Group, net of related income taxes, where applicable. Such subsidiaries’ assets and liabilities are translated into RMB at period-end |
Convenience translation | (f) Convenience translation Translations of balances in the Group’s consolidated balance sheets, consolidated statements of comprehensive income/(loss) and consolidated statements of cash flows from RMB into US$ as of and for year ended December 31, 2021 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB 6.3726, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on the last trading day of 2021 (December 30, 2021). No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2021 or at any other rate. |
Cash and cash equivalents | (g) Cash and cash equivalents Cash and cash equivalents consist of (1) cash on hand; (2) bank deposits and short-term, highly liquid investments, with original maturities of less than three |
Restricted cash | (h) Restricted cash In its capacity as an insurance broker, the Group collects “premiums” (unremitted insurance premiums) from certain insureds and remits the “premiums” to the appropriate insurance companies. Unremitted insurance premiums are held in custody until disbursed by the Group. The Group reports such amounts as restricted cash in the consolidated balance sheets , and classify into current and non-current portion based on the length of restricted period. Unremitted insurance premiums were RMB 193,470 thousand and RMB 126,715 thousand (US$ 19,884 thousand) as of December 31, 2020 and December 31, 2021, respectively. During the year ended December 31, 2020 and 2021, HK Smart Choice provided security for the loan of Huize Technology by pledged deposits. The amount of pledged deposits as of December 31, 2020 and 2021 were RMB 106,380 thousand and RMB 75,831 (US$ 11,900 thousand), respectively. Also, restricted cash balance includes guarantee deposits are required by China Banking and Insurance Regulatory Commission (“CBIRC”) in order to protect insurance premium appropriation by insurance broker. The restricted cash balance related to this requirement were RMB 24,480 thousand and RMB 25,280 (US$ 3,967 thousand) as of December 31, 2020 and as of December 31, 2021. |
Accounts Receivable | (i) Accounts Receivable Accounts receivable are recorded at the invoiced amount and do not bear interest. Accounts receivable represent brokerage fees receivable from insurance companies. The allowance for doubtful accounts is the Group’s best estimate of the amount of probable credit losses in the Group’s existing accounts receivable balance. The Group assesses the collectability of accounts receivable by determining the allowance percentage for the overdue balances by age. The Group makes allowance for the overdue balances of continuing cooperating insurance companies over 6 months and for the overdue balances of discontinuing cooperating insurance companies over 3 months. |
Insurance Premium Receivables | (j) Insurance Premium Receivables Insurance premium receivables consist of insurance premiums to be collected from the insured, and are recorded at the invoiced amount and do not bear interest. The insurance premium received are included in net cash provided by operating activities in the consolidated statements of cash flows. |
Fair value measurement | (k) Fair value measurement Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. The established fair value hierarchy 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. The three levels of inputs that may be used to measure fair value include: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. Accounting guidance also describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. Recurring The Group’s financial instruments are not measured at fair value in the consolidated balance sheets, but for which the fair value is estimated for disclosure purpose. The carrying amount of cash and cash equivalents, restricted cash-current portion, accounts receivable, insurance premium receivables, amounts due from related parties, other receivables, accounts payable, insurance premium payables, other payables and amount due to related parties approximate their net carrying values reported in the consolidated balance sheets due to the short term maturities of these instruments. Restricted cash-non current portion, long-term borrowings and operating lease liabilities are measured at amortized cost using discounted rates reflected time value of money. As the market interest rate is relatively stable during the reporting period, the carrying values of restricted cash-non current portion and long-term borrowings approximated their fair values reported in the consolidated balance sheets. Investment accounted for at fair value are measured at fair value. Non-recurring The Group measures certain financial assets, including equity securities without readily determinable fair value and investments under equity method, at fair value on a non-recurring non-financial |
Property, Plant and Equipment, net | (l) Property, Plant and Equipment, net Property, plant and equipment are stated at cost. Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives, taking into account residual value, if any. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Office furniture and equipment 5~10 0%~5% Computer and electronic equipment 3~5 years 0%~5% Motor vehicles 4~5 years 5% Leasehold improvements shorter of remaining lease Nil Expenditures for maintenance and repairs are expensed as incurred. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation/amortization are removed from the accounts and any resulting gain or loss is recognized in consolidated statements of comprehensive income/(loss). |
Intangible assets, net | (m) Intangible assets, net Intangible assets with an indefinite useful life represent the insurance brokerage license, insurance agency license and insurance adjusting license. Intangible assets with an indefinite useful life are not amortized and are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired. Intangible assets with finite lives represent domain name and purchased computer software. These intangible assets are amortized on a straight-line basis over their estimated useful lives of the respective assets. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Domain name 10 years 0 % Purchased computer software 3~10 years 0 % |
Impairment of long-lived assets and intangible assets | (n) Impairment of long-lived assets and intangible assets Long-lived assets including property, plant and equipment and intangible assets with indefinite lives and finite lives, are assessed for impairment, whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Group measures the carrying amount of long-lived assets against the estimated undiscounted future cash flows associated with it. Impairment exists when the estimated undiscounted future cash flows are less than the carrying value of the asset being evaluated. Impairment loss is calculated as the amount by which the carrying value of the asset exceeds its fair value. No impairment loss was recognized for the years ended December 31, 2019, 2020 and December 31, 2021. |
Goodwill | (o) Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired in a business combination. Impairment of goodwill assessment is performed on at least an annual basis on December 31 or whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. According to ASC 350-20-35, two-step |
Asset acquisition | (p) Asset acquisition When the Company acquires other entities, if the assets acquired and liabilities assumed do not constitute a business, the transaction is accounted for as an asset acquisition. Assets are recognized based on the cost, which generally includes the transaction costs of the asset acquisition, and no gain or loss is recognized unless the fair value of noncash assets given as consideration differs from the assets’ carrying amounts on the Company’s financial statements. The cost of a group of assets acquired in an asset acquisition is allocated to the individual assets acquired or liabilities assumed based on their relative fair value and does not give rise to goodwill. |
Long-term investments | (q) Long-term investments (i) Equity investments accounted for using the equity method In accordance with ASC 323 — “Investment — Equity Method and Joint Ventures”, the Group applies the equity method of accounting to equity investments, in common stock or in-substance common stock, over which it has significant influence but does not own a majority equity interests or otherwise control. An investment in in-substance common stock is an investment that has risk and reward characteristics that are substantially similar to that entity’s common stock. The Group considers subordination, risks and rewards of ownership and obligation to transfer value when determining whether an investment in an entity is substantially similar to one in that entity’s common stock. Under the equity method, the Group initially records its investment at cost. The difference between the cost of the equity investment and the amount of the underlying equity in the net assets of the equity investee is recognized as equity method goodwill or as an intangible asset as appropriate. The Group subsequently adjusts the carrying amount of the investment to recognize the Group’s proportionate share of each equity investee’s net income or loss into the consolidated statements of comprehensive income (loss) after the date of acquisition. When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee. The Group continually reviews its investment in equity investees under the equity method to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds. The fair value determination, particularly for investments in early stage privately held companies, requires significant judgment to determine appropriate estimates and assumptions. Changes in these estimates and assumptions could affect the calculation of the fair value of the investments and the determination of whether any identified impairment is other-than-temporary. If any impairment is considered other-than-temporary, the Group writes down the asset to its fair value and takes the corresponding charge to the consolidated statements of comprehensive income (loss). (ii) Investments accounted for at fair values Securities with readily determinable fair values are measured at fair value. Equity securities accounted for at fair values include investments in i) marketable equity securities, which are publicly traded stock and ii) unlisted companies, for which the Company measures at fair value on a recurring basis. Pursuant to ASC 321, for equity investments measured at fair value with changes in fair value recorded in earnings, the Company does not assess whether those securities are impaired. (iii) Equity investments measured at measurement alternative and Private equity funds pursue various investment strategies. Investments in private equity funds generally are not redeemable due to the closed-ended nature of these funds. The private equity fund, over which the Group does not have the ability to exercise significant influence, is accounted for under the practical expedient in ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”) to estimate fair value using the net asset value per share (or its equivalent) of the investment (“NAV practical expedient”). For investments in an investee over which the Group does not have significant influence and which do not have readily determinable fair value and do not qualify for NAV practical expedient, the Company elects to record these investments at cost, less impairment, and plus or minus subsequent adjustments for observable price changes, in accordance with ASU 2016-01. Under this measurement alternative, changes in the carrying value of the equity investment will be required to be made whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. For those equity investments that the Company elects to use the measurement alternative, the Company makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Company has to estimate the investment’s fair value in accordance with the principles of ASC 820. If the fair value is less than the investment’s carrying value, the Company recognizes an impairment loss in net income (loss) equal to the difference between the carrying value and fair value. |
Short-term and long-term borrowings | (r) Short-term and long The Short-term and long |
Insurance Premium Payables | ( s Insurance Premium Payables Insurance premium payables are insurance premiums collected on behalf of insurance companies but not yet remitted as of the balance sheet dates, and insurance premiums due but not yet collected from the insured. |
Lease | ( t Lease Before January 1, 2020, the Group adopted ASC Topic 840 (“ASC 840”), Leases, and each lease is classified at the inception date as either a capital lease or an operating lease. The Group adopted ASU No. 2016-02, The Group determines if an arrangement is a lease or contains a lease at lease inception. For operating leases, the Group recognizes a right of use(“ROU”) asset and a lease liability based on the present value of the lease payments over the lease term on the consolidated balance sheets at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company estimates its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Lease terms are determined after taking into account of rental escalation clauses, renewal options and/or termination options, if any. Lease expense is recorded in the consolidated statements of comprehensive income/(loss) on a straight-line basis over the lease term. Upon adoption, the Group as the lessee of operating leases recognized ROU assets and lease liabilities (including current and non-current) |
Share-based Compensation | ( u Share-based Compensation Employee share-based compensation All forms of share-based payments to employees, including employee stock options, employee stock purchase plans restricted shares and shares award, are treated the same as any other form of compensation by recognizing the related cost in the consolidated statements of comprehensive income/(loss) in accordance with ASC 718, “Stock Compensation”. In accordance with the guidance, the Company determines whether a share option should be classified and accounted for as a liability award or an equity award. Compensation cost related to employee stock options or similar equity instruments is measured at the grant date based on the fair value of the award. The fair value of a liability-classified award will be re-measured pro-rated For restricted shares granted with service conditions and performance conditions and a graded vesting features, share-based compensation expenses are recorded net of estimated forfeitures using graded vesting method during the requisite service period, such that expenses are recorded only for those share-based awards that are expected to ultimately vest. For share options granted with service condition and the occurrence of an IPO as performance condition, cumulative share-based compensation expenses for the options that have satisfied the service condition, amounting to RMB16,390 thousand, were recorded upon the completion of the IPO in 2020, the remaining share-based compensation expenses are recorded net of estimated forfeitures using graded-vesting method during the requisite service period. The Group utilizes the binomial option pricing model to determine the fair value of share options, and determines the fair value of restricted share based on the fair value of the underlying common shares at the grant date considering the dilutive effect of restricted share. |
Fair Value of Redeemable Preferred Shares and Common Shares | ( v Fair Value of Redeemable Preferred Shares and Common Shares Shares of the Company, which do not have quoted market prices, were valued based on the income approach. The income approach involves applying the discounted cash flow analysis based on projected cash flow using the Group’s best estimate as of the valuation dates. Estimating future cash flow requires the Group to analyze projected revenue growth, gross margins, effective tax rates, capital expenditures and working capital requirements. In determining an appropriate discount rate, the Group considered the cost of equity and the rate of return expected by venture capitalists. The Group also applied a discount for lack of marketability given that the shares underlying the award were not publicly traded at the time of grant. Determination of estimated fair value of the Group requires complex and subjective judgments due to its limited financial and operating history, unique business risks and limited public information on companies in China similar to the Group. Option-pricing method was used to allocate enterprise value to redeemable preferred shares and common shares. The method treats redeemable preferred shares and common shares as call options on the enterprise’s value, with exercise prices based on the redeemable preferred shares. The strike prices of the “options” based on the characteristics of the Group’s capital structure, including number of shares of each class of common shares, seniority levels and redemption values for the redeemable preferred shares. The option-pricing method also involves making estimates of the volatility of the Group’s equity securities. The anticipated timing is based on the plans of board of directors and management of the Group. Estimating the volatility of the share price of a privately held company is complex because there is no readily available market for the shares. Volatility is estimated based on annualized standard deviation of daily stock price return of comparable companies. |
Redeemable Preferred Shares and Convertible Bond | ( w Redeemable Preferred Shares and Convertible Bond Accounting of Redeemable Preferred Shares The Company classified the redeemable preferred shares as mezzanine equity in the consolidated balance sheets because they were redeemable at the holders’ option any time after a certain date and were contingently redeemable upon the occurrence of certain events outside of the Company’s control. The redeemable preferred shares are recorded initially at fair value, net of issuance costs. The Group determined that the redemption features do not require bifurcation as they either are clearly and closely related to the redeemable preferred shares or do not meet the definition of a derivative. The Group has determined that there was no embedded beneficial conversion feature (“BCF”) attributable to the redeemable preferred shares. In making this determination, the Group compared the initial effective conversion prices of the redeemable preferred shares and the fair values of the Group’s common shares determined by the Group at the issuance dates. The initial effective conversion prices were greater than the fair values of the common shares to which the redeemable preferred shares are convertible into at the issuance dates. Subsequently, the carrying amount is increased by periodic accretion, using the interest method, so that the carrying amount will equal to mandatory redemption amount on the redemption date. Accounting of convertible bond The Company determined convertible bond, which was classified as liabilities, initially at par under ASC 470 and subsequently stated at amortized cost plus accrued unpaid interest. The Company has determined that there was a BCF as its conversion price is lower than the Company’s stock price at the commitment date. The BCF was recognized as a discount to the convertible bond which was subsequently amortized as interest expenses using the effective interest method over the period from the issuance date to the maturity date. |
Employee Benefit Plans | ( x Employee Benefit Plans As stipulated by the regulations of the PRC, the Group’s subsidiaries and VIE in the PRC participate in various defined contribution plans organized by municipal and provincial governments for its employees. The Group is required to make contributions to these plans at a percentage of the salaries, bonuses and certain allowances of the employees. Under these plans, certain pension, medical and other welfare benefits are provided to employees. The Group has no other material obligation for the payment of employee benefits associated with these plans other than the annual contributions described above. The contributions are charged to the consolidated statements of income and comprehensive income/(loss) as they become payable in accordance with the rules of the above mentioned defined contribution plans. |
Revenue recognition | ( y Revenue recognition Revenue is the transaction price the Group expects to be entitled to in exchange for the promised services in a contract in the common course of the Group’s activities and is recorded net of value-added tax (“VAT”). The services to be accounted for mainly include insurance brokerage and consulting services. The Group has adopted ASU 2014-09, The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, the Group applies the following steps: • Step 1: Identify the contract (s) with a customer • Step 2: Identify the performance obligations in the contract • Step 3: Determine the transaction price • Step 4: Allocate the transaction price to the performance obligations in the contract • Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation Under Topic 606, the Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer is recognized as a contract asset. The Group recognize a contract liability if the customer’s payment of consideration precedes the Group’s performance. Insurance brokerage services The primary source of revenues is commissions from insurance brokerage services, determined based on a percentage of premiums paid by insured. The brokerage fee rate, which is paid by the insurance companies, shall be based on the terms specified in the annual service contract with the insurance company for each product sold through the Group. The Group determines that the insurance company, or the insurer, is its customer in this agreement. Insurance brokerage services revenue is recognized when the signed insurance policy is in place and the premium is collected from the insured since the Company has fulfilled its performance obligation to sell an insurance policy on behalf of the insurance company. The Group is also entitled to a performance bonus from insurance companies if the cumulative average monthly sales volume exceeds a predetermined level. Such bonus is determined at the end of each month and recognized as revenue. Other services The Group provides digital and technology development services to certain insurance companies. Upon the delivery of programs developed, the Group’s performance obligation related to the technology service has been fully fulfilled. However, the timing of revenue recognition may differ from contract to contract based on whether performance obligations satisfy the criteria of recognizing revenue over time, in accordance with ASC 606. Since the deliverables usually do not have alternative use to the Group, revenue is recognized over time once there is an indicator that the Group has an enforceable right to payment for performance completed to date. Otherwise, the revenue is recognized at a point in time. For cargo insurance products, in addition to the commission from brokerage service paid by the insurance companies, the Group also generates service fees from rendering consulting service to assist the insured to obtain such a cargo insurance policy. The Group determines that the insured is its customer in this consulting service arrangement. Upon successful purchase of cargo insurance products by the insured, the Group’s performance obligation related to consulting service to the insured has been fully fulfilled, as such, revenue for those services is recognized when the insurance product has been purchased. While the insurance premium is set by the respective insurance companies, the consulting service fee is determined by the Group based on a percentage of insurance premium. Of the total contract price received from the insured, the amount equal to the premium of the cargo insurance product as agreed with insurance company is recorded as insurance premium payable while the remaining is recorded as revenue for the consulting service. Value added tax The Group is subject to value-added-tax |
Cost of revenue | ( z Cost of revenue A large component of the Group’s cost of revenue is channel cost, which is service fee paid to user traffic channels for successful sales, including social media influencers, emerging media channels and financial institutions. These user traffic channels have influences over their followers and users, who are potential insurance policyholders. Determination of channel cost is based on the service fee rate multiplied by the insurance premium sold. Channel cost is recognized in the year it incurred. The accounts payable represent channel cost payable to user traffic channels. Another component of cost of revenue is payroll of insurance consultants, who are in charge of identifying and acquiring potential customers through providing advices related to insurance product. |
Selling expenses | ( aa Selling expenses The Group records its marketing campaign expenses and loyalty points as selling expenses. Marketing campaign expenses consist primarily of advertising and marketing promotion expenses. Advertising and marketing expenses, amounting to approximately RMB47,927 thousand, RMB71,472 thousand and RMB97,945 thousand for the years ended December 31, 2019, 2020 and 2021, respectively, are charged to the consolidated statements of comprehensive income/(loss) as incurred. Beside marketing campaign expenses, selling expenses consist of salaries and employment benefits for employees who work in brokerage service line, office rental, telecommunications and office supply expenses incurred in connection with sales activities. The Group operates a loyalty program which offers points to its users. Such loyalty points can be used to redeem a variety of gifts and services that the Group purchased from third-party providers. Users have a variety of ways to obtain the points, such as signing up an account, inviting friends, and comment on the insurance product, etc. The Group accounts for such points as selling expenses with a corresponding liability recorded under other payables and accrued expenses of consolidated balance sheets upon the offering of these points. The Group estimates liabilities under the loyalty program based on cost of the gifts and services that can be redeemed taking into account estimated breakage. At the time of redemption, the Group records a reduction of other payables and accrued expenses. |
General and Administrative Expenses | ( bb General and Administrative Expenses General and administrative expenses consist of payroll, rental, and related expenses for employees involved in general corporate functions, including finance, legal and human resources, as well as costs associated with use of facilities and equipment, such as depreciation expenses and other general corporate related expenses. General and administrative expenses also include surcharges on VAT payments according to PRC tax. |
Others, net | ( cc Others, net Others, net, mainly consist of non-operating |
Taxation | ( dd Taxation Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the consolidated statements of comprehensive income/(loss) in the year of the enactment of the change. The Group considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with unused accumulated tax loss, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Group has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and loss carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. The Group recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not |
Net profit/(loss) per share | ( ee Net profit /(loss) per share Basic loss per share is computed by dividing net profit/(loss) attributable to common shareholders by the weighted average number of common shares outstanding during the year using the two-class two-class if-converted |
Segment reporting | ( ff Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Group determines that their chief executive officer (“CEO”) is the chief operating decision-maker. The Group manages its business as a single operating segment engaged in the provision of insurance brokerage services in the PRC. Substantially all of its revenues are derived in the PRC. All long-lived assets are located in PRC. |
Significant Risk and Uncertainties | ( gg Significant Risk and Uncertainties Currency risk The RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of RMB is subject to changes in central government policies and international economic and political developments that affect supply and demand in the China Foreign Exchange Trading System market of cash and cash equivalents and restricted cash. The Group had aggregate amounts of RMB 247,354 thousand, RMB 429,970 thousand and RMB 481,589 thousand of cash and cash equivalents and restricted cash denominated in RMB as of December 31, 2019, 2020 and December 31, 2021, respectively. Concentration of Credit Risk Details of the customers accounting for 10% or more of total operating revenue are as follows: Year Ended December 31 2019 % 2020 % 2021 % RMB RMB RMB Customer A 94,182 10 % 32,347 3 % 715,287 32 % Customer K — 0 % 292,975 24 % 489,862 22 % Customer L 35,791 4 % 152,296 12 % 191,059 9 % Customer H 124,946 13 % 67,823 6 % 186,036 8 % Customer B 184,035 19 % 97,624 8 % 156,754 7 % Customer C 142,443 14 % 63,179 5 % 62,753 3 % Customer I 57,081 6 % 157,750 13 % 46,972 2 % 638,478 66 % 863,994 71 % 1,848,723 83 % Details of the customers which accounted for 10% or more of accounts receivable are as follows: As of December, 31 2020 % 2021 % RMB RMB Customer A 13,057 6 % 464,289 60 % Customer H — 0 % 165,688 21 % Customer K 67,726 29 % 32,702 4 % Customer L 38,040 16 % 20,156 3 % 118,823 51 % 682,835 88 % The Group performs ongoing credit evaluations of its customers and generally does not require collateral on accounts receivable. The Group places its cash and cash equivalents with financial institutions with high-credit ratings and quality. Interest rate risk Fluctuations in market interest rates may negatively affect the Group’s financial condition and results of operations. The Group have not been exposed to material risks due to changes in market interest rates as the borrowings held by the Group all bear interest at a fixed interest rate. |
Recent Accounting Pronouncements | ( hh Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, available-for-sale In December 2019, the FASB issued ASU 2019-12, 2019-12 2019-12 In January 2020, the FASB issued ASU 2020-1, 202o-01 In March 2020, FASB issued ASU No. 2020-04, In August 2020, the FASB issued ASU No. 2020-06, 470-20) (Subtopic 815-40)”. In November 2021, the FASB issued ASU No. 2021-10, |
Principal Activities and Reor_2
Principal Activities and Reorganization (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Principal Subsidaries, Consolidated VIE and Subsidiaries of VIE | As of December 31, 2021, the Company’s principal subsidiaries, consolidated VIE and subsidiaries of VIE are as follows: Principal Subsidiaries Date of Incorporation/ Establishment Place of Incorporation/ Establishment Percentage of Direct Indirect Economic Interest Principal Activities Smart Choice Ventures Limited (“Smart Choice”) January 14, 2015 British Virgin Islands 100 % Investment holding Hong Kong Smart Choice Ventures Limited (“HK Smart Choice”) February 18, Hong Kong 100 % Investment holding Zhixuan International Management Consulting (Shenzhen) Co., Ltd. (“Shenzhen Zhixuan”) June 9, 2015 PRC 100 % Management consulting Huize Global (HK) Limited March 26, 2021 Hong Kong 100 % Investment holding Huize Hong Kong Insurance Broker Limited May 5, 2021 Hong Kong 100 % Insurance brokerage VIE Shenzhen Huiye Tianze Investment Holding Co., Ltd October 30, PRC 100 % Investment, investment VIE’s Principal Subsidiaries Huize Insurance Brokerage Co., Ltd. (“Huize Insurance Brokerage”) October 14, PRC 100 % Insurance brokerage Shenzhen Huize Shidai Co., Ltd. (“Huize Technology”) April 28, 2012 PRC 100 % Technology development Hefei Huize Internet Technology Co., Ltd. (“Hefei Huize”) August 5, 2015 PRC 100 % Technology development Shenzhen Zhixuan Wealth Investment Management Co., April 20, 2016 PRC 100 % Management consulting, Huize (Chengdu) Internet Technology Co., Ltd. (“Chengdu May 11, 2018 PRC 100 % Technology development |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summarized of Financial Information Group's Consolidated Financial Statements | The following table sets forth the assets, liabilities, results of operations and cash flows of Huiye Tianze and its subsidiaries, which are included in the Group’s consolidated financial statements. Transactions between the VIE and its subsidiaries are eliminated in the balances presented below: Selected Condensed Consolidated Balance Sheets Information As of December 31, 2020 December 31, 2021 RMB RMB Assets Current assets Cash and cash equivalent 211,979 323,011 Restricted cash 217,950 127,315 Account receivables, net of allowance for impairment 232,589 777,055 Insurance premium receivables 1,974 1,217 Prepaid expense and other receivables 66,323 106,865 Total current assets 730,815 1,335,463 Non-current assets Restricted cash — 24,680 Property, Plant and Equipment, net 10,217 47,800 Intangible assets, net 2,030 18,979 Deferred tax assets 605 605 Long-term investments 36,889 59,450 Operating lease right-of-use assets 267,352 241,880 Goodwill 461 461 Other Assets 838 379 Total non-current 318,392 394,234 Total assets 1,049,207 1,729,697 Liabilities and Shareholders’ Equity Short-term borrowings 31,540 216,710 Accounts payable 227,532 680,183 Insurance premium payables 187,219 124,019 Contract liabilities — 2,681 Other payables and accrued expenses 39,419 207,461 Payroll and welfare payable 52,564 92,094 Income taxes payable 2,440 2,440 Operating lease liabilities 12,763 12,362 Amount due to related parties — 11,875 Total current liabilities 553,477 1,349,825 Non-current liabilities Long-term borrowings 53,860 20,000 Deferred tax liabilities 605 4,455 Operating lease liabilities 252,106 245,396 Total non-current liabilities 306,571 269,851 Total liabilities 860,048 1,619,676 Shareholders’ equity Common shares 44,766 44,766 Additional paid-in capital 462,858 460,157 Accumulated deficit (318,465 ) (395,751 ) Total shareholders’ equity attributable to Huize Holding Limited shareholders 189,159 109,172 Non-controlling interests — 849 Total shareholders’ equity 189,159 110,021 Total liabilities and shareholders’ equity 1,049,207 1,729,697 Selected Condensed Consolidated Statements of Income Information For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Operating revenue Brokerage commission income 973,715 1,215,434 2,231,388 Other income 11,195 4,560 11,494 Total operating revenue 984,910 1,219,994 2,242,882 Operating costs and expenses Cost of revenue (622,906 ) (813,507 ) (1,687,770 ) Other cost (1,837 ) (2,846 ) (2,670 ) Total operating costs (624,743 ) (816,353 ) (1,690,440 ) Selling expenses (163,119 ) (230,438 ) (346,305 ) General and administrative expenses (153,324 ) (136,921 ) (172,822 ) Research and development expenses (33,831 ) (49,135 ) (120,478 ) Total operating costs and expenses (975,017 ) (1,232,847 ) (2,330,045 ) Operating income/(loss) 9,893 (12,853 ) (87,163 ) Other income/(expenses) Interest expenses (197 ) (1,813 ) (4,092 ) Unrealized exchange income/(loss) 421 (421 ) — Investment income — 137 (1,369 ) Others, net 12,690 10,153 12,627 Profit before income tax, and share of (loss)/income of equity method investee 22,807 (4,797 ) (79,997 ) Income tax expense (20 ) (1,768 ) — Share of (loss)/income of equity method investee (180 ) 239 2,660 Net profit/(loss) 22,607 (6,326 ) (77,337 ) Net profit/(loss) attributable to non-controlling interests — — (51 ) Net profit/(loss) attributable to Huize Holding Limited 22,607 (6,326 ) (77,286 ) Redeemable preferred shares redemption value accretion — — — Allocation to redeemable preferred shares — — — Net profit/( loss ) attributable to common shareholders 22,607 (6,326 ) (77,286 ) Net profit/( loss ) 22,607 (6,326 ) (77,337 ) Foreign currency translation adjustment, net of tax — — — Comprehensive income/(loss) 22,607 (6,326 ) (77,337 ) Comprehensive income/(loss) attributable to non-controlling interests — — (51 ) Comprehensive income/(loss) attributable to Huize Holding Limited 22,607 (6,326 ) (77,286 ) Selected Condensed Consolidated Cash Flows Information For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Net cash provided by/(used in) operating activities 120,566 168,225 (152,844 ) Cash flows from investing activities: Purchase of long-term investment (2,000 ) (22,450 ) (22,601 ) Purchase of property, equipment and intangible assets (6,035 ) (8,162 ) (37,359 ) Proceeds from disposal of property, equipment and intangible assets 60 — 961 Acquisition of subsidiary, net of cash paid — (569 ) (11,805 ) Payments of inter-company balances — — (5,050 ) Proceeds from disposal of investments — — 890 Others 11 137 241 Net cash used in investing activities (7,964 ) (31,044 ) (74,723 ) Cash flows from financing activities: Proceeds from issuance of common share and redeemable preferred shares during Reorganization (62 ) — — Proceeds from borrowings 30,000 105,400 184,000 Repayments of borrowings (35,285 ) (61,266 ) (40,503 ) Repayments of convertible bonds (8,794 ) — — Proceeds from inter-company balances — — 128,000 Proceeds from exercise of share option — 245 247 Cash received by subsidiaries from minority shareholders — — 900 Net cash (used in)/provided by financing activities (14,141 ) 44,379 272,644 Effect of exchange rate changes on cash and cash equivalents — — — Net increase in cash and cash equivalents and restricted cash 98,461 181,560 45,077 Total cash and cash equivalents and restricted cash at beginning of year 149,908 248,369 429,929 Total cash and cash equivalents and restricted cash at end of year 248,369 429,929 475,006 |
Summary of Estimated Useful Life and Residual Value of Property Plant and Equipment | Property, plant and equipment are stated at cost. Depreciation and amortization are calculated using the straight-line method over the following estimated useful lives, taking into account residual value, if any. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Office furniture and equipment 5~10 0%~5% Computer and electronic equipment 3~5 years 0%~5% Motor vehicles 4~5 years 5% Leasehold improvements shorter of remaining lease Nil |
Summary of Estimated Useful Life and Residual Value of Intangible Assets | Intangible assets with finite lives represent domain name and purchased computer software. These intangible assets are amortized on a straight-line basis over their estimated useful lives of the respective assets. The table below sets forth the estimated useful life and residual value: Category Estimated useful life Residual value Domain name 10 years 0 % Purchased computer software 3~10 years 0 % |
Summary of Customer Concentration Risk | Details of the customers accounting for 10% or more of total operating revenue are as follows: Year Ended December 31 2019 % 2020 % 2021 % RMB RMB RMB Customer A 94,182 10 % 32,347 3 % 715,287 32 % Customer K — 0 % 292,975 24 % 489,862 22 % Customer L 35,791 4 % 152,296 12 % 191,059 9 % Customer H 124,946 13 % 67,823 6 % 186,036 8 % Customer B 184,035 19 % 97,624 8 % 156,754 7 % Customer C 142,443 14 % 63,179 5 % 62,753 3 % Customer I 57,081 6 % 157,750 13 % 46,972 2 % 638,478 66 % 863,994 71 % 1,848,723 83 % Details of the customers which accounted for 10% or more of accounts receivable are as follows: As of December, 31 2020 % 2021 % RMB RMB Customer A 13,057 6 % 464,289 60 % Customer H — 0 % 165,688 21 % Customer K 67,726 29 % 32,702 4 % Customer L 38,040 16 % 20,156 3 % 118,823 51 % 682,835 88 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Assets Measured on Recurring Basis | The following tables set forth, by level within the fair value hierarchy, financial assets measured at fair value as of December 31, 2020 and 2021. As required by ASC Topic 820, financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the respective fair value measurement. As of December 31, 2021 Level 1 Level 2 Level 3 Total RMB RMB Investments accounted for at fair value Listed equity securities 840 — — 840 |
Acquisitions of subsidiary (Tab
Acquisitions of subsidiary (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Purchase Price of the Assets | The purchase price of the assets are as follows: As of December 31, 2021 RMB Cash 1,954 Intangible assets — Insurance adjusting licenses 3,067 Intangible assets — Insurance agency licenses 12,336 Accounts receivable, net of allowance for doubtful accounts 37 Prepaid expense and other receivables 194 Property, plant and equipment, net 19 Intangible assets, net 30 Total assets acquired 17,637 Accounts payable (3 ) Payroll and welfare payable (22 ) Income taxes payable (2 ) Deferred tax liabilities (3,851 ) Total liabilities assumed (3,878 ) Net assets acquired 13,759 |
Accounts Receivable, Net of A_2
Accounts Receivable, Net of Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Summary of Account Receivables, Net of Allowance for Doubtful Accounts | Account receivables, net of allowance for doubtful accounts by the Group consist of the following: As of December 31, 2020 December 31, 2021 RMB RMB Accounts receivable 234,313 780,431 Less: allowance for doubtful accounts (1,724 ) (3,169 ) Accounts receivable, net 232,589 777,262 |
Summary of Movement of Allowance for Doubtful Accounts | The following table summarizes the movement of the Group’s provision for doubtful accounts: As of December 31, 2020 December 31, 2021 RMB RMB Balance at the beginning of the year 1,127 1,724 Provision for doubtful accounts 709 1,445 Write-offs (112 ) — Balance at the end of the year 1,724 3,169 |
Related Party Balances and Tr_2
Related Party Balances and Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule Of Service Provided By Related Partiesable | Details of related party transactions for the years ended December 31, 2019, 2020 and 2021 are as follows: Service provided by related parties: For the year ended December 31 2019 2020 2021 RMB RMB RMB Technology service fee to Xiaoke — — 11,609 Others — — 552 Total — — 12,161 |
Schedule of Related Party Transactions | Details of related party balances as of December 31, 2020 and 2021 are as follows: Amounts due from related parties: As of December 31, 2020 December 31, 2021 RMB RMB Shareholders 251 128 251 128 As of December 31, 2020 December 31, 2021 RMB RMB Xiaoke 11,753 Others — 122 — 11,875 |
Prepaid Expenses and Other Re_2
Prepaid Expenses and Other Receivables and Other assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Prepaid Expenses and Receivables | Prepaid expenses and other receivables and other assets consist of the following, with current portion presented as Prepaid expenses and other receivables and non-current As of December 31, 2020 December 31, 2021 RMB RMB Current portion: Prepaid input value-added tax 15,331 44,017 Rental and other deposits 11,285 14,532 Advances to suppliers 11,523 13,731 Interest receivables (a) 908 2,177 Advances to staff (b) 395 970 Directors and officers liability insurance 558 658 Claim advance on behalf of insurer 371 77 Advances to share repurchase 4,479 — Others 117 1,939 44,967 78,101 Less: Allowance for impairment (590 ) (590 ) 44,377 77,511 Non- current Prepayment related to investment — 200 Advances to long-term assets 838 179 838 379 (a) This represented accrued interest income on bank deposits. (b) This represented advances to staff of the Group for daily business operations which are unsecured, interest-free and repayable on demand. |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment, Net | Property, plant and equipment, net, consist of the following: As of December 31, 2020 December 31, 2021 RMB RMB Computer and electronic equipment 17,313 31,041 Leasehold improvements 4,958 27,238 Office furniture and equipment 2,820 10,755 Motor vehicles 2,360 2,443 Total 27,451 71,477 Less: Accumulated depreciation (1) (17,200 ) (23,016 ) Property, equipment and equipment, net 10,251 48,461 (1) Depreciation expenses for the years ended December 31, 2019, 2020 and 2021 were RMB 3,441 thousand, RMB 4,684 thousand and RMB 6,474 thousand, respectively. |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The intangible assets, net consisted of the following: As of December 31, 2020 December 31, 2021 RMB RMB Insurance agency license (note 4) — 12,336 Insurance adjusting license (note 4) — 3,067 Insurance brokerage license — 2,647 Software and system 2,943 5,436 Domain name 580 580 Total 3,523 24,066 Less: Accumulated amortization (1) (1,493 ) (2,440 ) Intangible assets, net 2,030 21,626 (1) Amortization expenses for the years ended December 31, 2019, 2020 and 2021 was RMB 338 thousand, RMB 424 thousand and RMB 950 thousand, respectively. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The amortization of the coming 5 years is: As of December 31, 2021 RMB 2022 1,164 2023 1,051 2024 734 2025 445 2026 66 |
Long-term Investments (Tables)
Long-term Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment Company [Abstract] | |
Summary of Long Term Investments | Equity investments measured Equity Method Investment Equity Total RMB RMB RMB RMB RMB Balances at January 1, 2019 12,500 9,075 — — 21,575 Additions 2,000 — — — 2,000 Share of earnings/(loss) of an equity investee — (180 ) — — (180 ) Balances at December 31, 2019 14,500 8,895 — — 23,395 Balances at January 1, 2020 14,500 8,895 — — 23,395 Additions 1,000 21,450 — — 22,450 Share of earnings/(loss) of an equity investee — 239 — — 239 Reclassification 9,195 (9,195 ) — — — Balances at December 31, 2020 24,695 21,389 — — 46,084 Balances at January 1, 2021 24,695 21,389 — — 46,084 Additions 12,500 9,900 4,641 6,373 33,414 Share of earnings/(loss) of an equity investee — 2,660 — — 2,660 Fair value change — — (1,339 ) (2,885 ) (4,224 ) Realized gain/(loss) — — 265 — 265 Exchange adjustments — — 203 29 232 Impairment (1,610 ) — — — (1,610 ) Disposal (890 ) — (2,930 ) — (3,820 ) Balances at December 31, 2021 34,695 33,949 840 3,517 73,001 |
Short-term Borrowing (Tables)
Short-term Borrowing (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Short-term Borrowing | As of December 31, 2020 December 31, 2021 RMB RMB Bank borrowings (1) 30,000 170,000 Current portion of long-term borrowings (note 15) 1,540 46,710 31,540 216,710 (1) The Group obtained short-term borrowings to support its operation. The borrowings bear interest 4.50% for the year ended for the year ended |
Other Payables and Accrued Ex_2
Other Payables and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Other payable and accrued expenses consist of the following: As of December 31, 2020 December 31, 2021 RMB RMB Other tax payables 12,797 32,006 Other payable to suppliers 4,208 17,365 Accrued marketing expense -loyalty points 3,175 7,414 Professional fees 5,623 7,068 Advances from the insured 3,047 3,211 Interest payable 206 655 Deposits 312 625 Government housing benefit 800 — Others 985 2,911 31,153 71,255 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Composition of Income Tax Expense | The current and deferred portions of income tax expense included in the consolidated statements of comprehensive income/(loss) during the years ended December 31, 2019, 2020 and 2021 are as follows: For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Current income tax expense 37 2,234 — Deferred income tax expense/(benefit) 20 (466 ) — Income tax expense 57 1,768 — |
Summary of Reconciliation of Income Tax Expense | Reconciliation between the income tax expense computed by applying the EIT tax rate to income before income taxes and actual provision were as follows: For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Profit/(Loss) before income tax 15,025 (16,524 ) (107,717 ) Tax expense/(benefit) at EIT tax rate of 25% 3,756 (4,131 ) (26,929 ) Effect of different tax rates applicable to different subsidiaries of the Group (3,394 ) 490 (3,195 ) Changes in valuation allowance (24,412 ) 1,290 37,948 Investment income not subject to tax (171 ) (34 ) (769 ) Expenses not deductible for tax purposes 29,067 11,561 2,872 Research and development tax credit (4,789 ) (7,408 ) (12,627 ) Effect on deferred tax assets due to change in tax rates — — 2,700 Income tax expense 57 1,768 — |
Significant Components of Deferred Tax Assets and Deferred Tax Liabilities | The following tables sets forth the significant components of the deferred tax assets and deferred tax liabilities: December 31, 2020 December 31, 2021 RMB RMB Deferred tax assets Advertising expenses — 1,105 Net accumulated losses carry forward 31,218 67,714 Depreciation and amortization 160 271 Allowance for doubtful accounts 575 940 Accrued expenses 3,153 4,171 Less: valuation allowance (34,501 ) (73,596 ) Net deferred tax assets 605 605 Deferred tax liabilities Intangible assets — 4,287 Gain on equity method investee 605 605 Net deferred tax liabilities 605 4,892 |
Summary of Movement of Valuation Allowance | Movement of valuation allowance For the years Ended December 31, 2019 2020 2021 RMB RMB RMB Balance at the beginning of the year 57,623 33,211 34,501 Additions 2,173 7,318 37,961 Acquisition of subsidiaries — — 1,147 Reversals (26,585 ) (6,028 ) (13 ) Balance at end of the year 33,211 34,501 73,596 |
Long-term Borrowing (Tables)
Long-term Borrowing (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of the Group's long-term borrowings | The following table summarizes the details of the Group’s long-term borrowings: Maturity Principal Interest Rate As of Type Date Amount Per Annum December 31, 2020 December 31, 2021 RMB RMB Bank loan May 20, 2022 20,000 4.60 % 20,000 20,000 Bank loan May 19, 2023 20,000 4.75 % 20,000 20,000 Bank loan July 19, 2022 29,400 3.85 % 15,400 26,710 Total 55,400 66,710 Less: Current portion of long-term borrowings (1,540 ) (46,710 ) 53,860 20,000 |
Redeemable Preferred Shares a_2
Redeemable Preferred Shares and Convertible Bond (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Summary Of Group's Redeemable Preferred Shares Activities | The Group’s redeemable preferred shares activities for the years ended December 31, 2019, 2020 and 2021 are summarized below: Series A Shares Series B Shares Series B+ Shares Series B++ Shares Number of Shares Amount (RMB) Number of Shares Amount (RMB) Number of Shares Amount (RMB) Number of Shares Amount (RMB) Balances as of January 1, 2019 204,022,000 78,390 185,512,580 241,918 43,937,180 75,606 16,574,460 25,859 Redeemable Preferred Shares redemption value accretion — 5,682 — 19,354 — 6,048 — 1,770 Balances as of December 31, 2019 204,022,000 84,072 185,512,580 261,272 43,937,180 81,654 16,574,460 27,629 Balances as of January 1, 2020 204,022,000 84,072 185,512,580 261,272 43,937,180 81,654 16,574,460 27,629 Redeemable Preferred Shares redemption value accretion — 788 — 2,634 — 701 — 151 Conversion and re-designation (204,022,000 ) (84,860 ) (185,512,580 ) (263,906 ) (43,937,180 ) (82,355 ) (16,574,460 ) (27,780 ) Balances as of December 31, 2020 — — — — — — — — Balances as of December 31, 2021 — — — — — — — — |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | Share-based compensation was recognized in operating expenses for the years ended December 31, 2019, 2020 and 2021 as follows: For the year Ended December 31, 2019 2020 2021 RMB RMB RMB Cost of revenue 43 410 (387 ) Selling expenses 6,514 10,642 (475 ) General and administrative expenses 87,980 40,820 (665 ) Research and development expenses 421 381 (297 ) 94,958 52,253 (1,824 ) |
Share-based Payment Arrangement, Option, Activity | The following table sets forth the activities under the Company’s share options for the years ended December 31, 2019: Number of options Weighted Average Aggregate intrinsic RMB Outstanding at January 1, 2019 11,096,360 0.55 Granted — — Exercised (7,420,000 ) 0.56 Forfeited (3,676,360 ) 0.52 Outstanding at December 31, 2019 — — — Exercisable at December 31, 2019 — — — |
Summary of Share Based Compensation Stock Options Activity Outstanding | The following table summarizes information regarding the share options outstanding as of December 31, 2021: As of December 31, 2021 Options number Weighted average Weighted average Aggregate US$ US$ in thousand Outstanding 36,844,725 0.1608 8.71 — Exercisable 11,884,664 0.1709 7.97 — Expected to vest 24,960,061 0.1560 9.07 — |
Summary of Assumptions Used to Determine Fair Value of Share Options Granted | The fair value of the option plan was estimated on the date of each balance sheet date using the binomial option pricing model with the assumptions (or ranges thereof) in the following table: Weighted average 2020 2021 Exercise price (US$) 0.1607 0.1608 Expected forfeiture rate (post-vesting) 8.30 % 10.85 % Expected volatility 39.58 % 40.57 % Excepted term (in years) 8.50 8.71 Expected dividend yield 0 % 0 % Risk-free interest rate 0.7782 % 1.4658 % |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | The following table summarized the Company’s restricted shares activities under the Employees Restricted Shares Plan for the years ended December 31, 2019, 2020 and 2021: Options to Employees Weighted Average Grant-Date Fair Value Non-vested — — Granted 23,809,190 4.20 Vested — — Forfeited — — Non-vested 23,809,190 — Non-vested 23,809,190 — Granted — — Vested (7,000,739 ) — Forfeited (3,475,844 ) — Non-vested 13,332,607 — Non-vested 13,332,607 — Granted 320,000 2.49 Vested (4,925,510 ) — Forfeited (613,553 ) — Non-vested 8,113,544 — |
Global Share Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Payment Arrangement, Option, Activity | The following table summarized the Company’s activities under the Option Plan for the years ended December 31, 2019, 2020 and 2021: Number of options Weighted Average exercise price (US$) Outstanding at January 1, 2019 — — Granted 19,463,440 0.1607 Exercised — — Forfeited — — Outstanding at December 31, 2019 19,463,440 0.1607 Vested and exercisable at December 31, 2019 — — Outstanding at January 1, 2020 19,463,440 0.1607 Granted — — Exercised (707,396 ) 0.1607 Forfeited (2,601,993 ) 0.1607 Outstanding at December 31, 2020 16,154,051 0.1607 Vested and exercisable at December 31, 2020 5,004,126 0.1607 Outstanding at January 1, 2021 16,154,051 0.1607 Granted 21,631,945 0.1609 Exercised (201,040 ) 0.1607 Forfeited (740,231 ) 0.1607 Outstanding at December 31, 2021 36,844,725 0.1608 Vested and exercisable at December 31, 2021 11,884,664 0.1709 |
Operating Revenue (Tables)
Operating Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Brokerage income -Life and Health insurance business 902,596 1,166,118 2,170,767 -Property and Casualty insurance business 79,528 49,316 61,486 Brokerage income subtotal 982,124 1,215,434 2,232,253 Other income 11,195 4,788 12,763 Total operating revenue 993,319 1,220,222 2,245,016 |
Selling Expense (Tables)
Selling Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Selling Expense [Abstract] | |
Schedule of Selling Expense | For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Salaries and employment benefits 97,000 129,327 222,428 Advertising and marketing expenses 47,927 71,472 97,945 Rental and utilities expenses 5,323 6,961 13,781 Office expenses 3,658 5,877 5,623 Travelling expenses 1,927 1,689 3,734 Business development 471 384 761 Depreciation and amortizations 289 444 680 Share-based compensation expenses 6,514 10,642 (475 ) Others 1,556 3,642 6,096 Total 164,665 230,438 350,573 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
General and Administrative Expense [Abstract] | |
Summary of General And Administrative Expenses | For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Salaries and employment benefits 35,547 51,457 87,321 Rental and utilities expenses 1,468 2,332 33,486 Professional service expenses 13,343 20,075 31,868 Office expenses 3,058 3,811 8,532 Bank charges 7,380 7,849 7,955 Directors and Officers Liability Insurance premium — 6,127 7,798 VAT Surcharge 3,423 3,845 6,954 Depreciation and amortizations 1,538 1,875 2,195 Travelling expenses 2,682 1,648 1,675 Bad debt expense 626 1,218 1,445 Share-based compensation expenses 87,980 40,820 (665 ) Other 4,771 9,150 9,055 Total 161,816 150,207 197,619 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Earnings Per Share Basic And Diluted | Basic net loss per share and diluted net loss per share have been calculated in accordance with ASC 260 on computation of earnings per share for the years ended December 31, 2019, 2020 and 2021 as follows: For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB Numerator: Net profit/(loss) 14,968 (18,292 ) (107,717 ) Less: Net profit/(loss) attributable to non-controlling 66 — (51 ) Net profit/(loss) attributable to common shares and redeemable preferred shares 14,902 (18,292 ) (107,666 ) Redeemable Preferred Shares redemption value accretion (32,854 ) (4,274 ) — Allocation to redeemable preferred shareholders (7,431 ) 1,074 — Net loss attributable to common shareholders-Basic and diluted (25,383 ) (21,492 ) (107,666 ) Denominator: Denominator for basic loss per share weighted-average common shares outstanding 452,445,068 963,817,614 1,021,861,206 Dilutive effect of restricted shares — — — Dilutive effect of share options — — — Denominator for diluted loss per share weighted-average common shares outstanding 452,445,068 963,817,614 1,021,861,206 Basic and diluted loss per share (0.06 ) (0.02 ) (0.11 ) |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Supplemental Balance Sheet Information Related to Leases | The following table presents balances reported in the consolidated balance sheets related to the Group’s leases: As of As of RMB RMB Operating lease right-of-use 267,352 247,819 Operating lease liabilities 264,869 264,069 |
Summary of Lease Cost | For the years ended December 31, 2020 and 2021, total lease cost comprised of the following: For the Year Ended December 31, 2020 2021 RMB RMB Operating lease cost 8,293 46,102 Short term lease cost 622 385 Total lease cost 8,915 46,487 |
Summary of Operating Lease Liabilities | The following table presents the maturity of the Group’s operating lease liabilities as of December 31, 2021: As of RMB 2022 28,261 2023 26,639 2024 34,196 2025 35,268 2026 37,400 Thereafter 173,102 Total operating lease payments (undiscounted) 334,866 Less: Imputed interest (70,797 ) Total operating lease liabilities (discounted) 264,069 |
Summary of Supplemental Cash Flow Information Related to the Operating Leases | Supplemental cash flow information related to the operating leases was as follow (in thousands): For the Year Ended December 31, 2020 2021 RMB RMB Cash paid for amounts included in operating lease liabilities 11,383 27,360 |
Parent Company Only Condensed_2
Parent Company Only Condensed Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Balance sheet As of December 31, 2020 2021 RMB RMB USD$ Assets Cash and cash equivalent 187,217 16,291 2,556 Contract assets 216 — — Amount due from related parties 189 106 17 Prepaid expense and other receivables 131,895 291,666 45,770 Long-term investments 179,059 76,030 11,931 Total assets 498,576 384,093 60,274 Liabilities and Shareholders’ equity Other payables and accrued expenses 14,836 17,892 2,808 Contract liabilities — 4,555 715 Payroll and welfare payable 15,057 1,582 248 Total liabilities 29,893 24,029 3,771 As of December 31, 2020 2021 RMB RMB USD$ Note 2(f) Shareholders’ equity Class A common shares (US$0.00001 par value; 7,000,000,000 shares authorized as of December 31, 2020 and 2021, respectively; 894,456,046 shares issued as of December 31, 2020 and 2021, respectively; 888,506,366 shares and 886,166,726 shares outstanding as of December 31, 2020 and 2021, respectively) 62 62 10 Class B common shares (US$0.00001 par value; 800,000,000 shares authorized as of December 31, 2020 and 2021, respectively; 150,591,207 shares issued and outstanding as of December 31, 2020 and 2021, respectively) 10 10 2 Treasury stock (896,180 shares and 3,436,860 shares as of December 31, 2020 and December 31, 2021, respectively) (2,063 ) (9,545 ) (1,498 ) Additional paid-in 884,920 896,772 140,723 Accumulated other comprehensive loss (21,972 ) (27,295 ) (4,283 ) Accumulated deficit (392,274 ) (499,940 ) (78,451 ) Total shareholders’ equity 468,683 360,064 56,503 Total liabilities and shareholders’ equity 498,576 384,093 60,274 |
Condensed Statement of Comprehensive Income | Statement of Comprehensive Income/(Loss) Year Ended December 31, 2019 2020 2021 RMB RMB RMB USD$ Operating revenue Other income — 228 1,269 199 Total operating revenue — 228 1,269 199 Operating cost and expenses General and administrative expenses (521 ) (4,611 ) (5,994 ) (942 ) Operating loss (521 ) (4,383 ) (4,725 ) (743 ) Other expense Interest — 11 4 1 Unrealized exchange (loss)/income (97 ) 421 — — Loss before income tax, and share of loss of subsidiaries and VIEs (618 ) (3,951 ) (4,721 ) (742 ) Share of income/(loss) of subsidiaries and VIEs 15,520 (14,341 ) (102,945 ) (16,154 ) Net profit/(loss) 14,902 (18,292 ) (107,666 ) (16,896 ) Redeemable preferred shares redemption value accretion (32,854 ) (4,274 ) — — Allocation to redeemable preferred shares (7,431 ) 1,074 — — Net loss attributable to common shareholders (25,383 ) (21,492 ) (107,666 ) (16,896 ) Net profit/(loss) 14,902 (18,292 ) (107,666 ) (16,896 ) Foreign currency translation adjustment, net of tax 119 (22,386 ) (5,323 ) (835 ) Total comprehensive income/(loss) 15,021 (40,678 ) (112,989 ) (17,731 ) |
Condensed Cash Flow Statement | Statement of cash flows Year Ended December 31, 2019 2020 2021 RMB RMB RMB USD$ Cash flows from operating activities: Net profit/(loss) 14,902 (18,292 ) (107,666 ) (16,896 ) Adjustments to reconcile net profit/(loss) to net cash used in operating activities: Unrealized exchange income/(loss) 97 (421 ) — — Share of (income)/loss of subsidiaries and VIEs (15,520 ) 14,341 102,945 16,154 Interest income — (11 ) — — (521 ) (4,383 ) (4,721 ) (742 ) Changes in operating assets and liabilities: Increase/(decrease) in other payables and accrued expenses 1,343 (1,340 ) (4,730 ) (742 ) Increase/(decrease) in contract liabilities — — 4,555 715 (Increase)/decrease in prepaid expense and other receivables (59 ) — 21 3 (Increase)/decrease in other assets (763 ) — — — (Increase)/decrease in account receivables and contract assets — (216 ) 216 34 (Increase)/decrease in amount due from related parties — (189 ) 83 13 Net cash used in operating activities — (6,128 ) (4,576 ) (719 ) Cash flows from investing activities: Investments in subsidiaries and consolidated VIEs — (245 ) (247 ) (39 ) Payments of inter-company balances — (139,123 ) (161,216 ) (25,298 ) Net cash used in investing activities — (139,368 ) (161,463 ) (25,337 ) Cash flows from financing activities: Proceeds from issuance of common shares and redeemable preferred shares 62 — — — Proceeds from initial public offering, net of issuance costs — 340,479 — — Proceeds from exercise of options — 503 497 78 Repurchase of Class A common shares — (2,063 ) (3,003 ) (471 ) Net cash provided by /(used in) 62 338,919 (2,506 ) (393 ) Effect of exchange rate changes on cash and cash equivalents — (6,268 ) (2,381 ) (374 ) Net increase/(decrease) in cash and cash equivalents and restricted cash 62 187,155 (170,926 ) (26,823 ) Total cash and cash equivalents and restricted cash at beginning of year — 62 187,217 29,378 Total cash and cash equivalents and restricted cash at end of year 62 187,217 16,291 2,555 |
Principal Activities and Reor_3
Principal Activities and Reorganization - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Millions | Mar. 10, 2020USD ($)$ / sharesshares | Feb. 12, 2020$ / sharesshares | Jun. 30, 2019shares | Feb. 29, 2020$ / sharesshares | Dec. 31, 2020CNY (¥) | Dec. 31, 2015shares | Dec. 31, 2014shares | Dec. 31, 2021 |
Principal Activities and Reorganization [Line Items] | ||||||||
Percentage of shareholders received shares of company | 78.13% | |||||||
Percentage of shareholders pending registration | 21.87% | |||||||
Shares issued, price per ADR | $ / shares | $ 10.5 | |||||||
Proceeds from Issuance Initial Public Offering | ¥ | ¥ 340,479 | |||||||
IPO [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 5,250,000 | |||||||
American depository receipts, description | 20 class A common shares | |||||||
Shares issued, price per ADR | $ / shares | $ 10.50 | |||||||
Series A Preferred Stock [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 105,122,000 | |||||||
Series B Preferred Stock [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 185,512,580 | |||||||
Series B+ redeemable preferred shares [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 43,937,180 | |||||||
Series B++ redeemable preferred shares [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 16,574,460 | |||||||
Redeemable Preferred Stock [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 98,900,000 | 98,900,000 | ||||||
American Depositary Shares [Member] | IPO [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 5,322,453 | 5,322,453 | ||||||
Proceeds from Issuance Initial Public Offering | $ | $ 55.9 | |||||||
American Depositary Shares [Member] | Over-Allotment Option [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 72,453 | 72,453 | ||||||
Shares issued, price per ADR | $ / shares | $ 10.50 | |||||||
Common Stock [Member] | ||||||||
Principal Activities and Reorganization [Line Items] | ||||||||
Shares issued | 261,072,000 | 184,200,000 | 184,200,000 |
Principal Activities and Reor_4
Principal Activities and Reorganization - Summary of Principal Subsidaries, Consolidated VIE and Subsidiaries of VIE (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Subsidiaries [Member] | Smart Choice Ventures Limited ("Smart Choice") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Jan. 14, 2015 |
Place of Incorporation/ Establishment | British Virgin Islands |
Percentage of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Investment holding |
Subsidiaries [Member] | Hong Kong Smart Choice Ventures Limited ("HK Smart Choice") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Feb. 18, 2015 |
Place of Incorporation/ Establishment | Hong Kong |
Percentage of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Investment holding |
Subsidiaries [Member] | Zhixuan International Management Consulting (Shenzhen) Co., Ltd. ("Shenzhen Zhixuan") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Jun. 9, 2015 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Management consulting and marketing consulting |
Subsidiaries [Member] | Huize Global (HK) Limited [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Mar. 26, 2021 |
Place of Incorporation/ Establishment | Hong Kong |
Percentage of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Investment holding |
Subsidiaries [Member] | Huize Hong Kong Insurance Broker Limited [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | May 5, 2021 |
Place of Incorporation/ Establishment | Hong Kong |
Percentage of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Insurance brokerageservice |
Variable Interest Entity, Primary Beneficiary [Member] | Shenzhen Huiye Tianze Investment Holding Co., Ltd ("Huiye Tianze") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Oct. 30, 2014 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Investment, investment consulting service |
Variable Interest Entity, Not Primary Beneficiary [Member] | Huize Insurance Brokerage Co., Ltd. (Huize Insurance Brokerage) [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Oct. 14, 2011 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Insurance brokerage service |
Variable Interest Entity, Not Primary Beneficiary [Member] | Shenzhen Huize Shidai Co., Ltd. ("Huize Technology") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Apr. 28, 2012 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Technology development and Internet information consulting service |
Variable Interest Entity, Not Primary Beneficiary [Member] | Hefei Huize Internet Technology Co., Ltd. ("Hefei Huize") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Aug. 5, 2015 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Technology development and Internet information consulting service |
Variable Interest Entity, Not Primary Beneficiary [Member] | Shenzhen Zhixuan Wealth Investment Management Co., Ltd. ("Zhixuan Investment") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | Apr. 20, 2016 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Management consulting, Investment consulting and financial consulting |
Variable Interest Entity, Not Primary Beneficiary [Member] | Huize (Chengdu) Internet Technology Co., Ltd. ("Chengdu Huize") [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Date of Incorporation/ Establishment | May 11, 2018 |
Place of Incorporation/ Establishment | PRC |
Percentage of Direct or Indirect Economic Interest | 100.00% |
Principal Activities | Technology developmentconsulting service |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summarized of Financial Information Group's Consolidated Financial Statements (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | Jan. 01, 2020CNY (¥) | Dec. 31, 2018CNY (¥) | |
Current assets | |||||||
Cash and cash equivalent | ¥ 381,158 | ¥ 404,618 | $ 59,812 | ||||
Restricted cash | 183,408 | 324,330 | 28,781 | ||||
Account receivables, net of allowance for impairment | 777,262 | 232,589 | 121,969 | ||||
Insurance premium receivables | 1,217 | 1,974 | 191 | ||||
Prepaid expense and other receivables | 77,511 | 44,377 | 12,163 | ||||
Total current assets | 1,420,684 | 1,008,355 | 222,936 | ||||
Non-current assets | |||||||
Restricted cash | 44,418 | 0 | 6,970 | ||||
Property, Plant and Equipment, net | 48,461 | 10,251 | 7,605 | ||||
Intangible assets, net | 21,626 | 2,030 | 3,394 | ||||
Deferred tax assets | 605 | 605 | 95 | ||||
Long-term investments | 73,001 | 46,084 | ¥ 23,395 | 11,456 | ¥ 21,575 | ||
Operating lease right-of-use assets | 247,819 | 267,352 | 38,888 | ¥ 5,504 | |||
Goodwill | 461 | 461 | 72 | ||||
Other Assets | 379 | 838 | 59 | ||||
Total non-current assets | 436,770 | 327,621 | 68,539 | ||||
Total assets | 1,857,454 | 1,335,976 | 291,475 | ||||
Current liabilities | |||||||
Short-term borrowings | 216,710 | 31,540 | 34,007 | ||||
Accounts payable | 680,369 | 227,532 | 106,765 | ||||
Insurance premium payables | 124,019 | 187,219 | 19,461 | ||||
Contract liabilities | 7,236 | 1,135 | |||||
Other payables and accrued expenses | 71,255 | 31,153 | 11,181 | ||||
Payroll and welfare payable | 93,451 | 63,919 | 14,665 | ||||
Income taxes payable | 2,440 | 2,440 | 383 | ||||
Operating lease liabilities | 14,886 | 12,763 | 2,336 | ||||
Amount due to related parties | 11,875 | 0 | 1,863 | ||||
Total current liabilities | 1,222,241 | 556,566 | 191,796 | ||||
Non-current liabilities | |||||||
Long-term borrowings | 20,000 | 53,860 | 3,138 | ||||
Deferred tax liabilities | 4,892 | 605 | 768 | ||||
Operating lease liabilities | 249,183 | 252,106 | 39,102 | ||||
Total non-current liabilities | 274,300 | 310,727 | 43,043 | ||||
Total liabilities | 1,496,541 | 867,293 | 234,839 | ||||
Shareholders' equity | |||||||
Additional paid-in capital | 896,772 | 884,920 | 140,723 | ||||
Accumulated deficit | (499,940) | (392,274) | (78,451) | ||||
Total shareholders' equity attributable to Huize Holding Limited shareholders | 360,064 | 468,683 | 56,503 | ||||
Non-controlling interests | 849 | 0 | 133 | ||||
Total shareholders' equity | 360,913 | 468,683 | (308,653) | 56,636 | ¥ (385,238) | ||
Total liabilities and shareholders' equity | 1,857,454 | 1,335,976 | $ 291,475 | ||||
Operating revenue | |||||||
Brokerage commission income | 2,232,253 | $ 350,289 | 1,215,434 | 982,124 | |||
Other income | 12,763 | 2,003 | 4,788 | 11,195 | |||
Total operating revenue | 2,245,016 | 352,292 | 1,220,222 | 993,319 | |||
Operating costs and expenses | |||||||
Cost of revenue | (1,688,087) | (264,898) | (813,507) | (629,531) | |||
Other cost | (2,670) | (419) | (2,846) | (1,837) | |||
Total operating costs | (1,690,757) | (265,317) | (816,353) | (631,368) | |||
Selling expenses | (350,573) | (55,012) | (230,438) | (164,665) | |||
General and administrative expenses | (197,619) | (31,011) | (150,207) | (161,816) | |||
Research and development expenses | (120,478) | (18,906) | (49,135) | (33,831) | |||
Total operating costs and expenses | (2,359,427) | (370,246) | (1,246,133) | (991,680) | |||
Operating income/(loss) | (114,411) | (17,954) | (25,911) | 1,639 | |||
Other income/(expenses) | |||||||
Interest expenses | (3,206) | (503) | (1,157) | (190) | |||
Unrealized exchange income/(loss) | (59) | (9) | (9) | 362 | |||
Investment income | (5,328) | (836) | 137 | 718 | |||
Others, net | 12,627 | 1,981 | 10,177 | 12,676 | |||
Profit before income tax, and share of (loss)/income of equity method investee | (110,377) | (17,321) | (16,763) | 15,205 | |||
Income tax expense | 0 | 0 | (1,768) | (57) | |||
Share of (loss)/income of equity method investee | 2,660 | 417 | 239 | (180) | |||
Net profit/(loss) | (107,717) | (16,904) | (18,292) | 14,968 | |||
Net profit/(loss) attributable to non-controlling interests | (51) | (8) | 0 | 66 | |||
Net profit/(loss) attributable to Huize Holding Limited | (107,666) | (16,896) | (18,292) | 14,902 | |||
Redeemable preferred shares redemption value accretion | 0 | 0 | (4,274) | (32,854) | |||
Allocation to redeemable preferred shares | 0 | 0 | 1,074 | (7,431) | |||
Net loss attributable to common shareholders | (107,666) | (16,896) | (21,492) | (25,383) | |||
Net profit/(loss) | (107,717) | (16,904) | (18,292) | 14,968 | |||
Foreign currency translation adjustment, net of tax | (5,323) | (835) | (22,386) | 140 | |||
Comprehensive income/(loss) | (113,040) | (17,739) | (40,678) | 15,108 | |||
Comprehensive income/(loss) attributable to non-controlling interests | (51) | (8) | 0 | 87 | |||
Comprehensive income/(loss) attributable to Huize Holding Limited | (112,989) | (17,731) | (40,678) | 15,021 | |||
Net cash provided by/(used in) operating activities | (175,917) | (27,605) | 137,666 | 118,024 | |||
Cash flows from investing activities: | |||||||
Purchase of long-term investment | (33,614) | (5,275) | (22,450) | (2,000) | |||
Purchase of property, equipment and intangible assets | (38,061) | (5,973) | (8,196) | (6,035) | |||
Proceeds from disposal of property, equipment and intangible assets | 980 | 154 | 60 | ||||
Acquisition of subsidiary, net of cash paid | (14,292) | (2,243) | (569) | ||||
Proceeds from disposal of investments | 3,820 | 599 | |||||
Others | 241 | 38 | 137 | 1,048 | |||
Net cash used in investing activities | (80,926) | (12,700) | (31,078) | (6,927) | |||
Cash flows from financing activities: | |||||||
Proceeds from borrowings | 184,000 | 28,874 | 105,400 | 30,000 | |||
Repayments of borrowings | (40,503) | (6,356) | (61,266) | (35,285) | |||
Repayments of convertible bonds | (8,794) | ||||||
Proceeds from exercise of share option | 497 | 78 | 503 | ||||
Net cash (used in)/provided by financing activities | 141,891 | 22,266 | 383,053 | (14,079) | |||
Effect of exchange rate changes on cash and cash equivalents | (5,012) | (786) | (10,020) | 38 | |||
Net increase/(decrease) in cash and cash equivalents and restricted cash | (119,964) | (18,825) | 479,621 | 97,056 | |||
Total cash and cash equivalents and restricted cash at beginning of year | 728,948 | 114,388 | 249,327 | 152,271 | |||
Total cash and cash equivalents and restricted cash at end of year | 608,984 | 95,563 | 728,948 | 249,327 | |||
Subsidiaries [Member] | |||||||
Cash flows from financing activities: | |||||||
Cash received by subsidiaries from minority shareholders | 900 | $ 141 | |||||
Huiye Tianze and Its Subsidiaries [Member] | |||||||
Current assets | |||||||
Cash and cash equivalent | 323,011 | 211,979 | |||||
Restricted cash | 127,315 | 217,950 | |||||
Account receivables, net of allowance for impairment | 777,055 | 232,589 | |||||
Insurance premium receivables | 1,217 | 1,974 | |||||
Prepaid expense and other receivables | 106,865 | 66,323 | |||||
Total current assets | 1,335,463 | 730,815 | |||||
Non-current assets | |||||||
Restricted cash | 24,680 | ||||||
Property, Plant and Equipment, net | 47,800 | 10,217 | |||||
Intangible assets, net | 18,979 | 2,030 | |||||
Deferred tax assets | 605 | 605 | |||||
Long-term investments | 59,450 | 36,889 | |||||
Operating lease right-of-use assets | 241,880 | 267,352 | |||||
Goodwill | 461 | 461 | |||||
Other Assets | 379 | 838 | |||||
Total non-current assets | 394,234 | 318,392 | |||||
Total assets | 1,729,697 | 1,049,207 | |||||
Current liabilities | |||||||
Short-term borrowings | 216,710 | 31,540 | |||||
Accounts payable | 680,183 | 227,532 | |||||
Insurance premium payables | 124,019 | 187,219 | |||||
Contract liabilities | 2,681 | ||||||
Other payables and accrued expenses | 207,461 | 39,419 | |||||
Payroll and welfare payable | 92,094 | 52,564 | |||||
Income taxes payable | 2,440 | 2,440 | |||||
Operating lease liabilities | 12,362 | 12,763 | |||||
Amount due to related parties | 11,875 | ||||||
Total current liabilities | 1,349,825 | 553,477 | |||||
Non-current liabilities | |||||||
Long-term borrowings | 20,000 | 53,860 | |||||
Deferred tax liabilities | 4,455 | 605 | |||||
Operating lease liabilities | 245,396 | 252,106 | |||||
Total non-current liabilities | 269,851 | 306,571 | |||||
Total liabilities | 1,619,676 | 860,048 | |||||
Shareholders' equity | |||||||
Common shares | 44,766 | 44,766 | |||||
Additional paid-in capital | 460,157 | 462,858 | |||||
Accumulated deficit | (395,751) | (318,465) | |||||
Total shareholders' equity attributable to Huize Holding Limited shareholders | 109,172 | 189,159 | |||||
Non-controlling interests | 849 | ||||||
Total shareholders' equity | 110,021 | 189,159 | |||||
Total liabilities and shareholders' equity | 1,729,697 | 1,049,207 | |||||
Operating revenue | |||||||
Brokerage commission income | 2,231,388 | 1,215,434 | 973,715 | ||||
Other income | 11,494 | 4,560 | 11,195 | ||||
Total operating revenue | 2,242,882 | 1,219,994 | 984,910 | ||||
Operating costs and expenses | |||||||
Cost of revenue | (1,687,770) | (813,507) | (622,906) | ||||
Other cost | (2,670) | (2,846) | (1,837) | ||||
Total operating costs | (1,690,440) | (816,353) | (624,743) | ||||
Selling expenses | (346,305) | (230,438) | (163,119) | ||||
General and administrative expenses | (172,822) | (136,921) | (153,324) | ||||
Research and development expenses | (120,478) | (49,135) | (33,831) | ||||
Total operating costs and expenses | (2,330,045) | (1,232,847) | (975,017) | ||||
Operating income/(loss) | (87,163) | (12,853) | 9,893 | ||||
Other income/(expenses) | |||||||
Interest expenses | (4,092) | (1,813) | (197) | ||||
Unrealized exchange income/(loss) | 0 | (421) | 421 | ||||
Investment income | (1,369) | 137 | 0 | ||||
Others, net | 12,627 | 10,153 | 12,690 | ||||
Profit before income tax, and share of (loss)/income of equity method investee | (79,997) | (4,797) | 22,807 | ||||
Income tax expense | 0 | (1,768) | (20) | ||||
Share of (loss)/income of equity method investee | 2,660 | 239 | (180) | ||||
Net profit/(loss) | (77,337) | (6,326) | 22,607 | ||||
Net profit/(loss) attributable to non-controlling interests | (51) | 0 | 0 | ||||
Net profit/(loss) attributable to Huize Holding Limited | (77,286) | (6,326) | 22,607 | ||||
Redeemable preferred shares redemption value accretion | 0 | 0 | 0 | ||||
Allocation to redeemable preferred shares | 0 | 0 | 0 | ||||
Net loss attributable to common shareholders | (77,286) | (6,326) | 22,607 | ||||
Net profit/(loss) | (77,337) | (6,326) | 22,607 | ||||
Foreign currency translation adjustment, net of tax | 0 | 0 | 0 | ||||
Comprehensive income/(loss) | (77,337) | (6,326) | 22,607 | ||||
Comprehensive income/(loss) attributable to non-controlling interests | (51) | 0 | 0 | ||||
Comprehensive income/(loss) attributable to Huize Holding Limited | (77,286) | (6,326) | 22,607 | ||||
Net cash provided by/(used in) operating activities | (152,844) | 168,225 | 120,566 | ||||
Cash flows from investing activities: | |||||||
Purchase of long-term investment | (22,601) | (22,450) | (2,000) | ||||
Purchase of property, equipment and intangible assets | (37,359) | (8,162) | (6,035) | ||||
Proceeds from disposal of property, equipment and intangible assets | 961 | 0 | 60 | ||||
Acquisition of subsidiary, net of cash paid | (11,805) | (569) | 0 | ||||
Payments of inter-company balances | (5,050) | 0 | 0 | ||||
Proceeds from disposal of investments | 890 | 0 | 0 | ||||
Others | 241 | 137 | 11 | ||||
Net cash used in investing activities | (74,723) | (31,044) | (7,964) | ||||
Cash flows from financing activities: | |||||||
Proceeds from issuance of common share and redeemable preferred shares during Reorganization | 0 | 0 | (62) | ||||
Proceeds from borrowings | 184,000 | 105,400 | 30,000 | ||||
Repayments of borrowings | (40,503) | (61,266) | (35,285) | ||||
Repayments of convertible bonds | 0 | 0 | (8,794) | ||||
Proceeds from inter-company balances | 128,000 | 0 | 0 | ||||
Proceeds from exercise of share option | 247 | 245 | 0 | ||||
Net cash (used in)/provided by financing activities | 272,644 | 44,379 | (14,141) | ||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||
Net increase/(decrease) in cash and cash equivalents and restricted cash | 45,077 | 181,560 | 98,461 | ||||
Total cash and cash equivalents and restricted cash at beginning of year | 429,929 | 248,369 | 149,908 | ||||
Total cash and cash equivalents and restricted cash at end of year | 475,006 | 429,929 | 248,369 | ||||
Huiye Tianze and Its Subsidiaries [Member] | Subsidiaries [Member] | |||||||
Cash flows from financing activities: | |||||||
Cash received by subsidiaries from minority shareholders | ¥ 900 | ¥ 0 | ¥ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Life and Residual Value of Property Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Office furniture and equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Residual value | 0.00% |
Office furniture and equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Residual value | 5.00% |
Computer and electronic equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Residual value | 0.00% |
Computer and electronic equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Residual value | 5.00% |
Motor vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Residual value | 5.00% |
Motor vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 4 years |
Motor vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | shorter of remaining lease period and estimated useful life |
Residual value | 0.00% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Summary of Estimated Useful Life and Residual Value of Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Domain name [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Residual value | 0.00% |
Purchased computer software [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Residual value | 0.00% |
Purchased computer software [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 3 years |
Purchased computer software [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful life | 10 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Customer Concentration Risk (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Concentration Risk [Line Items] | |||||
Operating revenues | ¥ 2,245,016 | $ 352,292 | ¥ 1,220,222 | ¥ 993,319 | |
Accounts receivable | 777,262 | 232,589 | $ 121,969 | ||
Customer Concentration Risk [Member] | Operating revenue [Member] | |||||
Concentration Risk [Line Items] | |||||
Operating revenues | 1,848,723 | 863,994 | 638,478 | ||
Customer Concentration Risk [Member] | Operating revenue [Member] | Customer A [Member] | |||||
Concentration Risk [Line Items] | |||||
Operating revenues | ¥ 715,287 | ¥ 32,347 | ¥ 94,182 | ||
Concentration risk, percentage | 32.00% | 32.00% | 3.00% | 10.00% | |
Customer Concentration Risk [Member] | Operating revenue [Member] | Customer K [Member] | |||||
Concentration Risk [Line Items] | |||||
Operating revenues | ¥ 489,862 | ¥ 292,975 | |||
Concentration risk, percentage | 22.00% | 22.00% | 24.00% | 0.00% | |
Customer Concentration Risk [Member] | Operating revenue [Member] | Customer L [Member] | |||||
Concentration Risk [Line Items] | |||||
Operating revenues | ¥ 191,059 | ¥ 152,296 | ¥ 35,791 | ||
Concentration risk, percentage | 9.00% | 9.00% | 12.00% | 4.00% | |
Customer Concentration Risk [Member] | Operating revenue [Member] | Customer H [Member] | |||||
Concentration Risk [Line Items] | |||||
Operating revenues | ¥ 186,036 | ¥ 67,823 | ¥ 124,946 | ||
Concentration risk, percentage | 8.00% | 8.00% | 6.00% | 13.00% | |
Customer Concentration Risk [Member] | Operating revenue [Member] | Customer B [Member] | |||||
Concentration Risk [Line Items] | |||||
Operating revenues | ¥ 156,754 | ¥ 97,624 | ¥ 184,035 | ||
Concentration risk, percentage | 7.00% | 7.00% | 8.00% | 19.00% | |
Customer Concentration Risk [Member] | Operating revenue [Member] | Customer C [Member] | |||||
Concentration Risk [Line Items] | |||||
Operating revenues | ¥ 62,753 | ¥ 63,179 | ¥ 142,443 | ||
Concentration risk, percentage | 3.00% | 3.00% | 5.00% | 14.00% | |
Customer Concentration Risk [Member] | Operating revenue [Member] | Customer I [Member] | |||||
Concentration Risk [Line Items] | |||||
Operating revenues | ¥ 46,972 | ¥ 157,750 | ¥ 57,081 | ||
Concentration risk, percentage | 2.00% | 2.00% | 13.00% | 6.00% | |
Customer Concentration Risk [Member] | Operating revenue [Member] | Customer [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 83.00% | 83.00% | 71.00% | 66.00% | |
Customer Concentration Risk [Member] | Accounts receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | ¥ 682,835 | ¥ 118,823 | |||
Customer Concentration Risk [Member] | Accounts receivable [Member] | Customer A [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | ¥ 464,289 | ¥ 13,057 | |||
Concentration risk, percentage | 60.00% | 60.00% | 6.00% | ||
Customer Concentration Risk [Member] | Accounts receivable [Member] | Customer K [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | ¥ 32,702 | ¥ 67,726 | |||
Concentration risk, percentage | 4.00% | 4.00% | 29.00% | ||
Customer Concentration Risk [Member] | Accounts receivable [Member] | Customer L [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | ¥ 20,156 | ¥ 38,040 | |||
Concentration risk, percentage | 3.00% | 3.00% | 16.00% | ||
Customer Concentration Risk [Member] | Accounts receivable [Member] | Customer H [Member] | |||||
Concentration Risk [Line Items] | |||||
Accounts receivable | ¥ 165,688 | ||||
Concentration risk, percentage | 21.00% | 21.00% | 0.00% | ||
Customer Concentration Risk [Member] | Accounts receivable [Member] | Customer [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 88.00% | 88.00% | 51.00% |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Jan. 01, 2020CNY (¥) | Dec. 31, 2018CNY (¥) | |
Accounting policies [line items] | ||||||||
Foreign exchange convenience rate | 6.3726 | 6.3726 | ||||||
Unremitted insurance premiums | ¥ 126,715 | ¥ 193,470 | $ 19,884 | |||||
Restricted cash balance | 25,280 | 24,480 | 3,967 | |||||
Pledged deposits | 75,831 | 106,380 | 11,900 | |||||
Impairment loss | 0 | 0 | ¥ 0 | |||||
Share-based compensation expense | ¥ 11,355 | $ 1,782 | 35,880 | 94,958 | ||||
Valued added tax percentage | 6.00% | 6.00% | ||||||
Advertising and marketing expenses | ¥ 97,945 | 71,472 | 47,927 | |||||
Cash and cash equivalents and restricted cash | 608,984 | 728,948 | 249,327 | 95,563 | $ 114,388 | ¥ 152,271 | ||
Operating Lease, Right-of-Use Asset | 247,819 | 267,352 | $ 38,888 | ¥ 5,504 | ||||
Operating Lease, Liability | ¥ 264,069 | 264,869 | ¥ 5,504 | |||||
Cash equivalents due within three months | three months | three months | ||||||
Service Condition [Member] | ||||||||
Accounting policies [line items] | ||||||||
Share-based compensation expense | ¥ 16,390 | |||||||
Board of Directors Chairman [Member] | ||||||||
Accounting policies [line items] | ||||||||
Voting rights percentage | 50.00% | 50.00% | ||||||
Currency risk [Member] | ||||||||
Accounting policies [line items] | ||||||||
Cash and cash equivalents and restricted cash | ¥ 481,589 | ¥ 429,970 | ¥ 247,354 |
Fair Value measurement - Summar
Fair Value measurement - Summary of Fair Value Assets Measured on Recurring Basis (Detail) - Listed Equity Securities [Member] ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Investments accounted for at fair value | |
Investments, Fair Value | ¥ 840 |
Fair Value, Inputs, Level 1 [Member] | |
Investments accounted for at fair value | |
Investments, Fair Value | 840 |
Fair Value, Inputs, Level 2 [Member] | |
Investments accounted for at fair value | |
Investments, Fair Value | 0 |
Fair Value, Inputs, Level 3 [Member] | |
Investments accounted for at fair value | |
Investments, Fair Value | ¥ 0 |
Acquisitions of subsidiary - Su
Acquisitions of subsidiary - Summary of Purchase Price of the Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | May 31, 2021 |
Business Acquisition [Line Items] | ||
Cash | ¥ 1,954 | |
Accounts receivable, net of allowance for doubtful accounts | 37 | |
Prepaid expense and other receivables | 194 | |
Property, plant and equipment, net | 19 | |
Intangible assets, net | 30 | |
Total assets acquired | 17,637 | ¥ 3,452 |
Accounts payable | (3) | |
Payroll and welfare payable | (22) | |
Income taxes payable | (2) | |
Deferred tax liabilities | (3,851) | |
Total liabilities assumed | (3,878) | ¥ (740) |
Net assets acquired | 13,759 | |
Insurance adjusting licenses [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | 3,067 | |
Insurance agency licenses [Member] | ||
Business Acquisition [Line Items] | ||
Intangible assets | ¥ 12,336 |
Acquisitions of subsidiary - Ad
Acquisitions of subsidiary - Additional Information (Detail) ¥ in Thousands | 1 Months Ended | 12 Months Ended |
May 31, 2021CNY (¥) | Dec. 31, 2021CNY (¥)Agreement | |
Number of businesses acquired | Agreement | 4 | |
Fair value of assets acquired | ¥ 3,452 | ¥ 17,637 |
Fair value of liabilities assumed | 740 | ¥ 3,878 |
Business Acquisition [Member] | ||
Percentage of voting interest acquired | 100.00% | |
Total cash consideration | ¥ 2,712 | ¥ 13,759 |
Accounts Receivable, Net of A_3
Accounts Receivable, Net of Allowance for Doubtful Accounts - Summary of Account Receivables, Net of Allowance for Doubtful Accounts (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Receivables [Abstract] | ||||
Accounts receivable | ¥ 780,431 | ¥ 234,313 | ||
Less: allowance for doubtful accounts | (3,169) | (1,724) | ¥ (1,127) | |
Accounts receivable, net | ¥ 777,262 | $ 121,969 | ¥ 232,589 |
Accounts Receivable, Net of A_4
Accounts Receivable, Net of Allowance for Doubtful Accounts - Summary of Movement of Allowance for Doubtful Accounts (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | ||
Balance at the beginning of the year | ¥ 1,724 | ¥ 1,127 |
Provision for doubtful accounts | 1,445 | 709 |
Write-offs | 0 | (112) |
Balance at the end of the year | ¥ 3,169 | ¥ 1,724 |
Related Party Balances and Tr_3
Related Party Balances and Transactions - Summary Of Service Provided By Related Partiesable (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | ¥ 12,161 | ||
Other [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | 552 | ||
Technology service fee to Xiaoke [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from Related Parties | ¥ 11,609 |
Related Party Balances and Tr_4
Related Party Balances and Transactions - Schedule of Related Party Transactions (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Due from related parties | ¥ 128 | ¥ 251 |
Due to related parties | 11,875 | 0 |
Xiaoke [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 11,753 | |
Other [Member] | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 122 | 0 |
Shareholders [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related parties | ¥ 128 | ¥ 251 |
Prepaid Expenses and Other Re_3
Prepaid Expenses and Other Receivables and Other assets - Summary of Prepaid Expenses and Receivables (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Current portion: | |||
Prepaid input value-added tax | ¥ 44,017 | ¥ 15,331 | |
Rental and other deposits | 14,532 | 11,285 | |
Advances to suppliers | 13,731 | 11,523 | |
Interest receivables | 2,177 | 908 | |
Advances to staff | 970 | 395 | |
Directors and officers liability insurance premium | 658 | 558 | |
Claim advance on behalf of insurer | 77 | 371 | |
Advances to share repurchase | 4,479 | ||
Others | 1,939 | 117 | |
Prepaid Expense And Other Assets Before Impairment | 78,101 | 44,967 | |
Less: Allowance for impairment | (590) | (590) | |
Total prepaid expenses and other receivables | 77,511 | $ 12,163 | 44,377 |
Non-current portion: | |||
Prepayment related to investment | 200 | ||
Advances to long-term assets | 179 | 838 | |
Total | ¥ 379 | ¥ 838 |
Property, Plant and Equipment_3
Property, Plant and Equipment, net - Summary of Property, Plant and Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Property, Plant and Equipment [Line Items] | ||||
Property, equipment and equipment, gross | ¥ 71,477 | ¥ 27,451 | ||
Less: Accumulated depreciation | [1] | (23,016) | (17,200) | |
Property, equipment and equipment, net | 48,461 | $ 7,605 | 10,251 | |
Computer and electronic equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, equipment and equipment, gross | 31,041 | 17,313 | ||
Leaseholds improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, equipment and equipment, gross | 27,238 | 4,958 | ||
Office furniture and equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, equipment and equipment, gross | 10,755 | 2,820 | ||
Motor vehicles [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, equipment and equipment, gross | ¥ 2,443 | ¥ 2,360 | ||
[1] | Depreciation expenses for the years ended December 31, 2019, 2020 and 2021 were RMB 3,441 thousand, RMB 4,684 thousand and RMB 6,474 thousand, respectively. |
Property, Plant and Equipment_4
Property, Plant and Equipment, net - Summary of Property, Plant and Equipment, Net (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | ¥ 6,474 | ¥ 4,684 | ¥ 3,441 |
Property, Plant and Equipment_5
Property, Plant and Equipment, net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Impairment for property, plant and equipment | ¥ 0 | ¥ 0 | ¥ 0 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | ¥ 24,066 | ¥ 3,523 | |
Less: Accumulated amortization | [1] | (2,440) | (1,493) |
Intangible assets, net | 21,626 | 2,030 | |
Insurance agency license [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 12,336 | ||
Insurance adjusting license [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 3,067 | ||
Insurance brokerage license [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 2,647 | ||
Software and system [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 5,436 | 2,943 | |
Domain name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | ¥ 580 | ¥ 580 | |
[1] | Amortization expenses for the years ended December 31, 2019, 2020 and 2021 was RMB 338 thousand, RMB 424 thousand and RMB 950 thousand, respectively. |
Intangible Assets, Net - Sche_2
Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expenses | ¥ 950 | ¥ 424 | ¥ 338 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Impairment for intangible assets | ¥ 0 | ¥ 0 | ¥ 0 |
Intangible Assets, Net - Sche_3
Intangible Assets, Net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | ¥ 1,164 |
2023 | 1,051 |
2024 | 734 |
2025 | 445 |
2026 | ¥ 66 |
Long-term Investments - Summary
Long-term Investments - Summary of Long Term Investments (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Summary of Investment Holdings [Line Items] | ||||
Beginning balance | ¥ 46,084 | ¥ 23,395 | ¥ 21,575 | |
Additions | 33,414 | 22,450 | 2,000 | |
Share of earnings/(loss) of an equity investee | 2,660 | $ 417 | 239 | (180) |
Reclassification | ||||
Fair value change | (4,224) | |||
Realized gain/(loss) | 265 | |||
Exchange adjustments | 232 | |||
Impairment | (1,610) | |||
Disposal | (3,820) | |||
Ending balance | 73,001 | $ 11,456 | 46,084 | 23,395 |
Equity investments measured under measurement alternative [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Beginning balance | 24,695 | 14,500 | 12,500 | |
Additions | 12,500 | 1,000 | 2,000 | |
Share of earnings/(loss) of an equity investee | ||||
Reclassification | 9,195 | |||
Fair value change | ||||
Realized gain/(loss) | ||||
Exchange adjustments | ||||
Impairment | (1,610) | |||
Disposal | (890) | |||
Ending balance | 34,695 | 24,695 | 14,500 | |
Equity Method [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Beginning balance | 21,389 | 8,895 | 9,075 | |
Additions | 9,900 | 21,450 | ||
Share of earnings/(loss) of an equity investee | 2,660 | 239 | (180) | |
Reclassification | (9,195) | |||
Fair value change | ||||
Realized gain/(loss) | ||||
Exchange adjustments | ||||
Impairment | ||||
Disposal | ||||
Ending balance | 33,949 | 21,389 | 8,895 | |
Investment Accounted For At Fair Value [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Beginning balance | ||||
Additions | 4,641 | |||
Share of earnings/(loss) of an equity investee | ||||
Reclassification | ||||
Fair value change | (1,339) | |||
Realized gain/(loss) | 265 | |||
Exchange adjustments | 203 | |||
Impairment | ||||
Disposal | (2,930) | |||
Ending balance | 840 | |||
Equity Investments Measured Under NAV Practical Expedient [Member] | ||||
Summary of Investment Holdings [Line Items] | ||||
Beginning balance | ||||
Additions | 6,373 | |||
Share of earnings/(loss) of an equity investee | ||||
Reclassification | ||||
Fair value change | (2,885) | |||
Realized gain/(loss) | ||||
Exchange adjustments | 29 | |||
Impairment | ||||
Disposal | ||||
Ending balance | ¥ 3,517 |
Long-term Investments - Additio
Long-term Investments - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Jun. 01, 2021 | May 31, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of Investment Holdings [Line Items] | ||||||
Investments accounted for under equity method | ¥ 33,949 | ¥ 21,389 | ¥ 8,895 | |||
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | 1,610 | |||||
Investment accounted for at fair value | 0 | ¥ 0 | ||||
Nayuki [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Payments to Acquire Investments | ¥ 1,976 | |||||
Xiaoke [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Payments to acquire equity interest in a private entity | ¥ 5,000 | |||||
Equity interest in a private entity | 49.00% | |||||
CCBT LANIAKEA CAPITAL FUND I L.P [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Fair Value Of Investment Income (Loss) | ¥ 265 | |||||
Payments to Acquire Investments | ¥ 2,665 | |||||
Common Stock [Member] | Nayuki [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Fair Value Of Investment Income (Loss) | (1,339) | |||||
Private Equity Funds [Member] | Right Time SPC [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Fair Value Of Investment Income (Loss) | (2,885) | |||||
Payments to acquire equity securities, FV-NI | ¥ 6,373 | |||||
Shenzhen Chuangbicheng Holding Co. Ltd. [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Equity interest in a private entity | 3.43% | |||||
Percentage of entity revenue attributable to private entity | 34.87% | |||||
Nanjing Qiqian Alpha Equity Investment LLP [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Payments to acquire equity interest in a private entity | ¥ 19,000 | |||||
Equity interest in a private entity | 49.26% | |||||
Shanghai Dewu Chuxing Investment Management Partnership [Member] | ||||||
Summary of Investment Holdings [Line Items] | ||||||
Payments to acquire equity interest in a private entity | ¥ 4,900 | |||||
Equity interest in a private entity | 47.62% |
Short-term Borrowing - Summary
Short-term Borrowing - Summary of Short-term Borrowing (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Bank borrowings | ¥ 170,000 | ¥ 30,000 |
Current portion of long-term borrowings | 46,710 | 1,540 |
Short-term borrowing | ¥ 216,710 | ¥ 31,540 |
Short-term Borrowing - Summar_2
Short-term Borrowing - Summary of Short-term Borrowing (Parenthetical) (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Percentage of interest of short term borrowing | 4.50% | |
Minimum [Member] | ||
Short-term Debt [Line Items] | ||
Percentage of interest of short term borrowing | 4.30% | |
Maximum [Member] | ||
Short-term Debt [Line Items] | ||
Percentage of interest of short term borrowing | 5.00% |
Other Payables and Accrued Ex_3
Other Payables and Accrued Expenses (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current portion: | ||
Other tax payables | ¥ 32,006 | ¥ 12,797 |
Other payable to suppliers | 17,365 | 4,208 |
Accrued marketing expense -loyalty points | 7,414 | 3,175 |
Professional fees | 7,068 | 5,623 |
Advances from the insured | 3,211 | 3,047 |
Interest payable | 655 | 206 |
Deposits | 625 | 312 |
Government housing Benefit | 0 | 800 |
Others | 2,911 | 985 |
Total current portion | ¥ 71,255 | ¥ 31,153 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Employee benefits, total contributions | ¥ 64,238 | ¥ 18,924 | ¥ 30,248 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Oct. 09, 2021 | Nov. 02, 2018 | Nov. 02, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Tax rate on taxable income | 15.00% | 15.00% | |||||
HNTE, reduced tax rate | 15.00% | ||||||
Withholding income tax rate | 10.00% | ||||||
Withholding income tax rate, Foreign invested enterprise | 5.00% | ||||||
Withholding income tax rate, ownership threshold | 25.00% | ||||||
Net operating loss carryforwards | ¥ 67,714 | ¥ 31,218 | ¥ 30,177 | ||||
Net operating loss carryforwards, valuation allowance | 67,109 | 30,613 | 30,113 | ||||
Net operating loss carryforwards, expected to be utilized | ¥ 605 | ¥ 605 | ¥ 64 | ||||
Net operating loss carryforwards, carry over period | 5 years | 10 years | |||||
Net operating loss carryforwards, expiration term | 2023 to 2030 | ||||||
Accrued withholding tax on undistributed earnings of domestic subsidiaries | ¥ 0 | ||||||
Unrecognized tax liabilities | ¥ 0 | ||||||
Chengdu Huize [Member] | |||||||
Tax rate on taxable income | 15.00% | ||||||
Inland Revenue, Hong Kong [Member] | |||||||
Tax rate on taxable income | 16.50% | ||||||
State Administration of Taxation, China [Member] | |||||||
Tax rate on taxable income | 25.00% |
Income Taxes - Summary of Compo
Income Taxes - Summary of Composition of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Current income tax expense | ¥ 0 | ¥ 2,234 | ¥ 37 | |
Deferred income tax expense/(benefit) | 0 | (466) | 20 | |
Income tax expense | ¥ 0 | $ 0 | ¥ 1,768 | ¥ 57 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Income Tax Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Profit/(Loss) before income tax | ¥ (107,717) | ¥ (16,524) | ¥ 15,025 | |
Tax expense/(benefit) at EIT tax rate of 25% | (26,929) | (4,131) | 3,756 | |
Effect of different tax rates applicable to different subsidiaries of the Group | (3,195) | 490 | (3,394) | |
Changes in valuation allowance | 37,948 | 1,290 | (24,412) | |
Investment income not subject to tax | (769) | (34) | (171) | |
Expenses not deductible for tax purposes | 2,872 | 11,561 | 29,067 | |
Research and development tax credit | (12,627) | (7,408) | (4,789) | |
Effect on deferred tax assets due to change in tax rates | 2,700 | |||
Income tax expense | ¥ 0 | $ 0 | ¥ 1,768 | ¥ 57 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||||
Advertising expenses | ¥ 1,105 | ¥ 0 | ||
Net accumulated losses-carry forward | 67,714 | 31,218 | ||
Depreciation and amortization | 271 | 160 | ||
Allowance for doubtful accounts | 940 | 575 | ||
Accrued expenses | 4,171 | 3,153 | ||
Less: valuation allowance | (73,596) | (34,501) | ¥ (33,211) | ¥ (57,623) |
Net deferred tax assets | 605 | 605 | ||
Deferred tax liabilities | ||||
Intangible assets | 4,287 | 0 | ||
Gain on equity method investee | 605 | 605 | ||
Net deferred tax liabilities | ¥ 4,892 | ¥ 605 |
Income Taxes - Summary of Movem
Income Taxes - Summary of Movement of Valuation Allowance (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at the beginning of the year | ¥ 34,501 | ¥ 33,211 | ¥ 57,623 |
Additions | 37,961 | 7,318 | 2,173 |
Acquisition of subsidiaries | 1,147 | 0 | 0 |
Reversals | (13) | (6,028) | (26,585) |
Balance at end of the year | ¥ 73,596 | ¥ 34,501 | ¥ 33,211 |
Long-term Borrowing - Summary o
Long-term Borrowing - Summary of long-term borrowings (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Debt Instrument [Line Items] | |||
Bank loan | ¥ 66,710 | ¥ 55,400 | |
Less: Current portion of long-term borrowings | (46,710) | (1,540) | |
Long-term borrowings | 20,000 | $ 3,138 | 53,860 |
Bank Loan Due May 20, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Bank loan | ¥ 20,000 | 20,000 | |
Maturity Date | May 20, 2022 | ||
Principal Amount | ¥ 20,000 | ||
Interest Rate Per Annum | 4.60% | 4.60% | |
Bank Loan Due May 19, 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Bank loan | ¥ 20,000 | 20,000 | |
Maturity Date | May 19, 2023 | ||
Principal Amount | ¥ 20,000 | ||
Interest Rate Per Annum | 4.75% | 4.75% | |
Bank Loan Due July 19, 2022 [Member] | |||
Debt Instrument [Line Items] | |||
Bank loan | ¥ 26,710 | ¥ 15,400 | |
Maturity Date | Jul. 19, 2022 | ||
Principal Amount | ¥ 29,400 | ||
Interest Rate Per Annum | 3.85% | 3.85% |
Long-term Borrowing - Additiona
Long-term Borrowing - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Description of debt instruments maturity date of pledged assets | As of December 31, 2020 and 2021, the loans with maturity date of May 20, 2022 and May 19, 2023 were pledged by the deposits of HK Smart Choice and the loan with maturity date of July 19, 2022 was pledged by the deposits of HK Smart Choice and the credit of Huize Insurance Brokerage. |
Deposits Of HK Smart Choice | Loan Maturity on May 20, 2022 | |
Debt instrument maturity date | May 20, 2022 |
Deposits Of HK Smart Choice | Loan Maturity on May 19, 2023 | |
Debt instrument maturity date | May 19, 2023 |
Deposits of HK Smart Choice And Credit of Huize Insurance Brokerage | Loan Maturity on July 19, 2022 | |
Debt instrument maturity date | Jul. 19, 2022 |
Common Shares - Additional Info
Common Shares - Additional Information (Detail) $ / shares in Units, $ in Thousands | Mar. 10, 2020$ / sharesshares | Feb. 12, 2020$ / sharesshares | Jun. 30, 2019shares | Feb. 29, 2020$ / sharesshares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020$ / sharesshares | Dec. 31, 2015shares | Dec. 31, 2014shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Apr. 30, 2020USD ($) | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018shares |
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Common shares, authorized | 4,549,953,780 | ||||||||||||
Common shares, par value | $ / shares | $ 0.00001 | ||||||||||||
Common shares, shares issued | 483,310,373 | ||||||||||||
Common shares, shares outstanding | 483,310,373 | ||||||||||||
Shares issued, price per ADR | $ / shares | $ 10.5 | ||||||||||||
Treasury stock, value | ¥ 9,545,000 | $ 1,498 | ¥ 2,063,000 | ||||||||||
Common Stock [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Stock issued during the period | 261,072,000 | 184,200,000 | 184,200,000 | ||||||||||
Shares, outstanding | 0 | 0 | 0 | 483,310,373 | 445,272,000 | ||||||||
Number of stock shares repurchased | 3,436,860 | ||||||||||||
IPO [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Stock issued during the period | 5,250,000 | ||||||||||||
Shares issued, price per ADR | $ / shares | $ 10.50 | ||||||||||||
Common Class A [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Common shares, authorized | 7,000,000,000 | ||||||||||||
Common shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | |||||||||||
Common shares, shares issued | 894,456,046 | 894,456,046 | 894,456,046 | ||||||||||
Common shares, shares outstanding | 886,166,726 | 886,166,726 | 888,506,366 | ||||||||||
Stock issued during the period | 106,449,060 | 105,000,000 | |||||||||||
Common stock voting rights per share | one vote | ||||||||||||
Common Class A [Member] | Common Stock [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Shares, outstanding | 889,603,586 | 889,603,586 | 889,402,546 | ||||||||||
Common Class B [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Common shares, authorized | 800,000,000 | 800,000,000 | 800,000,000 | ||||||||||
Common shares, par value | $ / shares | $ 0.00001 | $ 0.00001 | |||||||||||
Common shares, shares issued | 150,591,207 | 150,591,207 | 150,591,207 | ||||||||||
Common shares, shares outstanding | 150,591,207 | 150,591,207 | 150,591,207 | ||||||||||
Common stock voting rights per share | 15 votes | ||||||||||||
Common Class B [Member] | Common Stock [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Shares, outstanding | 150,591,207 | 150,591,207 | 150,591,207 | ||||||||||
Common Class B [Member] | Huidz Holding Limited [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Shares, outstanding | 150,591,207 | ||||||||||||
Common Class B [Member] | Cunjun Ma [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Shares, outstanding | 150,591,207 | ||||||||||||
Variable interest entity of ownership percentage | 76.40% | ||||||||||||
American Depositary Shares [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Share repurchase program authorized amount | $ | $ 10,000 | ||||||||||||
Number of stock shares repurchased | 171,843 | ||||||||||||
American Depositary Shares [Member] | Over-Allotment Option [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Stock issued during the period | 72,453 | 72,453 | |||||||||||
Shares issued, price per ADR | $ / shares | $ 10.50 | ||||||||||||
American Depositary Shares [Member] | IPO [Member] | |||||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||||
Stock issued during the period | 5,322,453 | 5,322,453 |
Redeemable Preferred Shares a_3
Redeemable Preferred Shares and Convertible Bond - Summary Of Group's Redeemable Preferred Shares Activities (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Conversion and Re-Designation of Preferred Shares Into Class A Common Shares | ¥ 458,901 | |
Series A Preferred Stock [Member] | ||
Balances as of January 1 | ¥ 84,072 | ¥ 78,390 |
Balances as of January 1, Shares | 204,022,000 | 204,022,000 |
Redeemable Preferred Shares redemption value accretion | ¥ 788 | ¥ 5,682 |
Conversion and Re-Designation of Preferred Shares Into Class A Common Shares | ¥ (84,860) | |
Conversion and Re-Designation of Preferred Shares Into Class A common Shares, Shares | (204,022,000) | |
Balances as of December 31 | ¥ 84,072 | |
Balances as of December 31, Shares | 204,022,000 | |
Series B Preferred Stock [Member] | ||
Balances as of January 1 | ¥ 261,272 | ¥ 241,918 |
Balances as of January 1, Shares | 185,512,580 | 185,512,580 |
Redeemable Preferred Shares redemption value accretion | ¥ 2,634 | ¥ 19,354 |
Conversion and Re-Designation of Preferred Shares Into Class A Common Shares | ¥ (263,906) | |
Conversion and Re-Designation of Preferred Shares Into Class A common Shares, Shares | (185,512,580) | |
Balances as of December 31 | ¥ 261,272 | |
Balances as of December 31, Shares | 185,512,580 | |
Series B+ redeemable preferred shares [Member] | ||
Balances as of January 1 | ¥ 81,654 | ¥ 75,606 |
Balances as of January 1, Shares | 43,937,180 | 43,937,180 |
Redeemable Preferred Shares redemption value accretion | ¥ 701 | ¥ 6,048 |
Conversion and Re-Designation of Preferred Shares Into Class A Common Shares | ¥ (82,355) | |
Conversion and Re-Designation of Preferred Shares Into Class A common Shares, Shares | (43,937,180) | |
Balances as of December 31 | ¥ 81,654 | |
Balances as of December 31, Shares | 43,937,180 | |
Series B++ redeemable preferred shares [Member] | ||
Balances as of January 1 | ¥ 27,629 | ¥ 25,859 |
Balances as of January 1, Shares | 16,574,460 | 16,574,460 |
Redeemable Preferred Shares redemption value accretion | ¥ 151 | ¥ 1,770 |
Conversion and Re-Designation of Preferred Shares Into Class A Common Shares | ¥ (27,780) | |
Conversion and Re-Designation of Preferred Shares Into Class A common Shares, Shares | (16,574,460) | |
Balances as of December 31 | ¥ 27,629 | |
Balances as of December 31, Shares | 16,574,460 |
Redeemable Preferred Shares a_4
Redeemable Preferred Shares and Convertible Bond - Additional Information (Detail) - CNY (¥) | 1 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2014 | Dec. 31, 2021 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 31, 2018 | Jul. 31, 2016 | Mar. 31, 2016 | |
Convertible Bond [Member] | ||||||||
Convertible bond, interest rate | 15.00% | |||||||
Convertible bond, aggregate principal amount | ¥ 33,000,000 | |||||||
Convertible bond, conversion price | ¥ 0.74 | ¥ 1.48 | ||||||
Series A Preferred Stock [Member] | ||||||||
Redeemable Preferred Shares issued | 204,022,000 | 204,022,000 | 204,022,000 | |||||
Redeemable Preferred Shares issued, value | ¥ 39,404,003 | ¥ 78,390,000 | ¥ 84,072,000 | |||||
Redeemable Preferred Shares Converted | 87,935,500 | |||||||
Redeemable Preferred Shares, annual rate of return | 10.00% | |||||||
Series B+ redeemable preferred shares [Member] | ||||||||
Redeemable Preferred Shares issued | 43,937,180 | 43,937,180 | 43,937,180 | |||||
Redeemable Preferred Shares issued, value | ¥ 75,606,000 | ¥ 81,654,000 | ¥ 62,500,000 | |||||
Redeemable Preferred Shares, annual rate of return | 8.00% | |||||||
Series B++ redeemable preferred shares [Member] | ||||||||
Redeemable Preferred Shares issued | 16,574,460 | 16,574,460 | ||||||
Redeemable Preferred Shares issued, value | ¥ 25,859,000 | ¥ 27,629,000 | ||||||
Redeemable Preferred Shares on conversion of convertible bond | 16,574,460 | |||||||
Convertible bond, principal amount | ¥ 24,520,000 | |||||||
Convertible bond, interest | ¥ 907,000 | |||||||
Redeemable Preferred Shares, annual rate of return | 10.00% | |||||||
Series B redeemable preferred shares [Member] | ||||||||
Redeemable Preferred Shares issued | 185,512,580 | |||||||
Redeemable Preferred Shares issued, value | ¥ 200,000,000 | |||||||
Redeemable Preferred Shares, annual rate of return | 8.00% |
Share-based Compensation - Shar
Share-based Compensation - Share-based Payment Arrangement, Expensed and Capitalized, Amount (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation | ¥ (1,824) | ¥ 52,253 | ¥ 94,958 |
Cost of revenue | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation | (387) | 410 | 43 |
Selling expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation | (475) | 10,642 | 6,514 |
General and administrative expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation | (665) | 40,820 | 87,980 |
Research and development expenses | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation | ¥ (297) | ¥ 381 | ¥ 421 |
Share-based Compensation - Sh_2
Share-based Compensation - Share-based Payment Arrangement, Option, Activity (Detail) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options, Outstanding | 11,096,360 | ||
Number of options, Exercised | (7,420,000) | ||
Number of options, Forfeited | (3,676,360) | ||
Number of options, Outstanding | 36,844,725 | 11,096,360 | |
Weighted Average exercise price, Outstanding | $ 0.55 | ||
Weighted Average exercise price, Exercised | 0.56 | ||
Weighted Average exercise price, Forfeited | $ 0.52 | ||
Weighted Average exercise price, Outstanding | $ 0.1608 | $ 0.55 | |
Global Share Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options, Outstanding | 16,154,051 | 19,463,440 | |
Number of options, Granted | 21,631,945 | 19,463,440 | |
Number of options, Exercised | (201,040) | (707,396) | |
Number of options, Forfeited | (740,231) | (2,601,993) | |
Number of options, Outstanding | 36,844,725 | 16,154,051 | 19,463,440 |
Weighted Average exercise price, Outstanding | $ 0.1607 | $ 0.1607 | |
Weighted Average exercise price, Granted | 0.1609 | $ 0.1607 | |
Weighted Average exercise price, Exercised | 0.1607 | 0.1607 | |
Weighted Average exercise price, Forfeited | 0.1607 | 0.1607 | |
Weighted Average exercise price, Outstanding | $ 0.1608 | $ 0.1607 | $ 0.1607 |
Number of options, Vested and exercisable at December 31, 2020 | 11,884,664 | 5,004,126 | |
Weighted Average exercise price, Vested and exercisable at December 31, 2020 | $ 0.1709 | $ 0.1607 |
Share-based Compensation - Summ
Share-based Compensation - Summary of Share Based Compensation Stock Options Activity Outstanding (Detail) - Share-based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Schedule Of Share Based Compensation Stock Options Activity Outstanding [Line Items] | ||
Options number, Outstanding | 36,844,725 | 11,096,360 |
Options number, Exercisable | 11,884,664 | |
Options number, Expected to vest | 24,960,061 | |
Weighted average exercise price, Outstanding | $ 0.1608 | $ 0.55 |
Weighted average exercise price, Exercisable | 0.1709 | |
Weighted average exercise price, Expected to vest | $ 0.1560 | |
Weighted average remaining contractual life, Outstanding | 8 years 8 months 15 days | |
Weighted average remaining contractual life, Exercisable | 7 years 11 months 19 days | |
Weighted average remaining contractual life, Expected to vest | 9 years 25 days | |
Aggregate intrinsic value, Outstanding | $ 0 | |
Aggregate intrinsic value, Exercisable | 0 | |
Aggregate intrinsic value, Expected to vest | $ 0 |
Share-based Compensation - Su_2
Share-based Compensation - Summary of Assumptions Used to Determine Fair Value of Share Options Granted (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Exercise price (US$) | $ 0.1608 | $ 0.1607 |
Expected forfeiture rate (post-vesting) | 10.85% | 8.30% |
Expected volatility | 40.57% | 39.58% |
Excepted term (in years) | 8 years 8 months 15 days | 8 years 6 months |
Expected dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 1.4658% | 0.7782% |
Share-based Compensation - Sh_3
Share-based Compensation - Share-based Payment Arrangement, Restricted Stock Unit, Activity (Detail) - ¥ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options to Employees, Non-vested Beginning Balance | 316,360 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options to Employees, Non-vested Beginning Balance | 13,332,607 | 23,809,190 | |
Options to Employees, Granted | 320,000 | 23,809,190 | |
Options to Employees, Vested | (4,925,510) | (7,000,739) | |
Options to Employees, Forfeited | (613,553) | (3,475,844) | |
Options to Employees, Non-vested Ending Balance | 8,113,544 | 13,332,607 | 23,809,190 |
Weighted Average Grant-Date Fair Value, Granted | ¥ 2.49 | ¥ 4.20 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) ¥ / shares in Units, ¥ in Thousands | Jun. 30, 2019CNY (¥)¥ / sharesshares | Mar. 31, 2021shares | Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021CNY (¥)¥ / shares$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2020$ / shares¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | Dec. 31, 2018CNY (¥)¥ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based awards granted, vesting period | 4 years | |||||||
Restricted Shares Granted | 316,360 | |||||||
Share-based compensation expenses | ¥ | ¥ (1,824) | ¥ 52,253 | ¥ 94,958 | |||||
Previously Reported [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based awards granted, vesting period | 2 years 3 months | |||||||
Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share based awards granted, vesting period | 1 year | |||||||
Stock options granted, weighted average grant date fair value | ¥ / shares | ¥ 1.22 | |||||||
Intrinsic value of stock options exercised | ¥ | ¥ 0 | |||||||
Share options outstanding | 36,844,725 | 36,844,725 | 11,096,360 | |||||
Share-based Payment Arrangement, Option [Member] | Global Share Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of options, Granted | 21,631,945 | 19,463,440 | ||||||
Share options outstanding | 36,844,725 | 36,844,725 | 16,154,051 | 16,154,051 | 19,463,440 | |||
Weighted average fair value of the options | $ / shares | $ 0.0127 | $ 0.2030 | ||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted Shares Granted | 8,113,544 | 8,113,544 | 13,332,607 | 13,332,607 | 23,809,190 | |||
Share-based compensation expenses | ¥ | ¥ 11,355 | ¥ 35,880 | ¥ 27,102 | |||||
Unrecognized Share Based Compensation | ¥ | ¥ 11,883 | $ 11,883 | ||||||
Weighted Average Grant-Date Fair Value, Non-vested | ¥ / shares | ¥ 2.49 | $ 2.49 | ¥ 0 | $ 0 | ¥ 4.20 | |||
Share Based Compensation, Other Than Share Options Granted | 320,000 | 23,809,190 | ||||||
Restricted Stock [Member] | MR Cunjun Ma [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted Shares Granted | 14,229,183 | |||||||
Share-based compensation expenses | ¥ | ¥ 59,778 | |||||||
Weighted Average Grant-Date Fair Value, Non-vested | ¥ / shares | ¥ 4.20 | |||||||
Restricted Stock [Member] | Employee Restricted Shares Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Restricted Shares Granted | 23,809,190 | 23,809,190 | ||||||
Share Based Compensation, Other Than Share Options Granted | 320,000 |
Operating Revenue - Disaggregat
Operating Revenue - Disaggregation of Revenue (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Brokerage income | ||||
Brokerage income subtotal | ¥ 2,232,253 | $ 350,289 | ¥ 1,215,434 | ¥ 982,124 |
Other income | 12,763 | 2,003 | 4,788 | 11,195 |
Total operating revenue | 2,245,016 | $ 352,292 | 1,220,222 | 993,319 |
Life and Health insurance business | ||||
Brokerage income | ||||
Brokerage income subtotal | 2,170,767 | 1,166,118 | 902,596 | |
Property and Casualty insurance business | ||||
Brokerage income | ||||
Brokerage income subtotal | ¥ 61,486 | ¥ 49,316 | ¥ 79,528 |
Selling Expense - Schedule of S
Selling Expense - Schedule of Selling Expense (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Selling Expense [Abstract] | ||||
Salaries and employment benefits | ¥ 222,428 | ¥ 129,327 | ¥ 97,000 | |
Advertising and marketing expenses | 97,945 | 71,472 | 47,927 | |
Rental and utilities expenses | 13,781 | 6,961 | 5,323 | |
Office expenses | 5,623 | 5,877 | 3,658 | |
Travelling expenses | 3,734 | 1,689 | 1,927 | |
Business development | 761 | 384 | 471 | |
Depreciation and amortizations | 680 | 444 | 289 | |
Share-based compensation expenses | (475) | 10,642 | 6,514 | |
Others | 6,096 | 3,642 | 1,556 | |
Total | ¥ 350,573 | $ 55,012 | ¥ 230,438 | ¥ 164,665 |
General and Administrative Ex_3
General and Administrative Expenses - Summary of General And Administrative Expenses (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
General and Administrative Expense [Abstract] | ||||
Salaries and employment benefits | ¥ 87,321 | ¥ 51,457 | ¥ 35,547 | |
Rental and utilities expenses | 33,486 | 2,332 | 1,468 | |
Professional service expenses | 31,868 | 20,075 | 13,343 | |
Bank charges | 7,955 | 7,849 | 7,380 | |
Directors and Officers Liability Insurance premium | 7,798 | 6,127 | ||
VAT Surcharge | 6,954 | 3,845 | 3,423 | |
Office expenses | 8,532 | 3,811 | 3,058 | |
Depreciation and amortizations | 2,195 | 1,875 | 1,538 | |
Travelling expenses | 1,675 | 1,648 | 2,682 | |
Bad debt expense | 1,445 | $ 227 | 1,218 | 626 |
Share-based compensation expenses | (665) | 40,820 | 87,980 | |
Other | 9,055 | 9,150 | 4,771 | |
Total | ¥ 197,619 | $ 31,011 | ¥ 150,207 | ¥ 161,816 |
Investment income_(loss) - Addi
Investment income/(loss) - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Gain (Loss) In Change In Fair Value Of Investments | ¥ (4,224) | ||
Impairment Of Investments | 1,610 | ||
Equity Securities Fv Ni Realized Gain Loss | 265 | ||
Dividend From Equity Investment | 241 | ||
Investment Accounted For At Fair Value [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Gain (Loss) In Change In Fair Value Of Investments | (1,339) | ||
Equity Securities Fv Ni Realized Gain Loss | 265 | ||
Equity Method Investments [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Gain (Loss) In Change In Fair Value Of Investments | ¥ 2,885 |
Net Loss Per Share (Detail)
Net Loss Per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Numerator: | ||||
Net profit/(loss) | ¥ (107,717) | $ (16,904) | ¥ (18,292) | ¥ 14,968 |
Less: Net profit/(loss) attributable to non-controlling interests | (51) | (8) | 0 | 66 |
Net profit/(loss) attributable to common shares and redeemable preferred shares | (107,666) | (16,896) | (18,292) | 14,902 |
Redeemable Preferred Shares redemption value accretion | 0 | 0 | (4,274) | (32,854) |
Allocation to redeemable preferred shareholders | 0 | 0 | 1,074 | (7,431) |
Net loss attributable to common shareholders-Basic and diluted | ¥ (107,666) | $ (16,896) | ¥ (21,492) | ¥ (25,383) |
Denominator: | ||||
Denominator for basic loss per share weighted-average common shares outstanding | 1,021,861,206 | 1,021,861,206 | 963,817,614 | 452,445,068 |
Denominator for diluted loss per share weighted-average common shares outstanding | 1,021,861,206 | 1,021,861,206 | 963,817,614 | 452,445,068 |
Basic and diluted loss per share | (per share) | ¥ (0.11) | $ (0.02) | ¥ (0.02) | ¥ (0.06) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock [Member] | ||
Antidiluted securities | 4,054,623 | 1,789,534 |
Stock Option [Member] | ||
Antidiluted securities | 0 | 4,114,655 |
Lease - Summary of Supplemental
Lease - Summary of Supplemental Balance Sheet Information Related to Leases (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Jan. 01, 2020CNY (¥) |
Leases [Abstract] | ||||
Operating lease right-of-use assets | ¥ 247,819 | $ 38,888 | ¥ 267,352 | ¥ 5,504 |
Operating lease liabilities | ¥ 264,069 | ¥ 264,869 | ¥ 5,504 |
Lease - Summary of Lease Cost (
Lease - Summary of Lease Cost (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Lease, Cost [Abstract] | ||
Operating lease cost | ¥ 46,102 | ¥ 8,293 |
Short term lease cost | 385 | 622 |
Total lease cost | ¥ 46,487 | ¥ 8,915 |
Lease - Summary of Operating L
Lease - Summary of Operating Lease Liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2022 | ¥ 28,261 | ||
2023 | 26,639 | ||
2024 | 34,196 | ||
2025 | 35,268 | ||
2026 | 37,400 | ||
Thereafter | 173,102 | ||
Total operating lease payments (undiscounted) | 334,866 | ||
Less: Imputed interest | (70,797) | ||
Total operating lease liabilities (discounted) | ¥ 264,069 | ¥ 264,869 | ¥ 5,504 |
Lease - Summary of Supplement_2
Lease - Summary of Supplemental Cash Flow Information Related to the Operating Leases (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Supplemental Cash Flow Information Related To Leases [Abstract] | ||
Cash paid for amounts included in operating lease liabilities | ¥ 27,360 | ¥ 11,383 |
Lease - Additional Information
Lease - Additional Information (Detail) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2019CNY (¥) | |
Leases [Abstract] | |
Operating lease rental expense | ¥ 6,941 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Capital commitments | ¥ 55,546 | ¥ 31,000 |
Parent Company Only Condensed_3
Parent Company Only Condensed Financial Information - Summary of Condensed Balance sheet (Detail) $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Assets [Abstract] | |||||
Cash and cash equivalent | ¥ 381,158,000 | $ 59,812 | ¥ 404,618,000 | ||
Contract assets | 0 | 0 | 216,000 | ||
Amount due from related parties | 128,000 | 251,000 | |||
Prepaid expense and other receivables | 77,511,000 | 12,163 | 44,377,000 | ||
Long-term investments | 73,001,000 | 11,456 | 46,084,000 | ¥ 23,395,000 | ¥ 21,575,000 |
Total assets | 1,857,454,000 | 291,475 | 1,335,976,000 | ||
Liabilities and Shareholders' equity | |||||
Other payables and accrued expenses | 71,255,000 | 11,181 | 31,153,000 | ||
Contract liabilities | 625,000 | 312,000 | |||
Payroll and welfare payable | 225,000 | 35 | 4,156,000 | ||
Total liabilities | 1,496,541,000 | 234,839 | 867,293,000 | ||
Shareholders' equity | |||||
Treasury stock (nil and 896,180 shares as of December 31, 2019 and December 31, 2020, respectively) | (9,545,000) | (1,498) | (2,063,000) | ||
Additional paid-in capital | 896,772,000 | 140,723 | 884,920,000 | ||
Accumulated other comprehensive loss | (27,295,000) | (4,283) | (21,972,000) | ||
Accumulated deficit | (499,940,000) | (78,451) | (392,274,000) | ||
Total shareholders' equity attributable to Huize Holding Limited shareholders | 360,064,000 | 56,503 | 468,683,000 | ||
Total liabilities and shareholders' (deficit)/equity | 1,857,454,000 | 291,475 | 1,335,976,000 | ||
Common Class A [Member] | |||||
Shareholders' equity | |||||
Common Stock Value | 62,000 | 10 | 62,000 | ||
Common Class B [Member] | |||||
Shareholders' equity | |||||
Common Stock Value | 10,000 | 2 | 10,000 | ||
Parent Company [Member] | |||||
Assets [Abstract] | |||||
Cash and cash equivalent | 16,291,000 | 2,556 | 187,217,000 | ||
Contract assets | 216,000 | ||||
Amount due from related parties | 106,000 | 17 | 189,000 | ||
Prepaid expense and other receivables | 291,666,000 | 45,770 | 131,895,000 | ||
Long-term investments | 76,030,000 | 11,931 | 179,059,000 | ||
Total assets | 384,093,000 | 60,274 | 498,576,000 | ||
Liabilities and Shareholders' equity | |||||
Other payables and accrued expenses | 17,892,000 | 2,808 | 14,836,000 | ||
Contract liabilities | 4,555,000 | 715 | 0 | ||
Payroll and welfare payable | 1,582,000 | 248 | 15,057,000 | ||
Total liabilities | 24,029,000 | 3,771 | 29,893,000 | ||
Shareholders' equity | |||||
Treasury stock (nil and 896,180 shares as of December 31, 2019 and December 31, 2020, respectively) | (9,545,000) | (1,498) | (2,063,000) | ||
Additional paid-in capital | 896,772,000 | 140,723 | 884,920,000 | ||
Accumulated other comprehensive loss | (27,295,000) | (4,283) | (21,972,000) | ||
Accumulated deficit | (499,940,000) | (78,451) | (392,274,000) | ||
Total shareholders' equity attributable to Huize Holding Limited shareholders | 360,064,000 | 56,503 | 468,683,000 | ||
Total liabilities and shareholders' (deficit)/equity | 384,093,000 | 60,274 | ¥ 498,576,000 | ||
Parent Company [Member] | Common Class A [Member] | |||||
Shareholders' equity | |||||
Common Stock Value | 62,000 | 10 | |||
Parent Company [Member] | Common Class B [Member] | |||||
Shareholders' equity | |||||
Common Stock Value | ¥ 10,000 | $ 2 |
Parent Company Only Condensed_4
Parent Company Only Condensed Financial Information - Summary of Condensed Balance sheet (Parenthetical) (Detail) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Condensed Balance Sheet [Line Items] | |||
Common shares per share | $ 0.00001 | ||
Common shares, authorized | 4,549,953,780 | ||
Common shares, shares issued | 483,310,373 | ||
Common shares, shares outstanding | 483,310,373 | ||
Treasury Stock, Shares | 3,436,860 | 896,180 | |
Common Class A [Member] | |||
Schedule Of Condensed Balance Sheet [Line Items] | |||
Common shares per share | $ 0.00001 | $ 0.00001 | |
Common shares, authorized | 7,000,000,000 | ||
Common shares, shares issued | 894,456,046 | 894,456,046 | |
Common shares, shares outstanding | 886,166,726 | 888,506,366 | |
Common Class B [Member] | |||
Schedule Of Condensed Balance Sheet [Line Items] | |||
Common shares per share | $ 0.00001 | $ 0.00001 | |
Common shares, authorized | 800,000,000 | 800,000,000 | |
Common shares, shares issued | 150,591,207 | 150,591,207 | |
Common shares, shares outstanding | 150,591,207 | 150,591,207 | |
Parent Company [Member] | |||
Schedule Of Condensed Balance Sheet [Line Items] | |||
Treasury Stock, Shares | 3,436,860 | 896,180 | |
Parent Company [Member] | Common Class A [Member] | |||
Schedule Of Condensed Balance Sheet [Line Items] | |||
Common shares per share | $ 0.00001 | $ 0.00001 | |
Common shares, authorized | 7,000,000,000 | 7,000,000,000 | |
Common shares, shares issued | 894,456,046 | 888,506,366 | |
Common shares, shares outstanding | 894,456,046 | 886,166,726 | |
Parent Company [Member] | Common Class B [Member] | |||
Schedule Of Condensed Balance Sheet [Line Items] | |||
Common shares per share | $ 0.00001 | $ 0.00001 | |
Common shares, authorized | 800,000,000 | 800,000,000 | |
Common shares, shares issued | 150,591,207 | 150,591,207 | |
Common shares, shares outstanding | 150,591,207 |
Parent Company Only Condensed_5
Parent Company Only Condensed Financial Information - Summary of Comprehensive Income/(Loss) (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Condensed Statement Of Comprehensive Income [Line Items] | ||||
Other income | ¥ 12,763 | $ 2,003 | ¥ 4,788 | ¥ 11,195 |
Total operating revenue | 2,245,016 | 352,292 | 1,220,222 | 993,319 |
General and administrative expenses | 197,619 | 31,011 | 150,207 | 161,816 |
Operating Loss | (114,411) | (17,954) | (25,911) | 1,639 |
Other expense | ||||
Unrealized exchange (loss)/income | (59) | (9) | (9) | 362 |
Loss before income tax, and share of loss of subsidiaries and VIEs | (110,377) | (17,321) | (16,763) | 15,205 |
Share of income/(loss) of subsidiaries and VIEs | 2,660 | 417 | 239 | (180) |
Net profit/(loss) | (107,666) | (16,896) | (18,292) | 14,902 |
Redeemable preferred shares redemption value accretion | 0 | 0 | 4,274 | 32,854 |
Net loss attributable to common shareholders | (107,666) | (16,896) | (21,492) | (25,383) |
Net profit/(loss) | (107,666) | (16,896) | (18,292) | 14,902 |
Foreign currency translation adjustment, net of tax | (5,323) | (835) | (22,386) | 140 |
Total comprehensive income/(loss) | (112,989) | (17,731) | (40,678) | 15,021 |
Parent Company [Member] | ||||
Condensed Statement Of Comprehensive Income [Line Items] | ||||
Other income | 1,269 | 199 | 228 | |
Total operating revenue | 1,269 | 199 | 228 | |
General and administrative expenses | (5,994) | (942) | (4,611) | (521) |
Operating Loss | (4,725) | (743) | (4,383) | (521) |
Other expense | ||||
Interest income | 4 | 1 | 11 | |
Unrealized exchange (loss)/income | 421 | (97) | ||
Loss before income tax, and share of loss of subsidiaries and VIEs | (4,721) | (742) | (3,951) | (618) |
Share of income/(loss) of subsidiaries and VIEs | (102,945) | (16,154) | (14,341) | 15,520 |
Net profit/(loss) | (107,666) | (16,896) | (18,292) | 14,902 |
Redeemable preferred shares redemption value accretion | (4,274) | (32,854) | ||
Allocation to redeemable preferred shares | 1,074 | (7,431) | ||
Net loss attributable to common shareholders | (107,666) | (16,896) | (21,492) | (25,383) |
Net profit/(loss) | (107,666) | (16,896) | (18,292) | 14,902 |
Foreign currency translation adjustment, net of tax | (5,323) | (835) | (22,386) | 119 |
Total comprehensive income/(loss) | ¥ (112,989) | $ (17,731) | ¥ (40,678) | ¥ 15,021 |
Parent Company Only Condensed_6
Parent Company Only Condensed Financial Information - Condensed Cash Flow Statement (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Cash flows from operating activities: | ||||
Net profit/(loss) | ¥ (107,666) | $ (16,896) | ¥ (18,292) | ¥ 14,902 |
Adjustments to reconcile net profit/(loss) to net cash used in operating activities: | ||||
Unrealized exchange income/(loss) | 59 | 9 | 9 | (362) |
Share of (income)/loss of subsidiaries and VIEs | (2,660) | (417) | (239) | 180 |
Increase/(decrease) in other payables and accrued expenses | 29,860 | 4,686 | 2,577 | 3,055 |
Increase/(decrease) in contract liabilities | 7,236 | 1,135 | ||
(Increase)/decrease in prepaid expense and other receivables | 40,020 | 6,280 | 30,755 | 6,860 |
(Increase)/decrease in other assets | (10,332) | |||
Net cash used in operating activities | (175,917) | (27,605) | 137,666 | 118,024 |
Cash flows from investing activities: | ||||
Investments in subsidiaries and consolidated VIEs | 33,614 | 5,275 | 22,450 | 2,000 |
Net cash used in investing activities | (80,926) | (12,700) | (31,078) | (6,927) |
Cash flows from financing activities: | ||||
Proceeds from initial public offering, net of issuance costs | 340,479 | |||
Proceeds from exercise of options | 497 | 78 | 503 | |
Repurchase of Class A common shares | 3,003 | 471 | 2,063 | |
Net cash provided by/(used in) financing activities | 141,891 | 22,266 | 383,053 | (14,079) |
Effect of exchange rate changes on cash and cash equivalents | (5,012) | (786) | (10,020) | 38 |
Net increase/(decrease) in cash and cash equivalents and restricted cash | (119,964) | (18,825) | 479,621 | 97,056 |
Total cash and cash equivalents and restricted cash at beginning of year | 728,948 | 114,388 | 249,327 | 152,271 |
Total cash and cash equivalents and restricted cash at end of year | 608,984 | 95,563 | 728,948 | 249,327 |
Parent Company [Member] | ||||
Cash flows from operating activities: | ||||
Net profit/(loss) | (107,666) | (16,896) | (18,292) | 14,902 |
Adjustments to reconcile net profit/(loss) to net cash used in operating activities: | ||||
Unrealized exchange income/(loss) | (421) | 97 | ||
Share of (income)/loss of subsidiaries and VIEs | 102,945 | 16,154 | 14,341 | (15,520) |
Interest income | (11) | |||
Changes in operating assets and liabilities: | (4,721) | (742) | (4,383) | (521) |
Increase/(decrease) in other payables and accrued expenses | (4,730) | (742) | (1,340) | 1,343 |
Increase/(decrease) in contract liabilities | 4,555 | 715 | 0 | |
(Increase)/decrease in prepaid expense and other receivables | 21 | 3 | (59) | |
(Increase)/decrease in other assets | (763) | |||
(Increase)/decrease in account receivables and contract assets | 216 | 34 | (216) | |
(Increase)/decrease in amount due from related parties | 83 | 13 | (189) | |
Net cash used in operating activities | (4,576) | (719) | (6,128) | |
Cash flows from investing activities: | ||||
Investments in subsidiaries and consolidated VIEs | (247) | (39) | (245) | |
Payments of inter-company balances | (161,216) | (25,298) | (139,123) | |
Net cash used in investing activities | (161,463) | (25,337) | (139,368) | |
Cash flows from financing activities: | ||||
Proceeds from issuance of common shares and redeemable preferred shares | 62 | |||
Proceeds from initial public offering, net of issuance costs | 340,479 | |||
Proceeds from exercise of options | 497 | 78 | 503 | |
Repurchase of Class A common shares | (3,003) | (471) | (2,063) | |
Net cash provided by/(used in) financing activities | (2,506) | (393) | 338,919 | 62 |
Effect of exchange rate changes on cash and cash equivalents | (2,381) | (374) | (6,268) | |
Net increase/(decrease) in cash and cash equivalents and restricted cash | (170,926) | (26,823) | 187,155 | 62 |
Total cash and cash equivalents and restricted cash at beginning of year | 187,217 | 29,378 | 62 | |
Total cash and cash equivalents and restricted cash at end of year | ¥ 16,291 | $ 2,555 | ¥ 187,217 | ¥ 62 |
Restricted Net Asset - Addition
Restricted Net Asset - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Assets Net [Line Items] | |||
Annual appropriations to general reserve | ¥ 0 | ¥ 0 | ¥ 0 |
Percentage of restricted net assets not exceeds of net assets | 25.00% | ||
CHINA | |||
Restricted Assets Net [Line Items] | |||
Percentage of statutory general reserve after tax income | 10.00% | ||
Percentage of general reserve threshold to equity | 50.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Mar. 31, 2022 |
Subsequent Event [Member] | Shanghai Senhao Insurance Agency Co., Ltd [Member] | |
Subsequent Events [Line Items] | |
Equity Method Investment, Ownership Percentage | 100.00% |