Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Entity Registrant Name | Chindata Group Holdings Limited |
Entity Central Index Key | 0001807192 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Well-known Seasoned Issuer | Yes |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2022 |
Amendment Flag | false |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity File Number | 001-39556 |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | No. 47 Laiguangying East Road |
Entity Address, Address Line Two | Chaoyang District, |
Entity Address, City or Town | Beijing |
Entity Address, Postal Zip Code | 100012 |
Entity Address, Country | CN |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Accounting Standard | U.S. GAAP |
ICFR Auditor Attestation Flag | true |
Auditor Name | Ernst & Young Hua Ming LLP |
Auditor Location | Beijing, the People’s Republic of China |
Auditor Firm ID | 1408 |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | No. 47 Laiguangying East Road |
Entity Address, Address Line Two | Chaoyang District, |
Entity Address, City or Town | Beijing |
Entity Address, Postal Zip Code | 100012 |
Entity Address, Country | CN |
Contact Personnel Name | Dongning Wang |
City Area Code | 400 |
Local Phone Number | 879-7679 |
Contact Personnel Email Address | ir@chindatagroup.com |
Class A Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock Shares Outstanding | 401,576,883 |
Class B Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock Shares Outstanding | 329,223,723 |
Class A Ordinary Shares | |
Document Information [Line Items] | |
Trading Symbol | CD |
Title of 12(b) Security | American Depositary Shares, each representing two Class A ordinary shares, par value US$0.00001 per share |
Security Exchange Name | NASDAQ |
Class A Ordinary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary shares, par value US$0.00001 per share |
Security Exchange Name | NASDAQ |
No Trading Symbol Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets ¥ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) |
Current assets | |||
Cash and cash equivalents | $ 451,765 | ¥ 3,115,914 | ¥ 4,390,293 |
Restricted cash | 115,489 | 796,549 | 460,174 |
Short-term investments | 14,552 | 100,368 | 193,672 |
Accounts receivable, net of allowance of RMB924 and RMB7,655 (US$1,110) as of December 31, 2021 and 2022, respectively | 280,939 | 1,937,692 | 661,027 |
Value added taxes recoverable | 63,443 | 437,579 | 327,553 |
Prepayments and other current assets | 53,401 | 368,320 | 314,604 |
Total current assets | 979,589 | 6,756,422 | 6,347,323 |
Non-current assets | |||
Property and equipment, net | 1,938,345 | 13,369,156 | 9,427,591 |
Operating lease right-of-use assets | 160,195 | 1,104,895 | 803,544 |
Finance lease right-of use assets | 19,289 | 133,037 | 136,825 |
Intangible assets | 41,287 | 284,763 | 305,800 |
Goodwill | 73,699 | 508,319 | 472,883 |
Deferred tax assets | 6,466 | 44,596 | 30,866 |
Restricted cash | 22,004 | 151,763 | 390,535 |
Value added taxes recoverable | 53,502 | 369,016 | 424,011 |
Other non-current assets | 54,843 | 378,264 | 342,573 |
Total non-current assets | 2,369,630 | 16,343,809 | 12,334,628 |
Total assets | 3,349,219 | 23,100,231 | 18,681,951 |
Current liabilities (including current liabilities of the consolidated VIEs without recourse to the primary beneficiary RMB114,478 and RMB146,487 (US$21,238) as of December 31, 2021 and 2022, respectively): | |||
Short-term bank loans | 82,324 | 567,802 | 260,980 |
Current portion of long-term bank loans | 92,106 | 635,278 | 1,689,545 |
Accounts payable | 350,922 | 2,420,376 | 1,701,299 |
Amounts due to related parties | 14,254 | 98,315 | 38,832 |
Income taxes payable | 14,925 | 102,940 | 49,168 |
Current portion of operating lease liabilities | 6,148 | 42,407 | 45,501 |
Current portion of finance lease liabilities | 722 | 4,978 | 4,765 |
Derivative liabilities | 2,983 | 20,577 | 0 |
Accrued expenses and other current liabilities | 52,632 | 363,007 | 511,257 |
Total current liabilities | 617,016 | 4,255,680 | 4,301,347 |
Non-current liabilities (including non-current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB196,730 and RMB168,961 (US$24,497) as of December 31, 2021 and 2022, respectively): | |||
Long-term bank loans | 1,039,327 | 7,168,445 | 3,526,460 |
Operating lease liabilities | 25,896 | 178,609 | 198,806 |
Finance lease liabilities | 8,517 | 58,745 | 57,002 |
Deferred tax liabilities | 54,534 | 376,135 | 270,950 |
Derivative liabilities | 0 | 0 | 16,354 |
Other non-current liabilities | 22,192 | 153,063 | 196,400 |
Total non-current liabilities | 1,150,466 | 7,934,997 | 4,265,972 |
Total liabilities | 1,767,482 | 12,190,677 | 8,567,319 |
Commitments and contingencies | |||
Shareholders’ equity | |||
Ordinary shares | 7 | 46 | 46 |
Additional paid-in capital | 1,570,516 | 10,832,160 | 10,646,328 |
Statutory reserves | 45,210 | 311,821 | 189,700 |
Accumulated other comprehensive loss | (43,571) | (300,517) | (257,977) |
(Accumulated deficit)/retained earnings | 9,575 | 66,044 | (463,465) |
Total shareholders’ equity | 1,581,737 | 10,909,554 | 10,114,632 |
Total liabilities and shareholders’ equity | $ 3,349,219 | ¥ 23,100,231 | ¥ 18,681,951 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) shares |
Accounts receivables, allowance | ¥ 7,655 | $ 1,110 | ¥ 924 |
Current liabilities | 4,255,680 | 617,016 | 4,301,347 |
Non-current liabilities | 7,934,997 | $ 1,150,466 | 4,265,972 |
Common stock, par value per share | $ / shares | $ 0.00001 | ||
VIEs | |||
Current liabilities | 3,691,996 | $ 535,288 | 2,225,938 |
Non-current liabilities | 168,961 | 24,497 | 196,730 |
VIEs | Nonrecourse | |||
Current liabilities | 146,487 | 21,238 | 114,478 |
Non-current liabilities | ¥ 168,961 | $ 24,497 | ¥ 196,730 |
Class A Ordinary Shares | |||
Common stock, shares authorized | 4,500,000,000 | 4,500,000,000 | 4,500,000,000 |
Common stock, shares, issued | 401,576,883 | 401,576,883 | 359,099,633 |
Common stock, value, outstanding | 400,259,749 | 400,259,749 | 358,376,753 |
Class B Ordinary Shares | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares, issued | 329,223,723 | 329,223,723 | 373,459,748 |
Common stock, value, outstanding | 329,223,723 | 329,223,723 | 368,500,979 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Revenue | ||||
Total revenue | ¥ 4,551,662 | $ 659,929 | ¥ 2,852,277 | ¥ 1,831,077 |
Cost of revenue | ||||
Gross profit | 1,892,836 | 274,435 | 1,199,613 | 732,781 |
Operating expenses | ||||
Selling and marketing expenses | (71,271) | (10,333) | (89,654) | (99,092) |
General and administrative expenses | (549,609) | (79,686) | (359,470) | (564,286) |
Research and development expenses | (83,496) | (12,106) | (75,344) | (41,175) |
Total operating expenses | (704,376) | (102,125) | (524,468) | (704,553) |
Operating income | 1,188,460 | 172,310 | 675,145 | 28,228 |
Interest income | 55,825 | 8,094 | 58,607 | 27,616 |
Interest expense | (356,858) | (51,740) | (294,978) | (238,384) |
Foreign exchange (loss) gain | 2,789 | 404 | (4,726) | (3,548) |
Changes in fair value of financial instruments | 7,722 | 1,120 | 12,605 | (12,717) |
Others, net | 48,078 | 6,971 | 24,183 | (17,201) |
(Loss) income before income taxes | 946,016 | 137,159 | 470,836 | (216,006) |
Income tax expense | (294,386) | (42,682) | (154,416) | (67,339) |
Net (loss) income | 651,630 | 94,477 | 316,420 | (283,345) |
Net (loss) income attributable to Chindata Group Holdings Limited | ¥ 651,630 | $ 94,477 | ¥ 316,420 | ¥ (283,345) |
Shares (Class A and B ordinary shares) used in the net (loss) earnings per share: | ||||
Basic | 729,012,665 | 729,012,665 | 726,018,244 | 613,673,576 |
Diluted | 732,581,960 | 732,581,960 | 729,015,250 | 613,673,576 |
Other comprehensive loss, net of tax of nil: | ||||
Foreign currency translation adjustments | ¥ (42,540) | $ (6,168) | ¥ (85,391) | ¥ (212,597) |
Comprehensive (loss) income | 609,090 | 88,309 | 231,029 | (495,942) |
Comprehensive (loss) income attributable to Chindata Group Holdings Limited | 609,090 | 88,309 | 231,029 | (495,942) |
Colocation Services | ||||
Revenue | ||||
Total revenue | 4,197,502 | 608,581 | 2,649,371 | 1,701,911 |
Cost of revenue | ||||
Cost of revenue | (2,334,683) | (338,497) | (1,446,544) | (960,586) |
Colocation Services | Third Party | ||||
Revenue | ||||
Total revenue | 4,197,502 | 608,581 | 2,649,371 | 1,618,857 |
Colocation Services | Related Party | ||||
Revenue | ||||
Total revenue | 0 | 0 | 0 | 83,054 |
Colocation Rental | ||||
Revenue | ||||
Total revenue | 203,381 | 29,487 | 114,681 | 124,991 |
Cost of revenue | ||||
Cost of revenue | (194,112) | (28,144) | (125,188) | (135,160) |
Others | ||||
Revenue | ||||
Total revenue | 150,779 | 21,861 | 88,225 | 4,175 |
Cost of revenue | ||||
Cost of revenue | ¥ (130,031) | $ (18,853) | ¥ (80,932) | ¥ (2,550) |
Class A Ordinary Shares | ||||
Net (loss) earnings per share (Class A and B ordinary shares): | ||||
Basic | (per share) | ¥ 0.89 | $ 0.13 | ¥ 0.44 | ¥ (0.46) |
Diluted | (per share) | ¥ 0.89 | $ 0.13 | ¥ 0.43 | ¥ (0.46) |
Shares (Class A and B ordinary shares) used in the net (loss) earnings per share: | ||||
Basic | 369,374,205 | 369,374,205 | 352,642,396 | 228,284,218 |
Diluted | 732,581,960 | 732,581,960 | 729,015,250 | 613,673,576 |
Class B Ordinary Shares | ||||
Net (loss) earnings per share (Class A and B ordinary shares): | ||||
Basic | (per share) | ¥ 0.89 | $ 0.13 | ¥ 0.44 | ¥ (0.46) |
Diluted | (per share) | ¥ 0.89 | $ 0.13 | ¥ 0.43 | ¥ (0.46) |
Shares (Class A and B ordinary shares) used in the net (loss) earnings per share: | ||||
Basic | 359,638,460 | 359,638,460 | 373,375,848 | 385,389,358 |
Diluted | 359,638,460 | 359,638,460 | 374,667,705 | 385,389,358 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Ordinary Shares CNY (¥) shares | Ordinary Shares USD ($) shares | Additional Paid-In Capital CNY (¥) | Additional Paid-In Capital USD ($) | Statutory Reserves CNY (¥) | Statutory Reserves USD ($) | Accumulated Other Comprehensive Income (Loss) CNY (¥) | Accumulated Other Comprehensive Income (Loss) USD ($) | Accumulated Deficit CNY (¥) | Accumulated Deficit USD ($) |
Beginning Balance at Dec. 31, 2019 | ¥ 3,237,173 | ¥ 34 | ¥ 3,512,291 | ¥ 13,908 | ¥ 40,011 | ¥ (329,071) | ||||||
Beginning balance, shares at Dec. 31, 2019 | shares | 566,716,480 | 566,716,480 | ||||||||||
Net (loss) income | (283,345) | (283,345) | ||||||||||
Issuance of ordinary shares | 1,769,645 | ¥ 4 | 1,769,641 | |||||||||
Issuance of ordinary shares, shares | shares | 46,075,737 | 46,075,737 | ||||||||||
Share issuance upon the initial public offering ("IPO") and concurrent private placements, net of issuance costs, shares | 4,858,617 | ¥ 8 | 4,858,609 | |||||||||
Share issuance upon the initial public offering ("IPO") and concurrent private placements, net of issuance costs, shares | shares | 112,000,000 | 112,000,000 | ||||||||||
Share-based compensation (Note 13) | 369,975 | 369,975 | ||||||||||
Appropriation of statutory reserves | 68,884 | (68,884) | ||||||||||
Other comprehensive income (loss) | (212,597) | (212,597) | ||||||||||
Ending Balance at Dec. 31, 2020 | 9,739,468 | ¥ 46 | 10,510,516 | 82,792 | (172,586) | (681,300) | ||||||
Ending Balance (Accounting Standards Update 2016-13) at Dec. 31, 2020 | 8,323 | 8,323 | ||||||||||
Ending balance, shares at Dec. 31, 2020 | shares | 724,792,217 | 724,792,217 | ||||||||||
Net (loss) income | 316,420 | 316,420 | ||||||||||
Share-based compensation (Note 13) | 119,047 | 119,047 | ||||||||||
Exercise of share options | 16,765 | 16,765 | ||||||||||
Exercise of share options, shares | shares | 2,085,515 | 2,085,515 | ||||||||||
Appropriation of statutory reserves | 106,908 | (106,908) | ||||||||||
Other comprehensive income (loss) | (85,391) | (85,391) | ||||||||||
Ending Balance at Dec. 31, 2021 | 10,114,632 | ¥ 46 | 10,646,328 | 189,700 | (257,977) | (463,465) | ||||||
Ending balance, shares at Dec. 31, 2021 | shares | 726,877,732 | 726,877,732 | ||||||||||
Net (loss) income | 651,630 | $ 94,477 | 651,630 | |||||||||
Repurchase and retirement of ordinary shares | (21,820) | (21,820) | ||||||||||
Repurchase and retirement of ordinary shares , shares | shares | (708,401) | (708,401) | ||||||||||
Share-based compensation (Note 13) | 186,843 | 186,843 | ||||||||||
Exercise of share options | 20,809 | 20,809 | ||||||||||
Exercise of share options, shares | shares | 3,314,141 | 3,314,141 | ||||||||||
Appropriation of statutory reserves | 122,121 | (122,121) | ||||||||||
Other comprehensive income (loss) | (42,540) | (42,540) | ||||||||||
Ending Balance at Dec. 31, 2022 | ¥ 10,909,554 | $ 1,581,737 | ¥ 46 | $ 7 | ¥ 10,832,160 | $ 1,570,516 | ¥ 311,821 | $ 45,210 | ¥ (300,517) | $ (43,571) | ¥ 66,044 | $ 9,575 |
Ending balance, shares at Dec. 31, 2022 | shares | 729,483,472 | 729,483,472 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net (loss) income | ¥ 651,630 | $ 94,477 | ¥ 316,420 | ¥ (283,345) |
Adjustments to reconcile net (loss) income to net cash generated from operating activities: | ||||
Depreciation and amortization | 861,748 | 124,942 | 587,080 | 410,694 |
Share-based compensation | 175,950 | 25,510 | 120,724 | 349,846 |
Impairment of long-lived assets | 83,482 | 12,104 | ||
Allowance for credit losses | 7,425 | 1,077 | 4,646 | 3,850 |
Deferred income tax expense | 86,343 | 12,519 | 6,598 | 7,375 |
Changes in fair value of financial instruments | (7,722) | (1,120) | (12,605) | 12,717 |
Amortization of debt issuance cost | 75,702 | 10,976 | 35,808 | 33,455 |
Others | 17,526 | 2,541 | 6,188 | (120) |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (1,268,331) | (183,891) | (209,593) | (121,890) |
Amount due from related parties | 42 | 88,887 | ||
Value added taxes recoverable | 121,989 | 17,687 | 123,988 | 6,900 |
Prepayments and other current assets | 137,742 | 19,971 | (194,617) | (38,934) |
Operating lease right-of-use assets | 40,666 | 5,896 | (1,467) | 10,800 |
Other non-current assets | (32,412) | (4,699) | (13,974) | (3,510) |
Accounts payable | (16,700) | (2,421) | 14,211 | 21,236 |
Income taxes payable | 53,772 | 7,796 | 1,896 | 28,622 |
Amount due to related parties | 91,043 | 13,200 | 6,754 | (61,740) |
Accrued expenses and other current liabilities | (144,554) | (20,958) | 105,143 | 69,142 |
Operating lease liabilities | (40,148) | (5,821) | (129) | (10,854) |
Other non-current liabilities | (35,856) | (5,200) | 168,392 | 141,779 |
Net cash generated from operating activities | 859,295 | 124,586 | 1,065,505 | 664,910 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchases of property and equipment and other long-lived assets, net of proceeds from sales of property and equipment | (4,441,263) | (643,923) | (3,452,962) | (2,424,647) |
Purchase of land use rights | (242,652) | (35,181) | (163,896) | (287,630) |
Cash paid for investment and business combination, net of cash acquired | (228,878) | (33,184) | (150,000) | (56,992) |
Purchase of short-term investments | (110,000) | (15,949) | (285,506) | |
Sales and maturities of short-term investments | 208,231 | 30,191 | 99,393 | |
Net cash used in investing activities | (4,814,562) | (698,046) | (3,952,971) | (2,769,269) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuance of ordinary shares | 0 | 0 | 0 | 1,810,200 |
Proceeds from IPO and concurrent private placements, net of issuance cost | 4,871,804 | |||
Payment of issuance cost for ordinary shares issued in prior year | (14,734) | |||
Proceeds from exercise of share options | 14,073 | 2,040 | 10,449 | |
Principal portion of finance lease payments | (5,284) | (766) | (7,723) | (18,441) |
Proceeds from short-term bank loans | 323,967 | 46,971 | 266,155 | 68,971 |
Proceeds from long-term bank loans | 5,815,436 | 843,159 | 1,749,836 | 1,743,315 |
Payment of debt issuance cost | (111,181) | (16,121) | (32,973) | (47,128) |
Repayment of short-term bank loans | (258,579) | (37,490) | (64,606) | (15,000) |
Repayment of long-term bank loans | (3,117,634) | (452,014) | (613,343) | (224,919) |
Net cash generated from financing activities | 2,660,798 | 385,779 | 1,293,061 | 8,188,802 |
Exchange rate effect on cash, cash equivalents and restricted cash | 117,693 | 17,065 | (76,056) | (292,820) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,176,776) | (170,616) | (1,670,461) | 5,791,623 |
Cash, cash equivalents and restricted cash at the beginning of the year | 5,241,002 | 759,874 | 6,911,463 | 1,119,840 |
Cash, cash equivalents and restricted cash at the end of the year | 4,064,226 | 589,258 | 5,241,002 | 6,911,463 |
Supplemental disclosures of cash flow information: | ||||
Interest expense paid | 664,919 | 96,404 | 259,719 | 197,581 |
Income taxes paid | 200,627 | 29,088 | 84,028 | 27,774 |
Supplemental disclosures of non-cash information: | ||||
Purchase of property and equipment included in accounts payable | 2,311,677 | 335,162 | 1,598,020 | 1,121,253 |
Reconciliation of cash, cash equivalents and restricted cash | ||||
Cash and cash equivalents | 3,115,914 | 451,765 | 4,390,293 | 6,705,612 |
Restricted cash, current | 796,549 | 115,489 | 460,174 | 102,598 |
Restricted cash, non-current | 151,763 | 22,004 | 390,535 | 103,253 |
Cash, cash equivalents and restricted cash at the end of the year | ¥ 4,064,226 | $ 589,258 | ¥ 5,241,002 | ¥ 6,911,463 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | 1. ORGANIZATION Chindata Group Holdings Limited (the “Company”) is a limited liability company incorporated in the Cayman Islands on December 27, 2018. The Company, its subsidiaries, the variable interest entities, and subsidiaries of the variable interest entities are hereinafter collectively referred to as the “Group”. The Group is principally engaged in the provision of internet data center (“IDC”) colocation and rental services under “Chindata” brand in the People’s Republic of China (the “PRC” or “China”) and under "Bridge Data Centers" brand in other Asia-Pacific emerging markets. The Company does not conduct any substantive operations on its own but instead conducts its primary business operations through its subsidiaries, the variable interest entities, and subsidiaries of the variable interest entities, which are primarily located in China, Malaysia and India. In preparation for the initial public offering (IPO) in 2020, the Company underwent a restructuring through a series of transactions and combined Chindata’s China business and the business of Bridge Data Centers. On July 30 and July 31, 2020, several investors acquired an aggregate of 36,860,590 ordinary shares of the Company at US$ 5.43 per share. On August 14 and August 18, 2020, several investors acquired an aggregate of 119,796,921 ordinary shares of the Company at US$ 5.43 per share (“Pre-IPO private placements”). Among which, 9,215,147 shares were newly issued and 110,581,774 shares were sold and transferred from existing shareholders of the Company. On October 2, 2020, the Company completed its IPO on the NASDAQ Global Select Market. The Company offered 40,000,000 ADSs representing 80,000,000 Class A ordinary shares at US$ 13.50 per ADS. Concurrently with the IPO, several investors purchased 10,000,000 ADSs at US$ 13.50 per ADS, representing 20,000,000 Class A ordinary shares (“Concurrent Private Placements”). Additionally, the underwriters exercised their options to purchase an additional 6,000,000 ADSs representing 12,000,000 Class A ordinary shares at US$ 13.50 per ADS. Net proceeds from the IPO including the over-allotment option and the Concurrent Private Placements after deducting underwriting discount and issuance cost were RMB 4,871,804 . Upon completion of the IPO, all outstanding ordinary shares were converted on a one-for-one basis into 338,584,043 Class A ordinary shares and 386,208,174 Class B ordinary shares, respectively. In 2021 and 2022, the Company issued 2,100,000 and 3,200,000 Class A ordinary shares to its share depositary bank which will be used to settle share option awards upon their exercise, respectively. No consideration was received by the Company for this issuance of ordinary shares. These ordinary shares are legally issued but deemed not outstanding for accounting purposes. During the years ended December 31, 2020, 2021 and 2022, 5,993,740 , 12,421,850 and 13,786,652 Class B shares were exchanged for Class A ordinary shares, respectively, pursuant to the awards agreements. In 2022, 708,395 Class B ordinary shares owned by Mr. Jing Ju were repurchased and retired by the Company (Note 13). In addition, remaining 29,740,978 Class B ordinary shares held by Mr. Ju were converted into Class A ordinary shares. As of December 31, 2022, there were 401,576,883 Class A ordinary shares issued and 400,259,749 Class A ordinary shares outstanding; 329,223,723 Class B ordinary shares issued and outstanding. The rights of the holders of Class A and Class B ordinary shares are identical, except with respect to voting and conversion rights. Each share of Class A ordinary shares is entitled to one vote and is not convertible into Class B ordinary shares under any circumstances. Each share of Class B ordinary shares is entitled to 15 votes and is convertible into one Class A ordinary share at any time by the holder thereof. Upon any transfer of Class B ordinary shares by the holder thereof to any person or entity that is not an affiliate of such holder, such Class B ordinary shares would be automatically converted into an equal number of Class A ordinary shares. 1. ORGANIZATION (Continued) As of December 31, 2022, the Company’s principal subsidiaries, variable interest entities, and subsidiaries of the variable interest entities, are as follows: Name Date of establishment/ Place of Percentage Principal activities Stack Midco Limited November 27, 2018 Cayman 100 % Investment holding Suzhou Stack Data Technology Co., Ltd. (“Suzhou Stack”)* December 10, 2018 PRC 100 % Provision of technical and consulting services Hebei Stack Data Technology Investment Co., Ltd. (“Hebei Stack”)* July 10, 2019 PRC 100 % Provision of technical and consulting services Chindata (Hebei) Co., Ltd. April 26, 2019 PRC 100 % Provision of technical and consulting services Datong Qinhuai Data Co., Ltd. April 26, 2019 PRC 100 % Provision of technical and consulting services Huailai Sidake Data Co., Ltd. June 12, 2019 PRC 100 % Provision of technical and consulting services Bridge Data Centres Malaysia Sdn. Bhd. November 1, 2017 Malaysia 100 % Provision of IDC colocation rental services Bridge Datacentres (Mumbai) LLP October 18, 2017 India 100 % Provision of IDC colocation rental services Variable interest entities: Sitan (Beijing) Data Science and Technology Co., Ltd. (“Beijing Sitan”) December 19, 2018 PRC Nil Provision of IDC colocation services Hebei Qinshu Information Science and Technology Co., Ltd. (“Hebei Qinshu”) July 10, 2019 PRC Nil Provision of IDC colocation services Variable interest entities’ subsidiaries: Chindata (Beijing) Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services Sidake Hebei Data Science and Technology Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services Datong Sitan Data Science and Technology Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services Chindata (Shenzhen) Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services Huailai Qinyuan Information Science and Technology Co., Ltd. July 12, 2019 PRC Nil Provision of IDC colocation services Datong Qinling Information Science and Technology Co., Ltd. July 26, 2019 PRC Nil Provision of IDC colocation services * each or collectively referred to as the “WFOE”. To comply with PRC laws and regulations which prohibit foreign control of companies that engage in value-added telecommunication services, the Group primarily conducts its business in the PRC through its variable interest entities, Beijing Sitan and Hebei Qinshu, and subsidiaries of the variable interest entities (collectively, the “VIEs”). The equity interests of the VIEs are legally held by PRC shareholders (the “Nominee Shareholders”). Despite the lack of technical majority ownership, the Company has effective control of the VIEs through a series of contractual arrangements (the “Contractual Agreements”) and a parent-subsidiary relationship exists between the Company and the VIEs. Through the Contractual Agreements, the Nominee Shareholders effectively assigned all of their voting rights underlying their equity interests in the VIEs to the WFOE, who immediately assigned the voting rights underlying their equity interests in the VIEs to Stack Midco Limited, which is a wholly-owned subsidiary of the Company. Therefore, the Company has the power to direct the activities of the VIEs that most significantly impact its economic performance. The Company also has the ability and obligation to absorb substantially all of the profits and all the expected losses of the VIEs that potentially could be significant to the VIEs. Based on the above, the Company consolidates the VIEs in accordance with SEC Regulation SX-3A-02 and Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). 1. ORGANIZATION (Continued) The following is a summary of the Contractual Agreements: Power of Attorneys Pursuant to the Power of Attorneys among Suzhou Stack, Beijing Sitan and its Nominee Shareholders, the Nominee Shareholders agreed to entrust to the Suzhou Stack an irrevocable proxy to exercise all of their voting rights as shareholders of Beijing Sitan and approve on behalf of the Nominee Shareholders, all related legal documents pertinent to the exercise of their rights in their capacity as the shareholders of Beijing Sitan. Suzhou Stack is also entitled to transfer or assign its voting rights to any other person or entity at its own discretion and without giving prior notice to the Nominee Shareholders or obtaining their consent. The Power of Attorneys remains valid for as long as the Nominee Shareholders remains shareholders of Beijing Sitan. Suzhou Stack may terminate the Power of Attorneys at its sole discretion, whereas under no circumstances may Beijing Sitan or its Nominee Shareholders terminate this agreement. The terms of the Power of Attorneys signed amongst Hebei Stack, Hebei Qinshu and its Nominee Shareholders are the same as the terms described above. Purchase Option Agreement Pursuant to the Purchase Option Agreement among Suzhou Stack, Beijing Sitan and its Nominee Shareholders, the Nominee Shareholders irrevocably granted to Suzhou Stack or its designees (i) an exclusive option to purchase, when and to the extent permitted under PRC laws, all or part of the equity interests in Beijing Sitan or all or part of the assets held by Beijing Sitan and (ii) an exclusive right to cause the Nominee Shareholders to transfer their equity interest in Beijing Sitan to Suzhou Stack or any designated third party. Suzhou Stack has the sole discretion to decide when to exercise the option, whether in part or full. The exercise price of the option to purchase all or part of the equity interests in Beijing Sitan or assets held by Beijing Sitan will be the minimum amount of consideration permitted under the then-applicable PRC laws. Without the prior consent of Suzhou Stack, Beijing Sitan and its Nominee Shareholders shall not: (i) amend the articles of association, (ii) increase or decrease the registered capital, (iii) sell or otherwise dispose of their assets or beneficial interest, (iv) create or allow any encumbrance on their assets or other beneficial interests, (v) extend any loans to third parties, (vi) enter into any material contracts (except those contracts entered into in the ordinary course of business), (vii) merge with or acquire any other persons or make any investments, or (viii) distribute dividends to their shareholders. The Purchase Option Agreement will remain in effect until all the equity interests held by Nominee Shareholders or the assets held by Beijing Sitan are transferred to Suzhou Stack or its designated party. Suzhou Stack may terminate the Purchase Option Agreement at its sole discretion, whereas under no circumstances may Beijing Sitan or its Nominee Shareholders terminate this agreement. In April 2020, the Purchase Option Agreement was supplemented such that any proceeds received by the Nominee Shareholders from the exercise of the option, distribution of profits or dividends, shall be remitted to Suzhou Stack or its designated person(s), to the extent permitted under PRC laws. The terms of the Purchase Option Agreement signed amongst Hebei Stack, Hebei Qinshu and its Nominee Shareholders are the same as the terms described above. Exclusive Business Cooperation Agreement Pursuant to the Exclusive Business Cooperation Agreement between Suzhou Stack and Beijing Sitan, Suzhou Stack has the exclusive right to provide technical and consulting services to Beijing Sitan related to the IDC business, including but not limited to the technology, management, network support, business consulting, intellectual licensing, equipment or office leasing, market consulting, system integration, product development and system maintenance. Without the prior written consent of Suzhou Stack, Beijing Sitan may not accept any services subject to this Exclusive Business Cooperation Agreement from any third party, while Suzhou Stack has the right to designate any party to provide such services. In return, Beijing Sitan agrees to pay a service fee to Suzhou Stack. Suzhou Stack has the right to unilaterally adjust the service fee. The Exclusive Business Cooperation Agreement has an initial term of ten years, which will be automatically extended for a successive ten-year term upon expiration unless terminated by Suzhou Stack at its sole discretion, whereas under no circumstances may Beijing Sitan terminate this agreement. The terms of the Exclusive Business Cooperation Agreement signed between Hebei Stack and Hebei Qinshu are the same as the terms described above. 1. ORGANIZATION (Continued) Equity Pledge Agreement Under the Equity Pledge Agreement among Suzhou Stack, Beijing Sitan and its Nominee Shareholders, the Nominee Shareholders have pledged all of their equity interests in Beijing Sitan to Suzhou Stack to guarantee performance of Beijing Sitan and their obligations under the Contractual Agreements described above. During the term of the Equity Pledge Agreement, Suzhou Stack has the right to receive all of Beijing Sitan’s dividends and profits distributed on the pledged equity. In the event of a breach by Beijing Sitan or any of its Nominee Shareholders of the contractual obligations under the Equity Pledge Agreement, Suzhou Stack, as pledgee, will have the right to dispose of the pledged equity interests in Beijing Sitan and will have priority in receiving the proceeds from such disposal. Beijing Sitan and its Nominee Shareholders, undertake that, without the prior written consent of Suzhou Stack, they will not transfer, or create or allow any encumbrance on the pledged equity interests. The Equity Pledge Agreement will be valid until Beijing Sitan and its Nominee Shareholders fulfill all contractual obligations under the Contractual Agreement. The terms of the Equity Pledge Agreement signed amongst Hebei Stack, Hebei Qinshu and its Nominee Shareholders are the same as the terms described above. Financial Support Undertaking Letter Pursuant to the financial support undertaking letter, Stack Midco Limited is obligated and hereby undertakes to provide unlimited financial support to the VIEs, to the extent permissible under the applicable PRC laws and regulations, whether or not any such operational loss is actually incurred. Stack Midco Limited will not request repayment of the loans or borrowings if the VIEs or its Nominee Shareholders do not have sufficient funds or are unable to repay. Resolution of the Board of Directors of Stack Midco Limited The Board of Directors of Stack Midco Limited resolved that the rights under the Power of Attorneys and the Purchase Option Agreement were assigned to the Board of Directors of Stack Midco Limited or any officer authorized by the Board of Directors. In the opinion of the Company’s legal counsel, i) the ownership structure of the Company, including its subsidiaries in the PRC and VIEs are in compliance with all existing PRC laws and regulations; and (ii) each of the Contractual Agreements is valid, binding and enforceable in accordance with its terms and applicable PRC laws; (iii) the resolutions are valid in accordance with the articles of association of Stack Midco Limited and Cayman Islands Law. However, uncertainties in the PRC legal system could cause relevant regulatory authorities to find the current Contractual Agreements and businesses to be in violation of any existing or future PRC laws or regulations and could limit the Company’s ability to enforce its rights under these contractual agreements. Furthermore, the Nominee Shareholders of the VIEs may have interests that are different from those of the Company, which could potentially increase the risk that they would seek to act contrary to the terms of the Contractual Agreements with the VIEs. In addition, if the Nominee Shareholders will not remain the shareholders of the VIEs, breach, or cause the VIEs to breach, or refuse to renew, the existing Contractual Agreements the Company has with them and the VIEs, the Company may not be able to effectively control the VIEs and receive economic benefits from them, which may result in deconsolidation of the VIEs. In addition, if the current structure or any of the Contractual Agreements were found to be in violation of any existing or future PRC laws or regulations, the Company may be subject to penalties, including but not be limited to, revocation of business and operating licenses, discontinuing or restricting business operations, restricting the Company’s right to collect revenues, restructuring of the Company’s operations, imposition of additional conditions or requirements with which the Company may not be able to comply, or other regulatory or enforcement actions against the Company that could be harmful to its business. The imposition of any of these or other penalties could have a material adverse effect on the Company’s ability to conduct its business. 1. ORGANIZATION (Continued) The carrying amounts of the assets, liabilities and the results of operations of the VIEs are presented in aggregate due to the similarity of the purpose and design of the VIEs, the nature of the assets in these VIEs and the type of the involvement of the Company in these VIEs. The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs included in the Company’s consolidated balance sheets, consolidated statements of comprehensive (loss) income and consolidated statements of cash flows: As of December 31, 2021 2022 2022 RMB RMB US$ Current assets Cash and cash equivalents 577,753 447,526 64,885 Short-term investments 129,946 100,368 14,552 Accounts receivable, net 588,518 1,687,100 244,607 Amounts due from subsidiaries of the Group 621,276 1,163,722 168,724 Value added taxes recoverable 4,273 12,081 1,752 Prepayments and other current assets 5,931 4,721 684 Total current assets 1,927,697 3,415,518 495,204 Non-current assets Property and equipment, net 57,832 60,832 8,820 Operating lease right-of-use assets 221,708 190,266 27,586 Finance lease right-of-use assets 866 — — Intangible assets 17,797 15,342 2,224 Amounts due from subsidiaries of the Group 300,000 300,000 43,496 Deferred tax assets — 2,024 293 Value added taxes recoverable — 718 104 Other non-current assets 10,114 8,745 1,268 Total non-current assets 608,317 577,927 83,791 Total assets 2,536,014 3,993,445 578,995 Current liabilities Accounts payable 40,260 34,153 4,952 Income taxes payable 4,184 2,720 394 Amounts due to subsidiaries of the Group 2,111,460 3,545,509 514,050 Current portion of operating lease liabilities 35,990 31,811 4,612 Accrued expenses and other current liabilities 34,044 77,803 11,280 Total current liabilities 2,225,938 3,691,996 535,288 Non-current liabilities Operating lease liabilities 188,104 161,230 23,376 Deferred tax liabilities 499 — — Other non-current liabilities 8,127 7,731 1,121 Total non-current liabilities 196,730 168,961 24,497 Total liabilities 2,422,668 3,860,957 559,785 1. ORGANIZATION (Continued) For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Revenue 1,706,086 2,656,005 4,261,474 617,856 Net (loss) income ( 52,771 ) 2,942 11,288 1,637 Net cash generated from operating activities 184,998 460,676 90,809 13,166 Net cash used in investing activities ( 12,115 ) ( 133,441 ) ( 221,036 ) ( 32,047 ) Net cash used in financing activities — ( 1,071 ) — — The revenue-producing assets that are held by the VIEs comprise of property and equipment, and operating lease right-of-use assets. The VIEs contributed an aggregate of 93 %, 93 % and 94 % of the Group’s consolidated revenue for the years ended December 31, 2020, 2021 and 2022, after elimination of inter-entity transactions. As of December 31, 2022, there was no pledge or collateralization of the VIEs’ assets that can only be used to settle obligations of the VIEs. Other than the amounts due to subsidiaries of the Group (which are eliminated upon consolidation), all remaining liabilities of the VIEs are without recourse to the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Principles of Consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, and the VIEs for which a wholly-owned subsidiary of the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated upon consolidation. Results of subsidiaries, businesses acquired from third parties and the VIEs are consolidated from the date on which control is obtained by the Company. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s consolidated financial statements include, but are not limited to, the allowance for credit losses of accounts receivable, other receivable and debt securities, the purchase price allocation with respect to business combinations, useful lives of long-lived assets, impairment of long-lived assets and goodwill, realization of deferred tax assets, measurement of right-of-use assets and lease liabilities including incremental borrowing rate (“IBR”) used in measurement, legal contingencies, share-based compensation, and the fair value of financial instruments. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from those estimates. Convenience translation Amounts in U.S. dollars (“US$”) are presented for the convenience of the reader and are translated at the noon buying rate of RMB 6.8972 per US$1.00 on December 31, 2022 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Foreign currency The Group’s financial information is presented in Renminbi (“RMB”). The functional currency of the Company and the subsidiaries in Cayman is U.S. dollars. The functional currency of the Company’s subsidiaries in Malaysia is the Malaysian Ringgit (“MYR”). The functional currency of the Company’s subsidiaries in India is Indian Rupees (“INR”). The functional currency of the Company’s subsidiaries and the VIEs located in the PRC is RMB. Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive (loss) income. The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in “Accumulated other comprehensive loss”, a component of shareholders’ equity. Cash and cash equivalents Cash and cash equivalents consist of cash on hand and time deposits or other highly liquid investments placed with banks which are unrestricted as to withdrawal or use and have original maturities of less than three months. Restricted cash Restricted cash primarily represent cash pledged as security for the Group’s bank loans. Short-term investment Short-term investments consist primarily of investments in certain wealth management products and structured notes with original maturities greater than three months but less than twelve months or no maturities. The investment in debt securities that the Group has the positive intent and the ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. The investment in debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. For held-to-maturity debt securities, the allowance for credit losses reflects the Group's estimated expected losses over the contractual lives of the debt securities and is recorded as a charge to “General and administrative expenses” in the consolidated statements of comprehensive (loss) income. Estimated allowances of credit losses are determined by considering reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. Accounts receivable On January 1, 2021 , the Group adopted Accounting Standard Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), using a modified retrospective transition method, which resulted in a cumulative-effect adjustment to decrease the opening balance of accumulated deficit on January 1, 2021 by RMB 8,323 , after net of RMB 2,219 of income taxes. The Group maintains an allowance for credit losses for accounts receivable, which is recorded as an offset to accounts receivable, and the estimated credit losses charged to the allowance is classified as “General and administrative expenses” in the consolidated statements of comprehensive (loss) income. When similar risk characteristics exist, the Group assesses collectability and measures expected credit losses on a collective basis for a pool of assets, whereas if similar risk characteristics do not exist, the Group assesses collectability and measures expected credit losses on an individual asset basis. In determining the amount of the allowance for credit losses, the Group considers historic collection experience, the age of the accounts receivable balances, credit quality of the Group’s customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the customer’s ability to pay. Prior to adopting ASU 2016-13, accounts receivable is carried at net realizable value. An allowance for doubtful accounts is recorded when collection of the full amount is no longer probable. In evaluating the collectability of receivable balances, the Group considers specific evidence including the aging of the receivable, the customer’s payment history, its current credit-worthiness and current economic trends. Accounts receivable are written off when deemed uncollectible. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Capitalized interest Interest, including amortization of deferred financing costs, associated with major development and construction projects is capitalized and included in construction in progress in accordance with ASC 835, Interest (“ASC 835”). The capitalization of interest commences when expenditure for the asset is being incurred, interest costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress. The capitalization of interest ceases when the project is substantially completed or the development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the weighted average interest rate of the Group’s outstanding borrowings to the average amount of accumulated qualifying capital expenditures for assets under construction during the year. Total interest expenses incurred amounted to RMB 330,573 , RMB 412,455 and RMB 522,052 (US$ 75,690 ), of which RMB 92,189 , RMB 117,477 and RMB 165,194 (US$ 23,951 ) were capitalized for the years ended December 31, 2020, 2021 and 2022, respectively. Derivative instruments ASC Topic 815, Derivatives and Hedging (“ASC 815”), requires all contracts that meet the definition of a derivative to be recognized on the balance sheet as either assets or liabilities and recorded at fair value. The Group’s derivatives represent target accrual forward transaction, the embedded call option, cross currency swap, interest rate swap and non-deliverable forward that did not qualify for hedge accounting in accordance with ASC 815. The Group entered into derivatives primarily for the purpose to manage the interest rate risk and foreign currency exchange rate risk for the long-term borrowings. The derivatives are accounted for at fair value by recording the unrealized mark-to-market (fair value adjustment) in each period in the consolidated statements of comprehensive (loss) income within “Changes in fair value of financial instruments”. The notional amounts of the derivative contracts were MYR 396,654 and US$ 35,500 , respectively, as of December 31, 2022, and MYR 396,654 and US$ 29,000 , respectively, as of December 31, 2021. A loss of RMB 20,479 , RMB 1,620 and a gain of RMB 6,359 (US$ 922 ) was recognized in the consolidated statements of comprehensive (loss) income for the years ended December 31, 2020, 2021 and 2022, respectively. The estimated fair value of the derivatives is determined at discrete points in time with reference to the market rates using industry standard valuation techniques. The fair value of the Group’s derivatives was determined utilizing market observable forward exchange rates. During all periods presented, there were no changes in valuation technique; or transfers in and out of each level. Fair value measurements Financial instruments of the Group primarily include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, derivatives, amounts due to related parties, accounts payable, certain other current assets and liabilities, short-term bank loans and long-term bank loans. The carrying amount of the long-term bank loans approximates its fair value due to the fact that the related interest rate approximates the interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The derivatives were recorded at fair value as determined on the respective issuance or origination date and subsequently adjusted to its fair value at each reporting date. The Group determined the fair values of the derivatives with the assistance of an independent appraiser. The Group applies ASC 820 Fair Value Measurements and Disclosures (“ASC 820”) , in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and requires disclosures to be provided on fair value measurement. The carrying values of the remaining financial instruments approximate their fair values due to their short-term maturities. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. ASC 820 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair value measurements (Continued) Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 are summarized below: Quoted price Significant Significant RMB RMB RMB Short-term investments Trading securities 129,946 — — Held-to-maturity debt securities — 63,726 — Derivative assets — 2,446 — Derivative liabilities — 16,354 — Assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 are summarized below: Quoted price Significant Significant RMB RMB RMB Short-term investments Trading securities 80,368 — — Held-to-maturity debt securities — 20,000 — Derivative liabilities — 20,577 — Equity method investments The Group’s investments in entities in which the Group can exercise significant influence but does not own a majority equity interest or control are generally accounted for under the equity method of accounting. Equity method investments are initially measured at cost, and are subsequently adjusted for cash contributions, distributions and the Group's share of the income and losses of the investees. The Group records its equity method investment in “Other non-current assets” in the consolidated balance sheets. The Group's proportionate share of the income or loss from its equity method investment are recorded in “Others, net” in the consolidated statements of comprehensive (loss) income, which was income of RMB 3,201 and loss of RMB 3,889 (US$ 564 ) for the years ended December 31, 2021 and 2022, respectively. The share of income or loss from equity method investments was immaterial for the year ended December 31, 2020. The Group reviews its investment periodically to determine if any investment may be impaired considering both qualitative and quantitative factors that may have a significant impact on the investees' fair value. No impairment loss was recognized for the years presented. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Property and equipment, net Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Buildings 20 to 58 years Data center equipment – Machinery 5 to 15 years – Other equipment 3 to 5 years Furniture and office equipment 3 to 5 years Computers and network equipment 3 to 5 years Motor vehicles 3 to 10 years Purchased software 5 to 10 years Leasehold improvements Lesser of useful life or lease term Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive (loss) income. Direct costs that are related to the construction of property and equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment, and the depreciation of these assets commences when the assets are ready for their intended use. Inventories Inventories consist of materials used in delivering the Group’s other services to the customers, which are stated at the lower of cost and net realizable value. Cost is determined using the weighted average method. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for decreases in sales price, obsolescence, or similar reductions in the estimated net realizable value. The Group records its inventories in “Prepayments and other current assets” in the consolidated balance sheets. No inventory write-downs were recognized for all years presented. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Intangible assets, net Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful life for the intangible assets is as follows: Category Estimated Useful Life Acquired customer relationships 5 to 10 years Acquired license and others 2 to 4 years Impairment of long-lived assets other than goodwill The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Segment reporting In accordance with ASC 280-10, Segment Reporting: Overall, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in assessing performance. The Group operates and manages its business as a single segment through the provision of a single class of standardized IDC services in Asia-Pacific emerging markets. Therefore, the Group’s CODM, who has been identified as the Board of Directors, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole (Note 20). 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Business combinations The Group accounts for its business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations . The purchase method accounting requires that the consideration transferred be allocated to the assets, including separately identifiable assets and liabilities acquired, based on their estimated fair values. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of cost of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in earnings. The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and non-controlling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determine discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period. Acquisitions that do not meet the accounting definition of a business combination are accounted for as asset acquisitions. For transactions determined to be asset acquisitions, the Group allocates the total cost of the acquisition, including transaction costs, to the assets acquired based on their relative fair values. Goodwill In accordance with ASC 350, Intangibles—Goodwill and Other (“ASC 350”), the Group assigned and assessed goodwill for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment. The Group determined that there are two reporting units as of December 31, 2021 and 2022, Bridge Group and Stack Group. Under ASC 350, goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. In accordance to ASU No. 2011-08, Intangibles—Goodwill and Other (“ASU 2011-08”), the Group can elect to perform a qualitative assessment to determine whether the two-step impairment testing on goodwill is necessary. The Group adopted ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which eliminates the requirement to calculate the implied fair value of goodwill and record the amount of goodwill impairment as the excess of a goodwill allocated to the reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Group assesses qualitative factors such as business changes, economic outlook, financial trends and forecast, growth rates, industry data and other relevant qualitative factors to determine if it’s more-likely-than-not that the goodwill might be impaired and whether it’s necessary to perform a quantitative goodwill impairment. If the qualitative factors indicate a potential impairment, the Company compares the carrying amount of a reporting unit to its fair value. No impairment of goodwill was recorded for the years ended December 31, 2020, 2021 and 2022 (Note 9). Comprehensive (loss) income Comprehensive (loss) income is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Among other disclosures, ASC 220, Comprehensive Income , requires that all items that are required to be recognized under current accounting standards as components of comprehensive (loss) income be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Group’s comprehensive (loss) income includes net loss and foreign currency translation adjustments, and is presented in the consolidated statements of comprehensive (loss) income. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Leases The Group determines if an arrangement is a lease at inception in accordance with ASC 842, Leases (“ASC 842”). Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-10-25. The Group’s leases do not contain any material residual value guarantees or material restrictive covenants. Lessee accounting The Group recognizes right-of-use (“ROU”) assets and liabilities on the lease commencement date based on the present value of lease payments over the lease term. As the rate implicit in the Group’s leases is not typically readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. The ROU assets also include any lease payments made, net of lease incentives. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise that option. Leases with an initial lease term of 12 months or less are not recorded on the consolidated balance sheets. The Group has lease agreements with lease and non-lease components, which are accounted for as a single lease component based on the Group’s policy election to combine lease and non-lease components for its leases. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. A finance lease ROU asset is depreciated on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. Lessor accounting The Group’s lessor portfolio consists of only operating leases for the periods presented. The Group’s policy election is to combine lease and non-lease components, by underlying class of asset, and account for them as one component if they have the same timing and pattern of transfer. The combined component is accounted for in accordance with ASC 842 if the lease component is predominant, and in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”) if the non-lease component is predominant. Revenue recognition The Group applies the five-step model outlined in ASC 606. The Group accounts for a contract when it has approval and commitment from the customer, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. Timing of revenue recognition is generally the same as the timing of invoicing to customers. Contract assets and contract liabilities were nil as of December 31, 2021 and 2022. Using the practical expedient in ASC 606, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. The Group also elected to exclude sales taxes and other similar taxes from the measurement of the transaction price, and accordingly, recognized revenues net of value added taxes (“VAT”) and surcharges. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenue recognition(Continued) Colocation services The Group provides integrated IDC colocation services including utilities, hosting, cooling and maintenance (collectively, “Colocation Resources”) to its customers for operating their servers and IT equipment in the Group’s data centers in the PRC. The nature of the Group’s performance obligation is a single performance obligation to stand ready to provide a series of distinct IDC colocation services daily throughout the fixed contract period. The Group is a lessor in certain IDC colocation service arrangements and the lease component qualifies as an operating lease. Under ASC 842, these contracts qualify for a practical expedient available to lessors to combine the lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. The Group applied this practical expedient and have accounted for the combined component under ASC 606 because the non-lease components are predominant. For wholesale and retail data center contracts, the Group’s efforts or inputs are expended evenly throughout the performance period that typically ranges from one to ten years , hence, the Group recognizes revenue over time using a time-based measure, on a straight-line basis. The remaining hyperscale data center contracts include a contractual minimum resulting in a portion of the consideration being fixed (“Fixed Consideration”). The Group’s efforts or inputs are not expended evenly throughout the performance period, which is generally ten years for such contracts. The Fixed Consideration is included in the transaction price for the entire contract period, and recognized as revenue based on cumulative utilization of capacity from contract inception through the end of the reporting period. The variable consideration for each month is allocated to the distinct colocation services for the particular month in accordance with ASC 606-10-32-40 because the variable consideration relates to the Group’s efforts to satisfy the collocation services for that month and reflects the value of the Group’s colocation services delivered to the customer. Therefore, the Group uses monthly utilization records, an output measure, to recognize revenue over time as it most faithfully depicts the simultaneous consumption and delivery of services. At the end of each month, the uncertainty related to the transaction price is resolved based on the utilization records because the variable consideration specifically relates to the transfer of the distinct services during that month. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenue recognition (Continued) Colocation rental The Group rents out hyperscale data center space to customers in Malaysia and India. The Group applied the practical expedient to account for lease and non-lease components associated with the lease as a single lease component under ASC 842 as the lease component is predominant. Colocation rental revenue is recognized on a straight-line basis over the lease term. Lease incentive provided to customers is recognized as a reduction of colocation rental revenue on a straight-line basis over the lease term. Others Other revenue mainly includes revenues from fiber optic cable and other fitting services provided at the customers’ request and the construction service. Revenue is recognized over time when the Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced. Otherwise, revenue is recognized at a point in time when a customer obtains control of a promised asset or service and the Group satisfies its performance obligation. The Group uses the output measure to recognize revenue over time provided all revenue recognition criteria have been met, as it most faithfully depicts the Group’s performance toward complete satisfaction of the performance obligation. Majority of the revenues are recognized over time and revenue recognized at point in time is not material. As of December 31, 2022, the aggregate amount of transaction price allocated to performance obligations (unsatisfied or partially unsatisfied) of RMB 24,723,133 (US$ 3,584,517 ) was related to colocation services and did not include any variable consideration. The Company expects to recognize as revenue 13 %, 51 % and 36 % of these performance obligations within twelve months , one to five years , and after five years , respectively. Value-Added Taxes Recoverable The Group is subject to VAT on proceeds received from customers and records revenue net of VAT. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. The Group has input VAT greater than output VAT for all periods presented, net VAT balance is recorded as value-added taxes recoverable. If output VAT is greater than input VAT, net VAT balance is recorded as value-added taxes payable. Cost of revenues Cost of revenues consists mainly of utility fees |
Short-Term Investment
Short-Term Investment | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Investments [Abstract] | |
SHORT-TERM INVESTMENT | 3. SHORT-TERM INVESTMENT The following tables presents the Group's short-term investments: As of December 31, 2021 2022 2022 RMB RMB US$ Trading securities 129,946 80,368 11,652 Held-to-maturity debt securities 63,726 20,000 2,900 193,672 100,368 14,552 The Group’s short-term investments include wealth management products classified as trading securities and structured notes with maturity of more than three months classified as held-to-maturity debt securities. During the years ended December 31, 2020, 2021 and 2022, the Group recorded interest income from its held-to-maturity debt securities of nil , RMB 350 and RMB 527 (US$ 76 ), and recorded changes in fair value of financial instruments from its trading securities of nil , RMB 8,341 and RMB 1,363 (US$ 198 ) in the consolidated statements of comprehensive (loss) income, respectively. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | 4. REVENUE The following table presents the Group’s revenues from contracts with customers disaggregated by material revenue category: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Colocation services 1,701,911 2,649,371 4,197,502 608,581 Colocation rental 124,991 114,681 203,381 29,487 Others 4,175 88,225 150,779 21,861 1,831,077 2,852,277 4,551,662 659,929 |
Lease
Lease | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
LEASE | 5. LEASE Lessee Accounting The Group’s leases consist of the leasing of building and office space, land, fiber optics and certain equipment. The Group’s land use rights represent land leased for constructing and operating IDC colocation service or rental businesses in the PRC, Malaysia and India. The land use rights represent lease prepayments that are amortized over the term of the land use rights, some of which include options to extend the leases that have not been included in the calculation of the Group’s ROU assets and lease liabilities. Variable lease payments were immaterial for the periods presented. The components of lease expense were as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Operating lease cost 40,479 47,055 51,180 7,420 Finance lease cost 4,724 6,983 7,228 1,048 Short-term lease cost 2,208 1,021 871 126 47,411 55,059 59,279 8,594 Maturities of lease liabilities are as follows: Operating Leases Finance Leases RMB US$ RMB US$ Year ending December 31, 2023 43,820 6,353 5,478 794 Year ending December 31, 2024 29,262 4,243 5,606 813 Year ending December 31, 2025 27,247 3,950 5,702 827 Year ending December 31, 2026 25,876 3,752 5,827 845 Year ending December 31, 2027 and thereafter 226,864 32,892 161,337 23,392 Total lease payments 353,069 51,190 183,950 26,671 Less imputed interest ( 132,053 ) ( 19,146 ) ( 120,227 ) ( 17,431 ) Present value of lease liabilities 221,016 32,044 63,723 9,240 Other supplemental information related to leases is summarized below: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used in operating leases 40,275 41,832 48,101 6,974 Operating cash flows used in finance leases 6,008 5,751 1,896 275 Financing cash flows used in finance leases 18,441 7,723 5,284 766 Lease liabilities arising from obtaining right-of-use assets Operating leases 8,091 23,002 21,941 3,181 Finance leases 708 — — — 5. LEASE (Continued) Lessee Accounting (Continued) As of December 31, 2021 2022 Weighted-average remaining lease term (years) Operating leases 12.43 12.31 Finance leases 26.09 24.30 Weighted-average discount rate Operating leases 8.60 % 8.58 % Finance leases 9.05 % 8.92 % Lessor Accounting The Group’s lease contracts in Malaysia and India do not have the option to extend or terminate the lease or provide the customer the right to purchase the asset at the end of the contract term. Instead, renewal of such contracts requires negotiation of mutually agreed upon terms by both parties. As of December 31, 2022, minimum lease payments expected to be collected were as follows: As of December 31, 2022 RMB US$ Year ending December 31, 2023 655,303 95,010 Year ending December 31, 2024 808,080 117,161 Year ending December 31, 2025 828,114 120,065 Year ending December 31, 2026 808,168 117,173 Year ending December 31, 2027 and thereafter 4,782,226 693,358 Total 7,881,891 1,142,767 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
ACCOUNTS RECEIVABLE | 6. ACCOUNTS RECEIVABLE As of December 31, 2021 2022 2022 RMB RMB US$ Accounts receivable 661,951 1,945,347 282,049 Allowance for credit losses ( 924 ) ( 7,655 ) ( 1,110 ) Accounts receivable, net 661,027 1,937,692 280,939 The movements in the allowance for credit losses were as follows: 2021 2022 2022 RMB RMB US$ Balance at the beginning of the year 12,496 924 134 Cumulative effect of adoption of ASU 2016-13 ( 11,054 ) — — (Reversal)/Provisions ( 286 ) 6,805 987 Write-offs ( 232 ) ( 74 ) ( 11 ) Balance at the end of the year 924 7,655 1,110 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 7. PROPERTY AND EQUIPMENT As of December 31, 2021 2022 2022 RMB RMB US$ Buildings 2,721,086 3,757,078 544,725 Data center equipment 4,607,321 8,230,103 1,193,253 Furniture and office equipment 17,086 37,300 5,408 Computers and network equipment 14,858 37,187 5,392 Motor vehicles 10,001 13,592 1,971 Purchased software 12,763 15,816 2,293 Leasehold improvements 48,674 262,717 38,090 Construction in progress 3,218,617 3,181,221 461,233 10,650,406 15,535,014 2,252,365 Less: accumulated depreciation ( 1,222,815 ) ( 2,082,376 ) ( 301,916 ) Impairment — ( 83,482 ) ( 12,104 ) Property and equipment, net 9,427,591 13,369,156 1,938,345 Depreciation expense for the years ended December 31, 2020, 2021 and 2022 was RMB 369,686 , RMB 543,597 and RMB 817,289 (US$ 118,496 ), respectively. For the year ended December 31, 2022, RMB 83,482 (US$ 12,104 ) of impairment charges were recognized on property and equipment and included in “General and administrative expense” in the consolidated statement of comprehensive income, which mainly represented the one-off impairment of assets related to the Group’s manufacture operation in the fourth quarter of 2022 as a result of the Group’s decision of not to continue with such operation and concentrate on core IDC business. The Group performed an impairment assessment of the relevant long-lived assets based on unadjusted quoted price observable in the marketplace (Level 2), and the fair value of these assets were RMB 51,223 and impairment loss were recognized for the amount of its carrying amount exceeding the fair value. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 8. INTANGIBLE ASSETS As of December 31, 2021 2022 2022 RMB RMB US$ Acquired customer relationships 396,499 397,539 57,638 Acquired license and others 30,834 52,071 7,550 Less: accumulated amortization ( 121,533 ) ( 164,847 ) ( 23,901 ) Intangible assets, net 305,800 284,763 41,287 The Group recorded amortization expense of RMB 42,292 , RMB 42,221 and RMB 42,744 (US$ 6,197 ) for the years ended December 31, 2020, 2021 and 2022, respectively. As of December 31, 2022, estimated amortization expense of the existing intangible assets for each of the next five years is RMB 39,907 , RMB 54,937 , RMB 54,444 , RMB 51,596 and RMB 37,202 , respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | 9. GOODWILL Stack Group Bridge Group RMB RMB Balance as of January 1, 2021 and 2022 472,883 — Goodwill acquired (Note 17) — 33,879 Foreign currency translation adjustment — 1,557 Balance as of December 31, 2022 472,883 35,436 Balance as of December 31, 2022 (US$) 68,561 5,138 For the years ended December 31, 2020, 2021 and 2022, the Group performed a qualitative assessment and quantitative test based on the requirements of ASC 350-20. The Group evaluated all relevant factors including, but not limited to, macroeconomic conditions, industry and market conditions and financial performance. The Group weighed all factors in their entirety and concluded that it was not more-likely-than-not the fair value was less than the carrying amount of the reporting unit, and further impairment testing on goodwill was unnecessary. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As of December 31, 2021 2022 2022 RMB RMB US$ Payroll payable 59,432 85,390 12,380 Interest payable* 239,853 15,600 2,262 Deferred government grants 8,629 10,303 1,494 Other tax and surcharges payable 90,011 73,123 10,602 Accrued expenses 42,693 63,786 9,248 Others 70,639 114,805 16,646 511,257 363,007 52,632 * Interest payable balance as of December 31, 2021 includes the incremental interest payable of RMB 223,084 due upon the maturity of one bank loan, which was settled when the related bank loan was repaid in 2022. |
Bank Loans
Bank Loans | 12 Months Ended |
Dec. 31, 2022 | |
Secured Debt [Abstract] | |
BANK LOANS | 11. BANK LOANS The Group’s borrowings consisted of the following: As of December 31, 2021 2022 2022 RMB RMB US$ Secured short-term bank loans 260,980 567,802 82,324 Secured long-term bank loans 5,216,005 7,803,723 1,131,433 5,476,985 8,371,525 1,213,757 The Group entered into loan agreements with various financial institutions for data center project development and working capital purpose with terms ranging from 1 to 7 years . As of December 31, 2022, the Group had total financing credit facilities of RMB 6,414,365 , US$ 590,000 and MYR 248,000 from various financial institutions, of which the unused amount was RMB 1,724,952 , US$ nil and MYR nil , respectively. As of December 31, 2022, certain bank borrowings denominated in RMB are secured by certain subsidiaries’ restricted cash, accounts receivable, property and equipment and land use rights with net value of RMB 59,257 , RMB 1,556,076 ,RMB 3,792,335 , and RMB 77,767 , respectively. One loan facility amounted to US$ 90,000 is guaranteed by standby letters of credit of US$ 112,500 . Others are guaranteed by designated subsidiaries of the Group or secured by property, assets, deposits and shares of designated subsidiaries. The weighted average interest rate on short-term bank loans as of December 31, 2021 and 2022 was 6.82 % and 9.41 %, respectively. The weighted average interest rate on long-term bank loans as of December 31, 2021 and 2022 was 7.13 % and 6.64 %, respectively. Management assessed that there was no breach of loan covenants for all its bank borrowings as of December 31, 2021 and 2022, respectively. As of December 31, 2022, the loan principal will be due according to the following schedule: RMB US$ 2023 1,213,901 175,999 2024 946,980 137,299 2025 4,344,298 629,864 2026 907,031 131,507 2027 and thereafter 1,079,442 156,504 8,491,652 1,231,173 |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
TAXATION | 12. TAXATION Enterprise income tax Under the current laws of the Cayman Islands, the Company and certain subsidiaries incorporated in the Cayman Islands are not subject to tax on income or capital gains. The Group’s PRC entities are subject to the statutory income tax rate of 25 %, in accordance with the Enterprise Income Tax law (the “EIT Law”), which was effective since January 1, 2008. Chindata (Hebei) Co., Ltd. being qualified as a High New Technology Enterprise (“HNTE”) was entitled to the preferential income tax rate of 15 % for three years from 2021 to 2023. Datong Qinhuai Data Co., Ltd. being qualified as a HNTE was entitled to the preferential income tax rate of 15 % for three years from 2021 to 2023. Beijing Zhonghuanyutong Architectural Design Co., Ltd. being qualified as a HNTE was entitled to the preferential income tax rate of 15 % for three years from 2022 to 2024. Dividends, interests, rent or royalties payable by the Group’s PRC entities, to non-PRC resident enterprises, and proceeds from any such non-resident enterprise investor’s disposition of assets (after deducting the net value of such assets) shall be subject to 10 % EIT, namely withholding tax, unless the respective non-PRC resident enterprise’s jurisdiction of incorporation has a tax treaty or arrangements with China that provides for a reduced withholding tax rate or an exemption from withholding tax. The Group’s Malaysian subsidiaries subject to income tax at the statutory rate of 24 % in accordance with Malaysia corporate income tax laws and regulations. Capital gains arising from a disposal of real property for companies in Malaysia shall subject to a tax rate of 10 % to 30 % in accordance with Malaysian real property gains tax laws and regulations. The Group’s Indian subsidiaries subject to income tax at the statutory rate of 31.2 % in accordance with India corporate income tax laws and regulations. (L oss) income before income taxes consists of: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ PRC 102,329 677,544 1,152,366 167,077 Non-PRC ( 318,335 ) ( 206,708 ) ( 206,350 ) ( 29,918 ) ( 216,006 ) 470,836 946,016 137,159 The current and deferred components of income tax expense appearing in the consolidated statements of comprehensive (loss) income are as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Current income tax expense 59,964 147,818 208,043 30,163 Deferred income tax expense 7,375 6,598 86,343 12,519 67,339 154,416 294,386 42,682 12. TAXATION (Continued) Enterprise income tax (Continued) A reconciliation of the differences between the PRC statutory tax rate and the Company’s effective tax rate for enterprise income tax is as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (Loss) income before income tax ( 216,006 ) 470,836 946,016 137,159 Income tax computed at the PRC statutory tax rate of 25 % ( 54,001 ) 117,709 236,504 34,290 Effect of differing tax rates in different jurisdictions 35,228 24,378 24,703 3,582 Effect of PRC preferential tax rates ( 22,350 ) ( 30,191 ) ( 43,280 ) ( 6,275 ) Research and development expense super-deduction ( 7,557 ) ( 12,232 ) ( 14,627 ) ( 2,121 ) Effect of tax rate changes on deferred taxes 5,325 ( 6,446 ) ( 5,080 ) ( 737 ) Non-deductible expenses and non-taxable income, net* 106,892 57,631 65,704 9,526 Change in valuation allowance 3,802 3,567 30,462 4,417 Income tax expense 67,339 154,416 294,386 42,682 * Primarily represents share-based compensation expense, other non-deductible expenses, and income from entities not subject to income tax. 12. TAXATION (Continued) Deferred tax The significant components of the Group’s deferred tax assets and liabilities are as follows: As of December 31, 2021 2022 2022 RMB RMB US$ Deferred tax assets Tax loss carry forward 89,147 117,753 17,073 Unabsorbed capital allowance 73,567 140,940 20,434 Depreciation expense, amortization expense and impairment 82,957 58,648 8,503 Operating lease 59,748 50,014 7,251 Accrued expenses and others 29,212 44,414 6,439 Less: Valuation allowance* 72,606 102,743 14,896 262,025 309,026 44,804 As of December 31, 2021 2022 2022 RMB RMB US$ Deferred tax liabilities Property and equipment 329,917 485,179 70,344 Acquisition of intangible assets 86,283 79,303 11,498 Debt issuance cost 15,431 6,126 888 Operating lease 63,039 53,398 7,742 Others 7,439 16,559 2,400 502,109 640,565 92,872 Presentation in the consolidated balance sheets: Deferred tax assets 30,866 44,596 6,466 Deferred tax liabilities 270,950 376,135 54,534 Net deferred tax liabilities 240,084 331,539 48,068 * Based upon the level of historical taxable income, scheduled reversal of deferred tax liabilities and projections for future taxable income over the periods in which the deferred tax assets are realizable, management recorded full valuation allowance against deferred tax assets of those subsidiaries and VIEs that are in a cumulative loss as of December 31, 2021 and 2022, except for the portion that can be realized by matching reversals of deferred tax liabilities, and/or using future taxable income. As of December 31, 2022, the aggregate undistributed earnings from the Company’s WFOEs as well as VIEs that are available for distribution are RMB 2,195,883 (US$ 318,373 ). The Company has considered its operational funding needs, future development initiatives and its dividend distribution plan, and will permanently reinvesting all of its aggregate undistributed earnings. Determination of the amount of unrecognized deferred tax liability related to the earnings that are indefinitely reinvested is not practical. As of December 31, 2022, the Group had net losses of approximately RMB 451,367 (US$ 65,442 ) mainly deriving from entities in the PRC and Malaysia. The tax losses in PRC can be carried forward for five years to offset future taxable profit, and the period can be extended to ten years for entities that qualify as HNTE. The tax losses of entities in the PRC will begin to expire in 2023 , if not utilized. The tax losses in Malaysia can be carried forward for ten years to offset future taxable profit. The tax losses of entities in Malaysia will begin to expire in 2027 , if not utilized. The tax losses in India can be carried forward for eight years to offset future taxable profit. The tax losses of entities in India will begin to expire in 2025 , if not utilized. 12. TAXATION (Continued) Unrecognized Tax Benefit The Group evaluated its income tax uncertainty under ASC 740-10. ASC 740-10 clarifies the accounting for uncertainty in income taxes by prescribing the recognition threshold a tax position is required to meet before being recognized in the financial statements. The Group elects to classify interest and penalties related to an uncertain tax position, if and when required, as part of income tax expense in the consolidated statements of comprehensive (loss) income. As of and for the years ended December 31, 2020, there was no significant impact from tax uncertainties on the Group’s financial position and result of operations. As of December 31, 2021 and 2022, the Group had unrecognized tax benefits of RMB 63,643 and RMB 9,288 (US$ 1,347 ), of which RMB 63,643 and RMB 9,288 (US$ 1,347 ), respectively, are presented on a net basis against the deferred tax assets related to tax loss carry forwards on the consolidated balance sheet. It is possible that the amount of unrecognized benefit will further change in the next 12 months; however, an estimate of the range of the possible change cannot be made at this moment. As of December 31, 2021 and 2022, unrecognized tax benefits of RMB 63,643 and RMB 9,288 (US$ 1,347 ), respectively, if ultimately recognized, will impact the effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: As of December 31, 2021 2022 2022 RMB RMB US$ Balance at the beginning of the year 4,478 63,643 9,227 Increase 59,316 172 25 Decrease ( 151 ) ( 54,527 ) ( 7,905 ) Balance at the end of the year 63,643 9,288 1,347 The Group recorded interest expense accrued in relation to the unrecognized tax benefits of RMB 2,729 and RMB 7,998 (US$ 1,160 ) in income tax expense for the years ended December 31, 2021 and 2022, respectively. The accumulated interest expense recorded in unrecognized tax benefit were RMB 3,288 and RMB 11,286 (US$ 1,636 ) as of December 31, 2021 and 2022, respectively. In general, the tax authorities have five to eight years to conduct examinations of the tax filings of the Group’s subsidiaries. Accordingly, the subsidiaries’ tax years of 2017 through 2022 remain open to examination by the respective tax authorities. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED PAYMENTS | 13. SHARE-BASED PAYMENTS 2019 Plan In December 2019, BCPE Stack ESOP Holdco Limited (“ESOP Holdco”, a shareholder of the Company) approved a share option plan (“2019 Plan”) with a contractual term of ten years . On January 8, 2020, options for the purchase of 17,633,120 ESOP Holdco Class B shares (“Class B Options”) were granted to certain employees of the Group. These options are accounted for as equity awards and contain both service and performance vesting conditions. 60% of the options granted will vest in three or four equal installments over a three to four year service period while the remaining 40% of the options will vest in two equal installments of 20% each if prespecified performance targets related to the return on the Company’s ordinary shares are achieved. On April 13, 2020, all of the 17,633,120 Class B Options were early exercised into the corresponding ESOP Holdco Class B shares, which are still subject to the original service and performance vesting conditions. The Company considered such early exercise of the options was not substantive for accounting purposes in accordance with ASC 718-10-55-31. A summary of the activity under the 2019 Plan for the year ended December 31, 2022 is stated below: Number of Weighted-average US$ Awarded and unvested as of December 31, 2021 9,332,572 1.68 Granted - n/a Vested - n/a Forfeited/Cancelled ( 7,702,163 ) 1.64 Awarded and unvested as of December 31, 2022 1,630,409 1.87 Expected to vest as of December 31, 2022 1,630,409 1.87 The weighted-average exercise price for forfeited/cancelled share options during the year ended December 31, 2022 was US$ 0.86 . The weighted-average grant-date fair value of share options granted during the years ended December 31, 2020, 2021 and 2022 was US$ 1.73 , nil , and nil , respectively. The total fair value of share options vested during the years ended December 31, 2020, 2021 and 2022 was US$ 13,923 , US$ 620 , and nil , respectively. The corresponding Class B shares of the vested option can be exchanged for the Company’s ordinary shares on a one-for-one basis at any time after completion of the IPO. As of December 31, 2022, 8,188,548 ESOP Holdco Class B shares were exchanged for the Company’s Class A ordinary shares. 2020 Plan In May 2020, the Company’s Board of Directors approved a share option plan (“2020 Plan”) with a contractual term of ten years . The maximum aggregate number of ordinary shares that are authorized to be issued under the 2020 Plan is 5,667,164 , which was subsequently increased to 11,334,328 in September, 2020, 22,291,218 in December 2020, and 29,628,812 in June 2022. Options granted under 2020 Plan contain service and/or performance vesting conditions and are accounted for as equity awards. The options granted with service condition will vest in two to four equal installments over a two to four year service period. 13. SHARE-BASED PAYMENTS (Continued) 2020 Plan (Continued) A summary of the activity under 2020 Plan for the year ended December 31, 2022 is stated below: Number of share Weighted-average exercise price Weighted-average remaining contractual term Aggregate intrinsic value US$ Years US$ Outstanding as of December 31, 2021* 12,452,254 1.69 Granted 16,222,520 0.00001 Exercised ( 3,314,141 ) 0.93 Forfeited/Cancelled ( 8,987,392 ) 1.70 Outstanding as of December 31, 2022* 16,373,241 0.16 9.14 62,599 Vested and expected to vest as of December 31, 2022 16,373,241 0.16 9.14 62,599 Exercisable as of December 31, 2022 3,202,776 0.40 8.77 11,491 * On August 26, 2020, 5,667,164 share options were early exercised with an exercise cash consideration of US$ 5,667 received by the Company. The Company’s ordinary shares issued for the grantee’s early exercise still remain subject to the existing service and performance vesting conditions. The Company considered the early exercise of the options was not substantive for accounting purposes in accordance with ASC 718-10-55-31, and recorded the proceeds received from early exercise as a liability. As of December 31, 2021, 4,958,769 early exercised options but not vested remained as outstanding option. During the year ended December 31, 2022, these early exercised shares were repurchased and cancelled due to the termination of such awards. The weighted-average grant-date fair value of share options granted during the years ended December 31, 2020, 2021 and 2022 was US$ 5.43 , US$ 3.17 and US$ 3.34 , respectively. The total intrinsic value of share options exercised during the years ended December 31, 2020, 2021 and 2022 was nil , US$ 4,282 and US$ 10,119 , respectively. The total fair value of share options vested during the years ended December 31, 2020, 2021 and 2022 was US$ 7,846 , US$ 8,258 and US$ 17,139 , respectively. On January 11, 2022, the Company entered into a transition agreement with Mr. Jing Ju, the former CEO of the Company, pursuant to which Mr. Ju’s unvested awards under 2019 Plan and 2020 Plan continued vesting at his original vesting schedule. Mr. Ju’s service under his new role was considered not substantive and hence vesting of service condition was accelerated for accounting purpose, resulting in an immediate recognition of share-based compensation expenses of RMB 19,525 (US$ 2,831 ) under the 2019 Plan and RMB 2,492 (US$ 361 ) under the 2020 Plan, respectively. In December, 2022, in connection with Mr. Ju’s removal as director of the Company, Mr. Ju’s 4,958,770 early exercised options under the 2020 Plan and all awards under the 2019 Plan were repurchased by the Company and ESOP Holdco, respectively. The repurchase of Mr. Ju’s earned shares by the Company was accounted for in accordance with ASC 718-10-55-47 with RMB 16,901 (US$ 2,451 ) recognized as other income, while the repurchase of Mr. Ju’s unearned awards by the Company was accounted for as cancellation, except for the awards with performance condition, which was considered not probable of achieving. 13. SHARE-BASED PAYMENTS (Continued) 2020 Plan (Continued) As of December 31, 2022, there was US$ 41,159 of total unrecognized employee share-based compensation expenses related to unvested share-based awards under 2019 Plan and 2020 Plan, which are expected to be recognized over a weighted-average period of 1.54 years. Total unrecognized compensation cost may be adjusted for actual forfeitures occurring in the future. ISUs On September 11, 2019, BCPE Bridge Cayman, L . P. (“BCPE Bridge”, a shareholder of the Company) issued 1,000,000 BCPE Bridge Class B Units to Bridge Management, L . P. (“SBC Platform”). To attract and retain key employees, the SBC Platform will grant its incentive units to eligible employees of the Group. Each SBC Platform incentive unit represents one BCPE Bridge Cayman, L.P. Class B Unit (“ISUs”). The ISUs granted are accounted for as equity awards. For ISUs granted during 2019, a portion became vested immediately upon grant, and the remaining portion will vest generally over a service period of one to five years . For ISUs granted during 2020, a portion will vest in three or four equal installments over a three to four year service period, and the remaining portion will vest in two equal installments if prespecified performance targets related to the return on the Company’s ordinary shares are achieved. On August 18, 2020 (“Modification Date”), in connection with the Company’s Pre-IPO private placements (Note 1), BCPE Bridge sold shares representing 21.81 % of its shareholding to new investors, and the cash consideration received will be distributed to the shareholders including the SBC Platform (the “Modification”). As part of the Modification, US$ 30.5 million equivalent to RMB 210,986 will be distributed to ISU holders in lieu of underlying ISUs according to the existing ISU vesting schedule. The Company has concluded that future service from the grantees is required for unvested ISUs. Therefore, as of the Modification Date, under ASC 718 the cash settlement was accounted for as a (i) settlement for vested ISUs with no incremental share-based compensation expenses recognized, and (ii) a modification for unvested ISUs, whereby the cash settlement amount in excess of the corresponding original fair value of cash-settled ISU was recorded on the Modification Date on a pro rata basis for the portion of the lapsed service period and remaining additional share-based compensation will be recognized over the remaining vesting schedule. In October 2020, the SBC Platform redeemed its 1,000,000 BCPE Bridge Class B Units in exchange for 26,797,650 of the Company’s Class B ordinary shares pursuant to the terms of the original SBC Platform and related ISU agreements. A summary of the ISU activities for the year ended December 31, 2022 is stated below: Number of Weighted-average US$ Awarded and unvested as of December 31, 2021 212,429 91.23 Granted 29,853 88.57 Vested ( 53,203 ) 112.84 Forfeited/Cancelled ( 17,110 ) 72.98 Awarded and unvested as of December 31, 2022 171,969 85.90 Expected to vest as of December 31, 2022 171,969 85.90 As of December 31, 2022, there was US$ 8,916 of total unrecognized employee share-based compensation expenses related to unvested ISUs, which are expected to be recognized over a weighted-average period of 1.30 years. Total unrecognized compensation cost may be adjusted for actual forfeitures occurring in the future. 13. SHARE-BASED PAYMENTS (Continued) Fair value of share options and ISUs The fair value of share options was determined using the binomial option valuation model, with the assistance of an independent appraiser. The binomial model requires the input of a few key assumptions. For expected volatility, the Company made reference to historical volatility of several comparable companies. The exercise multiple was estimated as the average ratio of the stock price to the exercise price of when employees would decide to voluntarily exercise their vested options. As the Company did not have sufficient information of past employee exercise history, it considered the statistics on exercise patterns of employees compiled by Huddart and Lang in Huddart, S., and M. Lang. 1996. “Employee Stock Option Exercises: An Empirical Analysis.” Journal of Accounting and Economics, vol. 21, no. 1 (February):5-43, which are widely adopted by valuers as authoritative guidance on expected exercise multiples. The risk-free rate for the period within the contractual life of the options is based on the market yield of U.S. Treasury Bonds in effect at the time of grant. The assumptions used to estimate the fair value of the share options granted during the years ended December 31, 2020, 2021 and 2022 are as follows: For the year ended December 31, 2020 2021 2022 Risk-free rate 0.57 % – 1.90 % 1.31 % – 1.82 % 1.71 %- 4.14 % Expected volatility range 39.65 % – 40.53 % 41 % – 43 % 40.9 %- 44.35 % Exercise multiple 2.80 2.80 2.80 Fair value per ordinary share as at valuation dates US$ 2.32 – US$ 14.00 US$ 4.02 –US$ 8.27 US$ 2.895 –US$ 4.01 The fair value of the ISUs is the fair value of BCPE Bridge Cayman, L.P. Class B units at the grant date, which was determined by allocating the BCPE Bridge Cayman, L.P. equity value between the Class A and Class B units based on the predetermined distribution rate. A summary of share-based compensation expenses recognized in the consolidated statements of comprehensive (loss) income for the years ended December 31, 2020, 2021 and 2022 are as follows: 2020 2021 2022 2022 RMB RMB RMB US$ Cost of revenue 32,990 6,170 16,558 2,401 Selling and marketing 21,691 13,562 8,392 1,217 General and administrative 295,165 100,992 165,618 24,012 Research and development — — 2,283 331 Total share-based compensation expenses 349,846 120,724 192,851 27,961 In addition, the Company capitalized RMB 20,127 in cost of the share options granted to the construction employees as construction in progress for the year ended December 31, 2020. Capitalized share-based compensation costs were immaterial for the years ended December 31, 2021 and 2022. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 14. RELATED PARTY TRANSACTIONS a) Related parties Affiliate of the Company (collectively hereinafter referred to as “Company Affiliates”) Wangsu Science and Technology Limited Corporation (“Wangsu”) Zhangjiakou Qinyun Information Technology Co., Ltd. (“Qinyun”) Hebei Jizongneng Energy Development Co., Ltd("Jizongneng") Affiliates of ultimate controlling shareholder of the Company (collectively hereinafter referred to as “Affiliates”) Bain Capital Private Equity Advisors (China) Ltd. Bain Capital Private Equity, LP Bain Capital Mauritius BCPE Bridge Cayman L.P. BCC Mauritius Holdings PCC Affiliates of certain shareholders of the Company (collectively hereinafter referred to as “Shareholder Affiliates”) Abiding Joy HK Limited Stackdata Joy HK Limited Datalake HK Limited b) The Group had the following related party transactions, except for transactions disclosed in other notes: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Purchase of services from Wangsu* 83,382 — — — Purchase of utility from Jizongneng** — 10,541 403,346 58,480 Net revenue from colocation services provided to Wangsu*** 83,054 — — — Management consulting services provided by Affiliates**** 59,741 — — — Management consulting services provided by Shareholder Affiliates**** 13,016 — — — Gain on divestiture of Qinyun and related assets***** 6,562 — — — 245,755 10,541 403,346 58,480 * A portion of the services purchased comprised of certain Colocation Resources purchased from Wangsu, which are not distinct within the context of the Company’s revenue arrangement with Wangsu. Thus, in accordance with ASC 606-10-32-25, the entire consideration for these Colocation Resources (“Consideration Payable”) is accounted for as a reduction of revenue. ** Utility purchased from Jizongneng represented electricity and related costs for the Group’s colocation services which was recorded in cost of revenues. *** Colocation services revenue from Wangsu for the period January 1, 2020 to October 2, 2020 have been presented net of Consideration Payable amounting to RMB 62,440 , respectively. Wangsu ceased to be a related party of the Company after the completion of IPO. **** In connection with the IPO, the Company recognized a one-time consulting agreements’ termination expense amounting to RMB 50,000 and RMB 11,000 , payable in cash to the Affiliates and the Shareholder Affiliates, respectively. ***** On August 4, 2020, the Group disposed 100 % of equity interests of Qinyun for nil consideration as Qinyun was in a net deficit position, of which 99.9 % and 0.1 % was transferred to the Group’s former Chief Executive Officer, Mr. Jing Ju and a third-party individual, respectively. Subsequently, the Group transferred certain assets to Qinyun for cash consideration of RMB 64,000 , which was recorded in due from related party, as a noncash investing activity in consolidated statements of cash flows. The gain resulting from the divestiture of Qinyun and related assets transfer was RMB 6,562 . 14. RELATED PARTY TRANSACTIONS (Continued) c) The Group had the following related party balances at the end of the year: As of December 31, 2021 2022 2022 RMB RMB US$ Amounts due to related parties: Company Affiliates 6,754 97,797 14,179 Affiliates 478 518 75 Shareholder Affiliates 31,600 — — 38,832 98,315 14,254 All the balances with related parties as of December 31, 2021 and 2022 were unsecured. All outstanding balances are also repayable on demand unless otherwise disclosed. No provision for credit losses was recognized for the amount due from related parties for the years ended December 31, 2020, 2021 and 2022. |
Loss (Earnings) Per Share
Loss (Earnings) Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Loss (Earnings) Per Share | 15. LOSS (EARNINGS) PER SHARE Basic and diluted (loss) earnings per share for each of the years presented are calculated as follows: For the year ended December 31, 2020 2021 2022 Class A Class B Class A Class B Class A Class B RMB RMB RMB RMB RMB US$ RMB US$ (Loss) Earnings per share-basic: Numerator: Allocation of net (loss) income available to ordinary shareholders ( 105,403 ) ( 177,942 ) 153,692 162,728 330,166 47,870 321,464 46,607 Denominator: Weighted average number of ordinary shares outstanding 228,284,218 385,389,358 352,642,396 373,375,848 369,374,205 369,374,205 359,638,460 359,638,460 Denominator used for (loss) earnings per share 228,284,218 385,389,358 352,642,396 373,375,848 369,374,205 369,374,205 359,638,460 359,638,460 (Loss) Earnings per share-basic ( 0.46 ) ( 0.46 ) 0.44 0.44 0.89 0.13 0.89 0.13 (Loss) Earnings per share-diluted: Numerator: Allocation of net (loss) income available to ordinary shareholders ( 105,403 ) ( 177,942 ) 153,692 162,728 330,166 47,870 321,464 46,607 Reallocation of net (loss) income available to ordinary shares as a result of conversion of Class B to Class A ordinary shares ( 177,942 ) — 162,728 — 321,464 46,607 — — Reallocation of net (loss) income to Class B ordinary shares — — — ( 108 ) — — ( 1,566 ) ( 227 ) Net (loss) income available to ordinary shareholders ( 283,345 ) ( 177,942 ) 316,420 162,620 651,630 94,477 319,898 46,380 Denominator: Weighted average number of ordinary shares outstanding 228,284,218 385,389,358 352,642,396 373,375,848 369,374,205 369,374,205 359,638,460 359,638,460 Share-based awards — — 1,705,149 1,291,857 3,569,295 3,569,295 — — Conversion of Class B including potential ordinary shares to Class A ordinary share 385,389,358 — 374,667,705 — 359,638,460 359,638,460 — — Denominator used for (loss) earnings per share 613,673,576 385,389,358 729,015,250 374,667,705 732,581,960 732,581,960 359,638,460 359,638,460 (Loss) Earnings per share-diluted ( 0.46 ) ( 0.46 ) 0.43 0.43 0.89 0.13 0.89 0.13 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 16. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME RMB Balance as of January 1, 2020 40,011 Foreign currency translation adjustments, net of tax of nil ( 212,597 ) Balance as of December 31, 2020 ( 172,586 ) Foreign currency translation adjustments, net of tax of nil ( 85,391 ) Balance as of December 31, 2021 ( 257,977 ) Foreign currency translation adjustments, net of tax of nil ( 42,540 ) Balance as of December 31, 2022 ( 300,517 ) Balance as of December 31, 2022, in US$ ( 43,571 ) There have been no reclassifications out of accumulated other comprehensive (loss) income to net (loss) income for the years presented. |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATION | 17. BUSINESS COMBINATION 2020 Acquisition On November 1, 2020 (the “2020 Acquisition Date”), the Group completed its acquisition of 100 % equity interest of Huailai Huizhi Construction Co., Ltd. (“Huizhi”) for purchase consideration of RMB 39,612 , to enhance its data center construction expertise to generate cost savings for colocation services. The acquisition was accounted for as a business combination. Goodwill recognized represents the expected synergies from integrating Huizhi’s operation with the Group’s existing IDC colocation services, and is not tax deductible. The purchase price allocation for the acquisition is based on a valuation determined by the Group with the assistance of an independent appraiser. The following table summarizes the fair values of the assets acquired and liabilities assumed on the 2020 Acquisition Date: RMB Purchase consideration 39,612 Settlement of accounts payable due to Huizhi ( 174,695 ) Total purchase consideration ( 135,083 ) Less: Cash and cash equivalents 16,008 Other current assets 24,085 Property and equipment, net 641 Other non-current assets 1,022 Current liabilities ( 183,402 ) Goodwill 6,563 The actual results of operations after the 2020 Acquisition Date and pro-forma results of operations for this acquisition have not been presented because the effects of this acquisition were insignificant after elimination of the transactions between the Group and Huizhi. 17. BUSINESS COMBINATION (Continued) 2022 Acquisition On March 29, 2022 (the “2022 Acquisition Date”), the Group completed its acquisition of 100 % equity interest of Bridge Data Centres (Thailand) Ltd. (“BDC Thailand”) for a cash purchase consideration of RMB 71,055 (US$ 10,302 ) to expand its data center operation in Thailand. The acquisition was accounted for as a business combination. Goodwill recognized represents the expected synergies from integrating BDC Thailand’s operation with the Group’s existing IDC colocation services, and is not tax deductible. The purchase price allocation for the acquisition is based on a valuation determined by the Group with the assistance of an independent appraiser. The following table summarizes the fair values of the assets acquired and liabilities assumed on the 2022 Acquisition Date: RMB USD Purchase consideration 71,055 10,302 Less: Prepayments and other current assets 27 4 Property and equipment, net 36,880 5,347 Operating lease right-of-use assets 18,478 2,679 Intangible assets, net 427 62 Accrued expenses and other current liabilities ( 27 ) ( 4 ) Operating lease liabilities ( 15,732 ) ( 2,281 ) Deferred tax liabilities ( 2,877 ) ( 417 ) Goodwill 33,879 4,912 The actual results of operations after the 2022 Acquisition Date and pro-forma results of operations for this acquisition have not been presented because the effects of this acquisition were insignificant. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Restricted Net Assets [Abstract] | |
RESTRICTED NET ASSETS | 18. RESTRICTED NET ASSETS The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s PRC subsidiaries. In accordance with the Regulations on Enterprises with Foreign Investment of China and their Articles of Association, the Company’s wholly foreign-owned enterprises, being foreign invested enterprise established in the PRC, are required to allocate at least 10 % of their after-tax profit determined based on the PRC accounting standards and regulations to the general reserve until the reserve has reached 50 % of the relevant subsidiary’s registered capital. Appropriations to the staff welfare and bonus fund are at the discretion of the Company’s wholly foreign-owned enterprises. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances, or cash dividends. In accordance with the PRC Company Laws, the VIEs must make appropriations from their annual after-tax profits as reported in their PRC statutory accounts to non-distributable reserve funds, namely statutory reserve and discretionary surplus reserve. The VIEs are required to allocate at least 10 % of their after-tax profits to the statutory reserve until such fund has reached 50 % of their respective registered capital. Appropriation to discretionary surplus reserve is at the discretion of the VIEs. These reserves can only be used for specific purposes and are not transferable to the Company in the form of loans, advances, or cash dividends. As of December 31, 2022, the Group’s PRC subsidiaries and VIEs had appropriated RMB 311,821 (US$ 45,210 ) to their reserves. Furthermore, registered share capital and capital reserve accounts of the Company’s PRC subsidiaries and the VIEs are also restricted from distribution. As a result, the restrictions amounted to approximately RMB 4,447,604 (US$ 644,842 ) as of December 31, 2022. Therefore, in accordance with Rules 504 and 4.08(e)(3) of Regulation S-X, the condensed parent company only financial statements are disclosed in Note 22. Cash transfers from the Company’s PRC subsidiaries to its subsidiaries 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 the VIEs to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 19. COMMITMENTS AND CONTINGENCIES Capital expenditure commitments The Group has commitments amounting to RMB 2,225,183 (US$ 322,621 ) for the purchase of certain data center equipment and construction in progress as of December 31, 2022, which are scheduled to be paid within one to two years . Contingencies In August 2020 (“Termination Date”), Bridge Data centres (Mumbai) LLP (“Bridge Mumbai”), the Company’s subsidiary in India, exercised its rights under the force majeure clause and terminated its construction contact with Sterling & Wilson Private Limited (“S&W”), the contractor of its data center in India. Pursuant to the termination, S&W made a claim against Bridge Mumbai towards amounts payable for work performed through Termination Date, other costs and losses. In turn, Bridge Mumbai also submitted a claim against S&W towards the refund of cash advance payments previously made, and losses caused by S&W including delay in work performed, defective work, and replacement of contractor. In March 2021, Bridge Mumbai submitted a statement of defense. As of December 31, 2022, both parties had completed the pre-trial formalities and the hearings were still on-going. Based on management’s estimation and legal counsel’s advice, RMB 30,372 has been accrued and recorded in “Others, net” in the consolidated statement of comprehensive loss for the year ended December 31, 2020, and there were no significant changes to such accrual balance as of December 31, 2021 and 2022. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 20. SEGMENT INFORMATION The Group has one segment. Its CODM is the Board of Directors, who makes operating decisions, assesses performance and allocates resources on a consolidated basis. Net revenues by geographic area are based upon the location of the customers. Total net revenues by geographic area are presented as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ PRC 1,706,086 2,737,596 4,275,398 619,874 Southeast Asia 124,991 114,681 194,477 28,197 India — — 81,787 11,858 1,831,077 2,852,277 4,551,662 659,929 Long-lived assets by geographic area are presented as follows: As of December 31, 2021 2022 2022 RMB RMB US$ PRC 8,829,539 10,625,591 1,540,566 Southeast Asia 911,623 3,189,683 462,461 India 626,798 791,814 114,802 10,367,960 14,607,088 2,117,829 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | 21. Subsequent event On February 23, 2023, the Group completed the offering of US$ 300,000 in aggregate principal amount of senior notes due 2026 (the “Notes”). The Notes bear interest at a rate of 10.5 % per annum and were issued at a price of 99.06 % of the aggregate principal amount. The Group intends to use the net proceeds from the sale of the Notes for investment in data centers in the PRC and overseas, supplementing working capital and investment in research and development. |
Condensed Financial Information
Condensed Financial Information of the Parent Company | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 22. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY Condensed Balance Sheets As of December 31, 2021 2022 2022 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 459,522 156,062 22,627 Short-term investments 63,726 — — Amounts due from subsidiaries of the Group 2,890 — — Other current assets 2,964 3,927 569 Total current assets 529,102 159,989 23,196 Non-current assets Investment in and amounts due from subsidiaries of the Group 9,657,859 11,470,857 1,663,118 Other non-current assets 595 — — Total non-current assets 9,658,454 11,470,857 1,663,118 Total assets 10,187,556 11,630,846 1,686,314 LIABILITIES AND SHAREHOLDER’S EQUITY Current liabilities Amounts due to related parties 31,600 — — Amounts due to subsidiaries of the Group — 647,039 93,812 Derivative liabilities — 947 137 Accrued expenses and other payables 18,721 57,738 8,371 Total current liabilities 50,321 705,724 102,320 Non-current liabilities: Other non-current liabilities 22,603 15,568 2,257 Total non-current liabilities 22,603 15,568 2,257 Total liabilities 72,924 721,292 104,577 Shareholders’ equity Ordinary shares (par value of US$ 0.00001 per share, 4,500,000,000 Class A ordinary shares authorized, 359,099,633 Class A ordinary shares issued and 358,376,753 Class A ordinary shares outstanding; 500,000,000 Class B ordinary shares authorized, 373,459,748 Class B ordinary shares issued and 368,500,979 Class B ordinary shares outstanding as of December 31, 2021; 4,500,000,000 Class A ordinary shares authorized, 401,576,883 Class A ordinary shares issued and 400,259,749 Class A ordinary shares outstanding; 500,000,000 Class B ordinary shares authorized, 329,223,723 Class B ordinary shares issued and outstanding as of December 31, 2022) 46 46 7 Additional paid-in capital 10,646,328 10,832,160 1,570,516 Statutory reserve 189,700 311,821 45,210 Accumulated other comprehensive loss ( 257,977 ) ( 300,517 ) ( 43,571 ) (Accumulated deficit)/retained earnings ( 463,465 ) 66,044 9,575 Total shareholders’ equity 10,114,632 10,909,554 1,581,737 Total liabilities and shareholders’ equity 10,187,556 11,630,846 1,686,314 22. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Condensed Statements of Comprehensive (Loss) income For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Operating expenses Sales and marketing expenses — ( 235 ) — — General and administrative expenses ( 53,945 ) ( 19,900 ) ( 20,592 ) ( 2,986 ) Total operating expenses ( 53,945 ) ( 20,135 ) ( 20,592 ) ( 2,986 ) Operating loss ( 53,945 ) ( 20,135 ) ( 20,592 ) ( 2,986 ) Interest income 1,854 5,200 6,590 955 Share of (loss) income of subsidiaries and the VIEs ( 232,287 ) 318,481 658,862 95,526 Foreign currency exchange (loss) gain ( 1,193 ) 89 208 30 Changes in fair value of financial instruments — 4,465 ( 2,117 ) ( 307 ) Others, net 2,226 8,320 8,679 1,259 Net (loss) income attributable to ordinary shareholders ( 283,345 ) 316,420 651,630 94,477 Other comprehensive loss (foreign currency translation ( 212,597 ) ( 85,391 ) ( 42,540 ) ( 6,168 ) Comprehensive (loss) income ( 495,942 ) 231,029 609,090 88,309 22. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Condensed Statements of Cash Flows For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Net cash used in operating activities ( 22,553 ) ( 6,049 ) ( 9,667 ) ( 1,402 ) Net cash used in investing activities ( 2,893,144 ) ( 2,887,209 ) ( 1,088,468 ) ( 157,813 ) Net cash generated from (used in) financing activities 6,683,039 ( 4,285 ) 765,028 110,919 Effect of exchange rate changes on cash and cash equivalents ( 263,088 ) ( 157,671 ) 29,647 4,299 Net increase (decrease) in cash and cash equivalents 3,504,254 ( 3,055,214 ) ( 303,460 ) ( 43,997 ) Cash and cash equivalents at the beginning of the year 10,482 3,514,736 459,522 66,624 Cash and cash equivalents at the end of the year 3,514,736 459,522 156,062 22,627 Basis of presentation For the presentation of the parent company only condensed financial information, the Company records its investments in subsidiaries and the VIEs under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures . Such investments are presented on the condensed balance sheets as “investments in subsidiaries” and the subsidiaries’ and the VIEs’ income (losses) as “share of (losses) income of subsidiaries and the VIEs” on the condensed statements of comprehensive (loss) income. Under the equity method of accounting, the Company adjusted the carrying amount of “investments in subsidiaries” for its share of the subsidiaries’ and the VIEs’ cumulative losses until the investment balance reaches zero and did not provide for additional losses unless the Company has guaranteed obligations of the subsidiaries’ and the VIEs’ or is otherwise committed to provide further financial support. The subsidiaries did no t pay any dividends to the Company for the periods presented. The Company does not have significant commitments or long-term obligations as of the period end. The parent company only financial statements should be read in conjunction with the Company’s consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements of the Group include the financial statements of the Company, its subsidiaries, and the VIEs for which a wholly-owned subsidiary of the Company is the primary beneficiary. All significant intercompany balances and transactions have been eliminated upon consolidation. Results of subsidiaries, businesses acquired from third parties and the VIEs are consolidated from the date on which control is obtained by the Company. |
Use of estimates | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s consolidated financial statements include, but are not limited to, the allowance for credit losses of accounts receivable, other receivable and debt securities, the purchase price allocation with respect to business combinations, useful lives of long-lived assets, impairment of long-lived assets and goodwill, realization of deferred tax assets, measurement of right-of-use assets and lease liabilities including incremental borrowing rate (“IBR”) used in measurement, legal contingencies, share-based compensation, and the fair value of financial instruments. Management bases the estimates on historical experience and various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could materially differ from those estimates. |
Convenience translation | Convenience translation Amounts in U.S. dollars (“US$”) are presented for the convenience of the reader and are translated at the noon buying rate of RMB 6.8972 per US$1.00 on December 31, 2022 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. |
Foreign currency | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Foreign currency The Group’s financial information is presented in Renminbi (“RMB”). The functional currency of the Company and the subsidiaries in Cayman is U.S. dollars. The functional currency of the Company’s subsidiaries in Malaysia is the Malaysian Ringgit (“MYR”). The functional currency of the Company’s subsidiaries in India is Indian Rupees (“INR”). The functional currency of the Company’s subsidiaries and the VIEs located in the PRC is RMB. Transactions denominated in foreign currencies are re-measured into the functional currency at the exchange rates prevailing on the transaction dates. Monetary assets and liabilities denominated in foreign currencies are re-measured at the exchange rates prevailing at the balance sheet date. Non-monetary items that are measured in terms of historical cost in foreign currency are re-measured using the exchange rates at the dates of the initial transactions. Exchange gains and losses are included in the consolidated statements of comprehensive (loss) income. The Company uses the average exchange rate for the year and the exchange rate at the balance sheet date to translate the operating results and financial position, respectively. Translation differences are recorded in “Accumulated other comprehensive loss”, a component of shareholders’ equity. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash on hand and time deposits or other highly liquid investments placed with banks which are unrestricted as to withdrawal or use and have original maturities of less than three months. |
Restricted cash | Restricted cash Restricted cash primarily represent cash pledged as security for the Group’s bank loans. |
Short-term investment | Short-term investment Short-term investments consist primarily of investments in certain wealth management products and structured notes with original maturities greater than three months but less than twelve months or no maturities. The investment in debt securities that the Group has the positive intent and the ability to hold to maturity are classified as held-to-maturity securities and stated at amortized cost. The investment in debt securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. For held-to-maturity debt securities, the allowance for credit losses reflects the Group's estimated expected losses over the contractual lives of the debt securities and is recorded as a charge to “General and administrative expenses” in the consolidated statements of comprehensive (loss) income. Estimated allowances of credit losses are determined by considering reasonable and supportable forecasts of future economic conditions in addition to information about past events and current conditions. |
Accounts receivable | Accounts receivable On January 1, 2021 , the Group adopted Accounting Standard Update (“ASU”) 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), using a modified retrospective transition method, which resulted in a cumulative-effect adjustment to decrease the opening balance of accumulated deficit on January 1, 2021 by RMB 8,323 , after net of RMB 2,219 of income taxes. The Group maintains an allowance for credit losses for accounts receivable, which is recorded as an offset to accounts receivable, and the estimated credit losses charged to the allowance is classified as “General and administrative expenses” in the consolidated statements of comprehensive (loss) income. When similar risk characteristics exist, the Group assesses collectability and measures expected credit losses on a collective basis for a pool of assets, whereas if similar risk characteristics do not exist, the Group assesses collectability and measures expected credit losses on an individual asset basis. In determining the amount of the allowance for credit losses, the Group considers historic collection experience, the age of the accounts receivable balances, credit quality of the Group’s customers, current economic conditions, reasonable and supportable forecasts of future economic conditions, and other factors that may affect the customer’s ability to pay. Prior to adopting ASU 2016-13, accounts receivable is carried at net realizable value. An allowance for doubtful accounts is recorded when collection of the full amount is no longer probable. In evaluating the collectability of receivable balances, the Group considers specific evidence including the aging of the receivable, the customer’s payment history, its current credit-worthiness and current economic trends. Accounts receivable are written off when deemed uncollectible. |
Capitalized interest | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Capitalized interest Interest, including amortization of deferred financing costs, associated with major development and construction projects is capitalized and included in construction in progress in accordance with ASC 835, Interest (“ASC 835”). The capitalization of interest commences when expenditure for the asset is being incurred, interest costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress. The capitalization of interest ceases when the project is substantially completed or the development activity is suspended for more than a brief period. The amount to be capitalized is determined by applying the weighted average interest rate of the Group’s outstanding borrowings to the average amount of accumulated qualifying capital expenditures for assets under construction during the year. Total interest expenses incurred amounted to RMB 330,573 , RMB 412,455 and RMB 522,052 (US$ 75,690 ), of which RMB 92,189 , RMB 117,477 and RMB 165,194 (US$ 23,951 ) were capitalized for the years ended December 31, 2020, 2021 and 2022, respectively. |
Derivative instruments | Derivative instruments ASC Topic 815, Derivatives and Hedging (“ASC 815”), requires all contracts that meet the definition of a derivative to be recognized on the balance sheet as either assets or liabilities and recorded at fair value. The Group’s derivatives represent target accrual forward transaction, the embedded call option, cross currency swap, interest rate swap and non-deliverable forward that did not qualify for hedge accounting in accordance with ASC 815. The Group entered into derivatives primarily for the purpose to manage the interest rate risk and foreign currency exchange rate risk for the long-term borrowings. The derivatives are accounted for at fair value by recording the unrealized mark-to-market (fair value adjustment) in each period in the consolidated statements of comprehensive (loss) income within “Changes in fair value of financial instruments”. The notional amounts of the derivative contracts were MYR 396,654 and US$ 35,500 , respectively, as of December 31, 2022, and MYR 396,654 and US$ 29,000 , respectively, as of December 31, 2021. A loss of RMB 20,479 , RMB 1,620 and a gain of RMB 6,359 (US$ 922 ) was recognized in the consolidated statements of comprehensive (loss) income for the years ended December 31, 2020, 2021 and 2022, respectively. The estimated fair value of the derivatives is determined at discrete points in time with reference to the market rates using industry standard valuation techniques. The fair value of the Group’s derivatives was determined utilizing market observable forward exchange rates. During all periods presented, there were no changes in valuation technique; or transfers in and out of each level. |
Fair value measurements | Fair value measurements Financial instruments of the Group primarily include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, derivatives, amounts due to related parties, accounts payable, certain other current assets and liabilities, short-term bank loans and long-term bank loans. The carrying amount of the long-term bank loans approximates its fair value due to the fact that the related interest rate approximates the interest rates currently offered by financial institutions for similar debt instruments of comparable maturities. The derivatives were recorded at fair value as determined on the respective issuance or origination date and subsequently adjusted to its fair value at each reporting date. The Group determined the fair values of the derivatives with the assistance of an independent appraiser. The Group applies ASC 820 Fair Value Measurements and Disclosures (“ASC 820”) , in measuring fair value. ASC 820 defines fair value, establishes a framework for measuring fair value and requires disclosures to be provided on fair value measurement. The carrying values of the remaining financial instruments approximate their fair values due to their short-term maturities. ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 — Include other inputs that are directly or indirectly observable in the marketplace. Level 3 — Unobservable inputs which are supported by little or no market activity. ASC 820 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair value measurements (Continued) Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 are summarized below: Quoted price Significant Significant RMB RMB RMB Short-term investments Trading securities 129,946 — — Held-to-maturity debt securities — 63,726 — Derivative assets — 2,446 — Derivative liabilities — 16,354 — Assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 are summarized below: Quoted price Significant Significant RMB RMB RMB Short-term investments Trading securities 80,368 — — Held-to-maturity debt securities — 20,000 — Derivative liabilities — 20,577 — |
Equity method investments | Equity method investments The Group’s investments in entities in which the Group can exercise significant influence but does not own a majority equity interest or control are generally accounted for under the equity method of accounting. Equity method investments are initially measured at cost, and are subsequently adjusted for cash contributions, distributions and the Group's share of the income and losses of the investees. The Group records its equity method investment in “Other non-current assets” in the consolidated balance sheets. The Group's proportionate share of the income or loss from its equity method investment are recorded in “Others, net” in the consolidated statements of comprehensive (loss) income, which was income of RMB 3,201 and loss of RMB 3,889 (US$ 564 ) for the years ended December 31, 2021 and 2022, respectively. The share of income or loss from equity method investments was immaterial for the year ended December 31, 2020. The Group reviews its investment periodically to determine if any investment may be impaired considering both qualitative and quantitative factors that may have a significant impact on the investees' fair value. No impairment loss was recognized for the years presented. |
Property and equipment, net | Property and equipment, net Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Buildings 20 to 58 years Data center equipment – Machinery 5 to 15 years – Other equipment 3 to 5 years Furniture and office equipment 3 to 5 years Computers and network equipment 3 to 5 years Motor vehicles 3 to 10 years Purchased software 5 to 10 years Leasehold improvements Lesser of useful life or lease term Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterments that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of comprehensive (loss) income. Direct costs that are related to the construction of property and equipment and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property and equipment, and the depreciation of these assets commences when the assets are ready for their intended use. |
Inventories | Inventories Inventories consist of materials used in delivering the Group’s other services to the customers, which are stated at the lower of cost and net realizable value. Cost is determined using the weighted average method. Adjustments to reduce the cost of inventory to its net realizable value are made, if required, for decreases in sales price, obsolescence, or similar reductions in the estimated net realizable value. The Group records its inventories in “Prepayments and other current assets” in the consolidated balance sheets. No inventory write-downs were recognized for all years presented. |
Intangible assets, net | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Intangible assets, net Intangible assets are carried at cost less accumulated amortization and any recorded impairment. Intangible assets with finite useful lives are amortized using a straight-line method of amortization that reflects the estimated pattern in which the economic benefits of the intangible asset are to be consumed. The estimated useful life for the intangible assets is as follows: Category Estimated Useful Life Acquired customer relationships 5 to 10 years Acquired license and others 2 to 4 years |
Impairment of long-lived assets other than goodwill | Impairment of long-lived assets other than goodwill The Group evaluates its long-lived assets for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact the future use of the assets, indicate that the carrying amount of an asset may not be fully recoverable. When these events occur, the Group evaluates the recoverability of long-lived assets by comparing the carrying amount of the assets to the future undiscounted cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flows is less than the carrying amount of the assets, the Group recognizes an impairment loss based on the excess of the carrying amount of the assets over their fair value. Fair value is generally determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. |
Segment reporting | Segment reporting In accordance with ASC 280-10, Segment Reporting: Overall, operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in assessing performance. The Group operates and manages its business as a single segment through the provision of a single class of standardized IDC services in Asia-Pacific emerging markets. Therefore, the Group’s CODM, who has been identified as the Board of Directors, reviews the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole (Note 20). |
Business combinations | Business combinations The Group accounts for its business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations . The purchase method accounting requires that the consideration transferred be allocated to the assets, including separately identifiable assets and liabilities acquired, based on their estimated fair values. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of cost of acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree, is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in earnings. The determination and allocation of fair values to the identifiable assets acquired, liabilities assumed and non-controlling interests is based on various assumptions and valuation methodologies requiring considerable judgment from management. The most significant variables in these valuations are discount rates, terminal values, the number of years on which to base the cash flow projections, as well as the assumptions and estimates used to determine the cash inflows and outflows. The Group determine discount rates to be used based on the risk inherent in the related activity’s current business model and industry comparisons. Terminal values are based on the expected life of assets, forecasted life cycle and forecasted cash flows over that period. |
Goodwill | Goodwill In accordance with ASC 350, Intangibles—Goodwill and Other (“ASC 350”), the Group assigned and assessed goodwill for impairment at the reporting unit level. A reporting unit is an operating segment or one level below the operating segment. The Group determined that there are two reporting units as of December 31, 2021 and 2022, Bridge Group and Stack Group. Under ASC 350, goodwill is not amortized but is tested for impairment on an annual basis, or more frequently if events or changes in circumstances indicate that it might be impaired. In accordance to ASU No. 2011-08, Intangibles—Goodwill and Other (“ASU 2011-08”), the Group can elect to perform a qualitative assessment to determine whether the two-step impairment testing on goodwill is necessary. The Group adopted ASU 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which eliminates the requirement to calculate the implied fair value of goodwill and record the amount of goodwill impairment as the excess of a goodwill allocated to the reporting unit’s carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The Group assesses qualitative factors such as business changes, economic outlook, financial trends and forecast, growth rates, industry data and other relevant qualitative factors to determine if it’s more-likely-than-not that the goodwill might be impaired and whether it’s necessary to perform a quantitative goodwill impairment. If the qualitative factors indicate a potential impairment, the Company compares the carrying amount of a reporting unit to its fair value. No impairment of goodwill was recorded for the years ended December 31, 2020, 2021 and 2022 (Note 9). |
Comprehensive (loss) income | Comprehensive (loss) income Comprehensive (loss) income is defined as the changes in equity of the Group during a period from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Among other disclosures, ASC 220, Comprehensive Income , requires that all items that are required to be recognized under current accounting standards as components of comprehensive (loss) income be reported in a financial statement that is displayed with the same prominence as other financial statements. For each of the periods presented, the Group’s comprehensive (loss) income includes net loss and foreign currency translation adjustments, and is presented in the consolidated statements of comprehensive (loss) income. |
Leases | Leases The Group determines if an arrangement is a lease at inception in accordance with ASC 842, Leases (“ASC 842”). Leases are classified as operating or finance leases in accordance with the recognition criteria in ASC 842-10-25. The Group’s leases do not contain any material residual value guarantees or material restrictive covenants. Lessee accounting The Group recognizes right-of-use (“ROU”) assets and liabilities on the lease commencement date based on the present value of lease payments over the lease term. As the rate implicit in the Group’s leases is not typically readily available, the Group uses an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. This incremental borrowing rate reflects the fixed rate at which the Group could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. The ROU assets also include any lease payments made, net of lease incentives. Lease terms are based on the non-cancelable term of the lease and may contain options to extend the lease when it is reasonably certain that the Group will exercise that option. Leases with an initial lease term of 12 months or less are not recorded on the consolidated balance sheets. The Group has lease agreements with lease and non-lease components, which are accounted for as a single lease component based on the Group’s policy election to combine lease and non-lease components for its leases. Variable lease payments not dependent on an index or rate are excluded from the ROU asset and lease liability calculations and are recognized in expense in the period which the obligation for those payments is incurred. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. A finance lease ROU asset is depreciated on a straight-line basis over the lesser of the useful life of the leased asset or the lease term. Interest on each finance lease liability is determined as the amount that results in a constant periodic discount rate on the remaining balance of the liability. Lessor accounting The Group’s lessor portfolio consists of only operating leases for the periods presented. The Group’s policy election is to combine lease and non-lease components, by underlying class of asset, and account for them as one component if they have the same timing and pattern of transfer. The combined component is accounted for in accordance with ASC 842 if the lease component is predominant, and in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”) if the non-lease component is predominant. |
Revenue recognition | Revenue recognition The Group applies the five-step model outlined in ASC 606. The Group accounts for a contract when it has approval and commitment from the customer, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue recognized under the contract will not occur. Timing of revenue recognition is generally the same as the timing of invoicing to customers. Contract assets and contract liabilities were nil as of December 31, 2021 and 2022. Using the practical expedient in ASC 606, the Group does not adjust the promised amount of consideration for the effects of a significant financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. The Group also elected to exclude sales taxes and other similar taxes from the measurement of the transaction price, and accordingly, recognized revenues net of value added taxes (“VAT”) and surcharges. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenue recognition(Continued) Colocation services The Group provides integrated IDC colocation services including utilities, hosting, cooling and maintenance (collectively, “Colocation Resources”) to its customers for operating their servers and IT equipment in the Group’s data centers in the PRC. The nature of the Group’s performance obligation is a single performance obligation to stand ready to provide a series of distinct IDC colocation services daily throughout the fixed contract period. The Group is a lessor in certain IDC colocation service arrangements and the lease component qualifies as an operating lease. Under ASC 842, these contracts qualify for a practical expedient available to lessors to combine the lease and non-lease components and account for the combined component in accordance with the accounting treatment for the predominant component. The Group applied this practical expedient and have accounted for the combined component under ASC 606 because the non-lease components are predominant. For wholesale and retail data center contracts, the Group’s efforts or inputs are expended evenly throughout the performance period that typically ranges from one to ten years , hence, the Group recognizes revenue over time using a time-based measure, on a straight-line basis. The remaining hyperscale data center contracts include a contractual minimum resulting in a portion of the consideration being fixed (“Fixed Consideration”). The Group’s efforts or inputs are not expended evenly throughout the performance period, which is generally ten years for such contracts. The Fixed Consideration is included in the transaction price for the entire contract period, and recognized as revenue based on cumulative utilization of capacity from contract inception through the end of the reporting period. The variable consideration for each month is allocated to the distinct colocation services for the particular month in accordance with ASC 606-10-32-40 because the variable consideration relates to the Group’s efforts to satisfy the collocation services for that month and reflects the value of the Group’s colocation services delivered to the customer. Therefore, the Group uses monthly utilization records, an output measure, to recognize revenue over time as it most faithfully depicts the simultaneous consumption and delivery of services. At the end of each month, the uncertainty related to the transaction price is resolved based on the utilization records because the variable consideration specifically relates to the transfer of the distinct services during that month. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Revenue recognition (Continued) Colocation rental The Group rents out hyperscale data center space to customers in Malaysia and India. The Group applied the practical expedient to account for lease and non-lease components associated with the lease as a single lease component under ASC 842 as the lease component is predominant. Colocation rental revenue is recognized on a straight-line basis over the lease term. Lease incentive provided to customers is recognized as a reduction of colocation rental revenue on a straight-line basis over the lease term. Others Other revenue mainly includes revenues from fiber optic cable and other fitting services provided at the customers’ request and the construction service. Revenue is recognized over time when the Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced. Otherwise, revenue is recognized at a point in time when a customer obtains control of a promised asset or service and the Group satisfies its performance obligation. The Group uses the output measure to recognize revenue over time provided all revenue recognition criteria have been met, as it most faithfully depicts the Group’s performance toward complete satisfaction of the performance obligation. Majority of the revenues are recognized over time and revenue recognized at point in time is not material. As of December 31, 2022, the aggregate amount of transaction price allocated to performance obligations (unsatisfied or partially unsatisfied) of RMB 24,723,133 (US$ 3,584,517 ) was related to colocation services and did not include any variable consideration. The Company expects to recognize as revenue 13 %, 51 % and 36 % of these performance obligations within twelve months , one to five years , and after five years , respectively. |
Value-Added Taxes Recoverable | Value-Added Taxes Recoverable The Group is subject to VAT on proceeds received from customers and records revenue net of VAT. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. The Group has input VAT greater than output VAT for all periods presented, net VAT balance is recorded as value-added taxes recoverable. If output VAT is greater than input VAT, net VAT balance is recorded as value-added taxes payable. |
Cost of revenues | Cost of revenues Cost of revenues consists mainly of utility fees, depreciation of property and equipment, bandwidth costs, rental costs, salaries and benefits for employees directly involved in revenue generation activities, and other expenses directly attributable to the provision of services. |
Research and development expense | Research and development expense Research and development expenses primarily consist of salaries and benefits for research and development personnel, and third party service provider costs. The Group expenses research and development costs as they are incurred. |
Government grants | Government grants Government grants primarily consist of financial grants received from provincial and local governments for operating a business in their jurisdictions and compliance with specific policies promoted by the local governments. The government grants of operating nature with no further conditions to be met are recorded in "Others, net" in the consolidated statements of comprehensive (loss) income when received. The government grants with certain operating conditions are recorded as “Accrued expenses and other current liabilities” or “Other non-current liabilities” line items in the consolidated balance sheets when received and are recognized as income in “Others, net” in equal amounts over the period the Group benefit from it. If the government grants are related to an asset, it is recognized as “Accrued expenses and other current liabilities” or “Other non-current liabilities” line items in the consolidated balance sheets when received, once the Group fulfills the conditions stipulated under the grant, the grant amount then will be recognized in the consolidated statements of comprehensive (loss) income in equal amounts over the expected useful life of the related asset, as a reduction of the related depreciation expense. For the years ended December 31, 2020, 2021 and 2022, government grants recorded in " Others, net" were RMB 10,211 , RMB 13,214 and RMB 29,103 (US$ 4,220 ), respectively. As of December 31, 2021, government grants recorded in " Accrued expenses and other current liabilities" and " Other non-current liabilities" were RMB 8,629 and RMB 94,959 , respectively. As of December 31, 2022, government grants recorded in "Accrued expenses and other current liabilities" and "Other non-current liabilities" were RMB 10,303 (US$ 1,494 ) and RMB 100,141 (US$ 14,519 ), respectively. |
Share-based compensation | Share-based compensation The Group applies ASC 718, Compensation — Stock Compensation (“ASC 718”), to account for its share-based payments. In accordance with ASC 718, the Group determines whether an award should be classified and accounted for as a liability award or equity award. For equity awards, the related share-based compensation is recognized in the consolidated financial statements based on their grant date fair value, while liability awards are remeasured at each reporting date until settlement. All the Group’s share-based awards are to employees only, the Group, with the assistance of an independent appraiser determined the fair value of the share-based awards granted to employees. The Group uses the accelerated method for all awards granted with graded vesting, and accounts for forfeitures as they occur. A change in any of the terms or conditions of the awards is accounted for as a modification of the award. Cancellation of the awards accompanied by the concurrent grant of a replacement award is also accounted for as a modification of the terms of the cancelled awards. Incremental compensation cost is measured as the excess, if any, of the fair value of the modified award over the fair value of the original award immediately before its terms are modified, measured based on the fair value of the awards and other pertinent factors at the modification date. For vested awards, the Group recognizes incremental compensation cost in the period the modification occurs. For unvested awards, the Group recognizes over the remaining requisite service period and upon the satisfaction of performance condition, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award on the modification date. If the fair value of the modified award is lower than the fair value of the original award immediately before modification, the minimum compensation cost the Group recognizes is the cost of the original award. |
Employee benefit expenses | Employee benefit expenses All eligible employees of the Group in the PRC are entitled to staff welfare benefits including medical care, welfare subsidies, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the qualified employees’ salaries and to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed. The Group recorded employee benefit expenses of RMB 18,385 , RMB 53,465 and RMB 64,385 (US$ 9,335 ) for the years ended December 31, 2020, 2021 and 2022, respectively. The Group also maintains a government mandated employee provident fund schemes to cover employees of its wholly owned subsidiaries in Malaysia. The employee provident fund schemes are considered a defined contribution plan. Employer and employee contributions are made based on various percentages of salaries and wages that vary based on employee age and other factors. The Group’s contributions into the program amounted to RMB 1,049 , RMB 991 and RMB 1,058 (US$ 153 ) for the years ended December 31, 2020, 2021 and 2022, respectively. The Group has no further payment obligations once the contributions have been paid. |
(Loss) earnings per share | (Loss) earnings per share In accordance with ASC 260, Earnings Per Share (“ASC 260”), basic (loss) earnings per share is computed by dividing net (loss) income attributable to the Company by the weighted average number of ordinary shares outstanding during the period. Diluted (loss) earnings per share is calculated by dividing net (loss) income attributable to the Company as adjusted for the effect of dilutive ordinary equivalent shares, if any, by the weighted average number of ordinary and dilutive ordinary equivalent shares outstanding during the period. Share options with performance conditions are considered contingently issuable shares and are only included in the computation of diluted (loss) earnings per share to the extent that the performance conditions are met such that the share options are exercisable at the end of the reporting period, assuming it was the end of the contingency period. Ordinary equivalent shares consist of the ordinary shares issuable upon the conversion of the share options, using the treasury stock method. Ordinary equivalent shares are excluded from the computation of diluted per share if their effects would be anti-dilutive. The computation of the diluted (loss) earnings per Class A ordinary share assumes the conversion of Class B ordinary shares to Class A ordinary shares, while diluted (loss) earnings per Class B ordinary share does not assume the conversion of such shares. The liquidation and dividend rights of the holders of the Company’s Class A and Class B ordinary shares are identical, except with respect to voting rights and conversion (Note 1). As a result, and in accordance with ASC 260, the undistributed (loss) income for each year is allocated based on the contractual participation rights of the Class A and Class B ordinary shares as if the (loss) income for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed (loss) income is allocated on a proportionate basis. Further, as the conversion of Class B ordinary shares is assumed in the computation of the diluted earnings per Class A ordinary share, the undistributed (loss) income is equal to net (loss) income for that computation. |
Income taxes | Income taxes The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”). Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Group records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The assessment of realizability of deferred tax assets involves significant assumptions used in the projection of future taxable income and the future reversal pattern of taxable temporary differences. The effect on deferred taxes of a change in tax rate is recognized in tax expense in the period that includes the enactment date of the change in tax rate. The Group accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties arising from underpayment of income taxes shall be computed in accordance with the related PRC tax law. The amount of interest expense is computed by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken in a tax return. Interest and penalties recognized in accordance with ASC 740 are classified in the consolidated statements of comprehensive (loss) income as income tax expense. In accordance with the provisions of ASC 740, the Group recognizes in its consolidated financial statements the impact of a tax position if a tax return position or future tax position is “more likely than not” to prevail based on the facts and technical merits of the position. Tax positions that meet the “more likely than not” recognition threshold are measured at the largest amount of tax benefit that has a greater than fifty percent likelihood of being realized upon settlement. The Group’s estimated liability for unrecognized tax benefits, if any, will be recorded in the “other non-current liabilities” in the accompanying consolidated financial statements is periodically assessed for adequacy and may be affected by changing interpretations of laws, rulings by tax authorities, changes and/or developments with respect to tax audits, and expiration of the statute of limitations. The actual benefits ultimately realized may differ from the Group’s estimates. As each audit is concluded, adjustments, if any, are recorded in the Group’s consolidated financial statements. Additionally, in future periods, changes in facts, circumstances, and new information may require the Group to adjust the recognition and measurement estimates with regard to individual tax positions. Changes in recognition and measurement estimates are recognized in the period in which the changes occur. |
Contingencies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Contingencies The Group records accruals for certain of its outstanding legal proceedings or claims when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Group evaluates, on a quarterly basis, developments in legal proceedings or claims that could affect the amount of any accrual, as well as any developments that would make a loss contingency both probable and reasonably estimable. The Group discloses the amount of the accrual if it is material. When a loss contingency is not both probable and estimable, the Group does not record an accrued liability but discloses the nature and the amount of the claim, if material. However, if the loss (or an additional loss in excess of the accrual) is at least reasonably possible, then the Group discloses an estimate of the loss or range of loss, unless it is immaterial or an estimate cannot be made. The assessment of whether a loss is probable or reasonably possible, and whether the loss or a range of loss is estimable, often involves complex judgments about future events. Management is often unable to estimate the loss or a range of loss, particularly where (i) the damages sought are indeterminate, (ii) the proceedings are in the early stages, or (iii) there is a lack of clear or consistent interpretation of laws specific to the industry-specific complaints among different jurisdictions. In such cases, there is considerable uncertainty regarding the timing or ultimate resolution of such matters, including eventual loss, fine, penalty or business impact, if any. |
Concentration of risks | Concentration of risks Concentration of credit risk Financial instruments that potentially subject the Group to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term investments and accounts receivable. The carrying amounts of these assets represent the Group’s maximum exposure to credit risk. As of December 31, 2022, the Group has RMB 4,164,594 (US$ 603,810 ) in cash and cash equivalents, restricted cash and short-term investments, which is held in cash and demand deposits with financial institutions in the PRC and international financial institutions outside of the PRC, respectively. In the event of bankruptcy of one of these financial institutions, the Group may not be able to claim its cash and demand deposits back in full. The Group continues to monitor the financial strength of the financial institutions. The Group expects that there is no significant credit risk associated with cash, cash equivalents restricted cash and short-term investments. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality and the deposits are covered by governmental insurance systems. In May 2015, a new Deposit Insurance System (“DIS”) managed by the People’s Bank of China (“PBOC”) was implemented by the PRC government. Deposits in the licensed banks in mainland China are protected by DIS, up to a limit of RMB500. Accounts receivable are typically unsecured and denominated in RMB, derived from revenue earned from customers, which are exposed to credit risk. The risk is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. The Group maintains an allowance for credit losses and the Group had one single customer with a receivable balance exceeding 10 % of the total accounts receivable balance as of December 31, 2021 and 2022. Concentration of risks (Continued) Business, customer, political, social and economic risks The Group participates in a dynamic and competitive high technology industry and believes that changes in any of the following areas could have a material adverse effect on the Group’s future financial position, results of operations or cash flows: changes in the overall demand for services; competitive pressures due to existing competitors; and new trends in new technologies and industry standards; control of telecommunication infrastructures by local regulators and industry standards; changes in certain strategic relationships or customer relationships; regulatory considerations; cybersecurity regulations; and risks associated with the Group’s ability to attract and retain employees necessary to support its growth. The Group’s operations could be adversely affected by significant political, economic and social uncertainties in the PRC. One customer accounted for 81.7 %, 83.2 % and 86.3 % of total revenues during the years ended December 31, 2020, 2021 and 2022. Interest rate risk The Group is exposed to interest rate risk on its interest-bearing liabilities. As of December 31, 2022, a hypothetical 1 % increase or decrease in annual interest rates of RMB-denominated borrowings, US-denominated borrowings and MYR-denominated borrowings, in aggregate, would increase or decrease total interest expense by approximately RMB 69,518 (US$ 10,079 ). Investments in floating rate interest earning instruments carry a degree of interest rate risk. The Group has not been, and do not expect to be, exposed to material interest rate risks relating to such investments. Currency convertibility risk The Group transacts a majority of its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the PBOC. However, the unification of the exchange rates does not imply that the RMB may be readily convertible into US$ or other foreign currencies. All foreign exchange transactions continue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts. Additionally, the value of the RMB is subject to changes in central government policies and international economic and political developments affecting supply and demand in the PRC foreign exchange trading system market. Foreign currency exchange rate risk From July 21, 2005, the RMB is permitted to fluctuate within a narrow and managed band against a basket of certain foreign currencies. For RMB against U.S. dollar, there was an appreciation of approximately 2.3 % and a depreciation of approximately 8.2 % during the years ended December 31, 2021 and 2022, respectively. It is difficult to predict how market forces or PRC or U.S. government policy may impact the exchange rate between the RMB and the U.S. dollar in the future. To the extent that the Group needs to convert U.S. dollar into RMB for capital expenditures and working capital and other business purposes, appreciation of RMB against U.S. dollar would have an adverse effect on the RMB amount the Group would receive from the conversion. Conversely, if the Group decides to convert RMB into U.S. dollar for the purpose of making payments for dividends on ordinary shares, strategic acquisitions or investments or other business purposes, appreciation of U.S. dollar against RMB would have a negative effect on the U.S. dollar amount available to the Group. In addition, a significant depreciation of the RMB against the U.S. dollar may significantly reduce the U.S. dollar equivalent of the Group’s earnings or losses. |
Recent accounting pronouncements | Recent accounting pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), which clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with ASC 606. The new amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments should be applied prospectively to business combinations occurring on or after the effective date of the amendments, with early adoption permitted. The Group is currently evaluating the impact of the new guidance on the consolidated financial statements. |
Organization (Tables)
Organization (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Principal Subsidiaries Variable Interest Entities and Subsidiaries of Variable Interest Entities | As of December 31, 2022, the Company’s principal subsidiaries, variable interest entities, and subsidiaries of the variable interest entities, are as follows: Name Date of establishment/ Place of Percentage Principal activities Stack Midco Limited November 27, 2018 Cayman 100 % Investment holding Suzhou Stack Data Technology Co., Ltd. (“Suzhou Stack”)* December 10, 2018 PRC 100 % Provision of technical and consulting services Hebei Stack Data Technology Investment Co., Ltd. (“Hebei Stack”)* July 10, 2019 PRC 100 % Provision of technical and consulting services Chindata (Hebei) Co., Ltd. April 26, 2019 PRC 100 % Provision of technical and consulting services Datong Qinhuai Data Co., Ltd. April 26, 2019 PRC 100 % Provision of technical and consulting services Huailai Sidake Data Co., Ltd. June 12, 2019 PRC 100 % Provision of technical and consulting services Bridge Data Centres Malaysia Sdn. Bhd. November 1, 2017 Malaysia 100 % Provision of IDC colocation rental services Bridge Datacentres (Mumbai) LLP October 18, 2017 India 100 % Provision of IDC colocation rental services Variable interest entities: Sitan (Beijing) Data Science and Technology Co., Ltd. (“Beijing Sitan”) December 19, 2018 PRC Nil Provision of IDC colocation services Hebei Qinshu Information Science and Technology Co., Ltd. (“Hebei Qinshu”) July 10, 2019 PRC Nil Provision of IDC colocation services Variable interest entities’ subsidiaries: Chindata (Beijing) Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services Sidake Hebei Data Science and Technology Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services Datong Sitan Data Science and Technology Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services Chindata (Shenzhen) Co., Ltd. April 26, 2019 PRC Nil Provision of IDC colocation services Huailai Qinyuan Information Science and Technology Co., Ltd. July 12, 2019 PRC Nil Provision of IDC colocation services Datong Qinling Information Science and Technology Co., Ltd. July 26, 2019 PRC Nil Provision of IDC colocation services * each or collectively referred to as the “WFOE”. |
Schedule of Assets Liabilities and Result of Operations and Cash Flow of VIEs | The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs included in the Company’s consolidated balance sheets, consolidated statements of comprehensive (loss) income and consolidated statements of cash flows: As of December 31, 2021 2022 2022 RMB RMB US$ Current assets Cash and cash equivalents 577,753 447,526 64,885 Short-term investments 129,946 100,368 14,552 Accounts receivable, net 588,518 1,687,100 244,607 Amounts due from subsidiaries of the Group 621,276 1,163,722 168,724 Value added taxes recoverable 4,273 12,081 1,752 Prepayments and other current assets 5,931 4,721 684 Total current assets 1,927,697 3,415,518 495,204 Non-current assets Property and equipment, net 57,832 60,832 8,820 Operating lease right-of-use assets 221,708 190,266 27,586 Finance lease right-of-use assets 866 — — Intangible assets 17,797 15,342 2,224 Amounts due from subsidiaries of the Group 300,000 300,000 43,496 Deferred tax assets — 2,024 293 Value added taxes recoverable — 718 104 Other non-current assets 10,114 8,745 1,268 Total non-current assets 608,317 577,927 83,791 Total assets 2,536,014 3,993,445 578,995 Current liabilities Accounts payable 40,260 34,153 4,952 Income taxes payable 4,184 2,720 394 Amounts due to subsidiaries of the Group 2,111,460 3,545,509 514,050 Current portion of operating lease liabilities 35,990 31,811 4,612 Accrued expenses and other current liabilities 34,044 77,803 11,280 Total current liabilities 2,225,938 3,691,996 535,288 Non-current liabilities Operating lease liabilities 188,104 161,230 23,376 Deferred tax liabilities 499 — — Other non-current liabilities 8,127 7,731 1,121 Total non-current liabilities 196,730 168,961 24,497 Total liabilities 2,422,668 3,860,957 559,785 For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Revenue 1,706,086 2,656,005 4,261,474 617,856 Net (loss) income ( 52,771 ) 2,942 11,288 1,637 Net cash generated from operating activities 184,998 460,676 90,809 13,166 Net cash used in investing activities ( 12,115 ) ( 133,441 ) ( 221,036 ) ( 32,047 ) Net cash used in financing activities — ( 1,071 ) — — |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Fair value measurements (Continued) Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 are summarized below: Quoted price Significant Significant RMB RMB RMB Short-term investments Trading securities 129,946 — — Held-to-maturity debt securities — 63,726 — Derivative assets — 2,446 — Derivative liabilities — 16,354 — Assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 are summarized below: Quoted price Significant Significant RMB RMB RMB Short-term investments Trading securities 80,368 — — Held-to-maturity debt securities — 20,000 — Derivative liabilities — 20,577 — |
Schedule of Property Plant and Equipment Estimated Useful Lives of Assets | Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Buildings 20 to 58 years Data center equipment – Machinery 5 to 15 years – Other equipment 3 to 5 years Furniture and office equipment 3 to 5 years Computers and network equipment 3 to 5 years Motor vehicles 3 to 10 years Purchased software 5 to 10 years Leasehold improvements Lesser of useful life or lease term |
Schedule of Estimated Useful Life for Intangible Assets | The estimated useful life for the intangible assets is as follows: Category Estimated Useful Life Acquired customer relationships 5 to 10 years Acquired license and others 2 to 4 years |
Short-Term Investment (Tables)
Short-Term Investment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Investments [Abstract] | |
Summary of Short-Term Investments | As of December 31, 2021 2022 2022 RMB RMB US$ Trading securities 129,946 80,368 11,652 Held-to-maturity debt securities 63,726 20,000 2,900 193,672 100,368 14,552 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenues From Contracts With Customers Disaggregated by Material Revenue Category | The following table presents the Group’s revenues from contracts with customers disaggregated by material revenue category: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Colocation services 1,701,911 2,649,371 4,197,502 608,581 Colocation rental 124,991 114,681 203,381 29,487 Others 4,175 88,225 150,779 21,861 1,831,077 2,852,277 4,551,662 659,929 |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Summary of Components of Lease Expense | The components of lease expense were as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Operating lease cost 40,479 47,055 51,180 7,420 Finance lease cost 4,724 6,983 7,228 1,048 Short-term lease cost 2,208 1,021 871 126 47,411 55,059 59,279 8,594 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities are as follows: Operating Leases Finance Leases RMB US$ RMB US$ Year ending December 31, 2023 43,820 6,353 5,478 794 Year ending December 31, 2024 29,262 4,243 5,606 813 Year ending December 31, 2025 27,247 3,950 5,702 827 Year ending December 31, 2026 25,876 3,752 5,827 845 Year ending December 31, 2027 and thereafter 226,864 32,892 161,337 23,392 Total lease payments 353,069 51,190 183,950 26,671 Less imputed interest ( 132,053 ) ( 19,146 ) ( 120,227 ) ( 17,431 ) Present value of lease liabilities 221,016 32,044 63,723 9,240 |
Summary of Other Supplemental Information Related to Leases | Other supplemental information related to leases is summarized below: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used in operating leases 40,275 41,832 48,101 6,974 Operating cash flows used in finance leases 6,008 5,751 1,896 275 Financing cash flows used in finance leases 18,441 7,723 5,284 766 Lease liabilities arising from obtaining right-of-use assets Operating leases 8,091 23,002 21,941 3,181 Finance leases 708 — — — 5. LEASE (Continued) Lessee Accounting (Continued) As of December 31, 2021 2022 Weighted-average remaining lease term (years) Operating leases 12.43 12.31 Finance leases 26.09 24.30 Weighted-average discount rate Operating leases 8.60 % 8.58 % Finance leases 9.05 % 8.92 % |
Summary of Minimum Lease Payments Expected to be Collected | As of December 31, 2022, minimum lease payments expected to be collected were as follows: As of December 31, 2022 RMB US$ Year ending December 31, 2023 655,303 95,010 Year ending December 31, 2024 808,080 117,161 Year ending December 31, 2025 828,114 120,065 Year ending December 31, 2026 808,168 117,173 Year ending December 31, 2027 and thereafter 4,782,226 693,358 Total 7,881,891 1,142,767 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Summary of Accounts Receivable | As of December 31, 2021 2022 2022 RMB RMB US$ Accounts receivable 661,951 1,945,347 282,049 Allowance for credit losses ( 924 ) ( 7,655 ) ( 1,110 ) Accounts receivable, net 661,027 1,937,692 280,939 |
Summary of Movements in the Allowance for Credit Losses | The movements in the allowance for credit losses were as follows: 2021 2022 2022 RMB RMB US$ Balance at the beginning of the year 12,496 924 134 Cumulative effect of adoption of ASU 2016-13 ( 11,054 ) — — (Reversal)/Provisions ( 286 ) 6,805 987 Write-offs ( 232 ) ( 74 ) ( 11 ) Balance at the end of the year 924 7,655 1,110 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | As of December 31, 2021 2022 2022 RMB RMB US$ Buildings 2,721,086 3,757,078 544,725 Data center equipment 4,607,321 8,230,103 1,193,253 Furniture and office equipment 17,086 37,300 5,408 Computers and network equipment 14,858 37,187 5,392 Motor vehicles 10,001 13,592 1,971 Purchased software 12,763 15,816 2,293 Leasehold improvements 48,674 262,717 38,090 Construction in progress 3,218,617 3,181,221 461,233 10,650,406 15,535,014 2,252,365 Less: accumulated depreciation ( 1,222,815 ) ( 2,082,376 ) ( 301,916 ) Impairment — ( 83,482 ) ( 12,104 ) Property and equipment, net 9,427,591 13,369,156 1,938,345 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | As of December 31, 2021 2022 2022 RMB RMB US$ Acquired customer relationships 396,499 397,539 57,638 Acquired license and others 30,834 52,071 7,550 Less: accumulated amortization ( 121,533 ) ( 164,847 ) ( 23,901 ) Intangible assets, net 305,800 284,763 41,287 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | Stack Group Bridge Group RMB RMB Balance as of January 1, 2021 and 2022 472,883 — Goodwill acquired (Note 17) — 33,879 Foreign currency translation adjustment — 1,557 Balance as of December 31, 2022 472,883 35,436 Balance as of December 31, 2022 (US$) 68,561 5,138 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | As of December 31, 2021 2022 2022 RMB RMB US$ Payroll payable 59,432 85,390 12,380 Interest payable* 239,853 15,600 2,262 Deferred government grants 8,629 10,303 1,494 Other tax and surcharges payable 90,011 73,123 10,602 Accrued expenses 42,693 63,786 9,248 Others 70,639 114,805 16,646 511,257 363,007 52,632 * Interest payable balance as of December 31, 2021 includes the incremental interest payable of RMB 223,084 due upon the maturity of one bank loan, which was settled when the related bank loan was repaid in 2022. |
Bank Loans (Tables)
Bank Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Secured Debt [Abstract] | |
Summary of Group's Borrowings | The Group’s borrowings consisted of the following: As of December 31, 2021 2022 2022 RMB RMB US$ Secured short-term bank loans 260,980 567,802 82,324 Secured long-term bank loans 5,216,005 7,803,723 1,131,433 5,476,985 8,371,525 1,213,757 |
Summary of Loan Principal Due | As of December 31, 2022, the loan principal will be due according to the following schedule: RMB US$ 2023 1,213,901 175,999 2024 946,980 137,299 2025 4,344,298 629,864 2026 907,031 131,507 2027 and thereafter 1,079,442 156,504 8,491,652 1,231,173 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of (Loss) Income Before Income Taxes | (L oss) income before income taxes consists of: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ PRC 102,329 677,544 1,152,366 167,077 Non-PRC ( 318,335 ) ( 206,708 ) ( 206,350 ) ( 29,918 ) ( 216,006 ) 470,836 946,016 137,159 |
Summary of Current and Deferred Components of Income Tax Expense | The current and deferred components of income tax expense appearing in the consolidated statements of comprehensive (loss) income are as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Current income tax expense 59,964 147,818 208,043 30,163 Deferred income tax expense 7,375 6,598 86,343 12,519 67,339 154,416 294,386 42,682 |
Schedule of Reconciliation of Differences Between PRC Statutory Tax Rate and Effective Tax Rate for Enterprise Income Tax | A reconciliation of the differences between the PRC statutory tax rate and the Company’s effective tax rate for enterprise income tax is as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ (Loss) income before income tax ( 216,006 ) 470,836 946,016 137,159 Income tax computed at the PRC statutory tax rate of 25 % ( 54,001 ) 117,709 236,504 34,290 Effect of differing tax rates in different jurisdictions 35,228 24,378 24,703 3,582 Effect of PRC preferential tax rates ( 22,350 ) ( 30,191 ) ( 43,280 ) ( 6,275 ) Research and development expense super-deduction ( 7,557 ) ( 12,232 ) ( 14,627 ) ( 2,121 ) Effect of tax rate changes on deferred taxes 5,325 ( 6,446 ) ( 5,080 ) ( 737 ) Non-deductible expenses and non-taxable income, net* 106,892 57,631 65,704 9,526 Change in valuation allowance 3,802 3,567 30,462 4,417 Income tax expense 67,339 154,416 294,386 42,682 * Primarily represents share-based compensation expense, other non-deductible expenses, and income from entities not subject to income tax. 12. TAXATION (Continued) |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | The significant components of the Group’s deferred tax assets and liabilities are as follows: As of December 31, 2021 2022 2022 RMB RMB US$ Deferred tax assets Tax loss carry forward 89,147 117,753 17,073 Unabsorbed capital allowance 73,567 140,940 20,434 Depreciation expense, amortization expense and impairment 82,957 58,648 8,503 Operating lease 59,748 50,014 7,251 Accrued expenses and others 29,212 44,414 6,439 Less: Valuation allowance* 72,606 102,743 14,896 262,025 309,026 44,804 As of December 31, 2021 2022 2022 RMB RMB US$ Deferred tax liabilities Property and equipment 329,917 485,179 70,344 Acquisition of intangible assets 86,283 79,303 11,498 Debt issuance cost 15,431 6,126 888 Operating lease 63,039 53,398 7,742 Others 7,439 16,559 2,400 502,109 640,565 92,872 Presentation in the consolidated balance sheets: Deferred tax assets 30,866 44,596 6,466 Deferred tax liabilities 270,950 376,135 54,534 Net deferred tax liabilities 240,084 331,539 48,068 * Based upon the level of historical taxable income, scheduled reversal of deferred tax liabilities and projections for future taxable income over the periods in which the deferred tax assets are realizable, management recorded full valuation allowance against deferred tax assets of those subsidiaries and VIEs that are in a cumulative loss as of December 31, 2021 and 2022, except for the portion that can be realized by matching reversals of deferred tax liabilities, and/or using future taxable income. |
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: As of December 31, 2021 2022 2022 RMB RMB US$ Balance at the beginning of the year 4,478 63,643 9,227 Increase 59,316 172 25 Decrease ( 151 ) ( 54,527 ) ( 7,905 ) Balance at the end of the year 63,643 9,288 1,347 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Assumptions Used to Estimate Fair Value of Share Options Granted | The assumptions used to estimate the fair value of the share options granted during the years ended December 31, 2020, 2021 and 2022 are as follows: For the year ended December 31, 2020 2021 2022 Risk-free rate 0.57 % – 1.90 % 1.31 % – 1.82 % 1.71 %- 4.14 % Expected volatility range 39.65 % – 40.53 % 41 % – 43 % 40.9 %- 44.35 % Exercise multiple 2.80 2.80 2.80 Fair value per ordinary share as at valuation dates US$ 2.32 – US$ 14.00 US$ 4.02 –US$ 8.27 US$ 2.895 –US$ 4.01 |
Summary of Share-based Compensation Expenses Recognized in the Consolidated Statements of Comprehensive (Loss) Income | A summary of share-based compensation expenses recognized in the consolidated statements of comprehensive (loss) income for the years ended December 31, 2020, 2021 and 2022 are as follows: 2020 2021 2022 2022 RMB RMB RMB US$ Cost of revenue 32,990 6,170 16,558 2,401 Selling and marketing 21,691 13,562 8,392 1,217 General and administrative 295,165 100,992 165,618 24,012 Research and development — — 2,283 331 Total share-based compensation expenses 349,846 120,724 192,851 27,961 |
2019 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity | A summary of the activity under the 2019 Plan for the year ended December 31, 2022 is stated below: Number of Weighted-average US$ Awarded and unvested as of December 31, 2021 9,332,572 1.68 Granted - n/a Vested - n/a Forfeited/Cancelled ( 7,702,163 ) 1.64 Awarded and unvested as of December 31, 2022 1,630,409 1.87 Expected to vest as of December 31, 2022 1,630,409 1.87 |
2020 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity | A summary of the activity under 2020 Plan for the year ended December 31, 2022 is stated below: Number of share Weighted-average exercise price Weighted-average remaining contractual term Aggregate intrinsic value US$ Years US$ Outstanding as of December 31, 2021* 12,452,254 1.69 Granted 16,222,520 0.00001 Exercised ( 3,314,141 ) 0.93 Forfeited/Cancelled ( 8,987,392 ) 1.70 Outstanding as of December 31, 2022* 16,373,241 0.16 9.14 62,599 Vested and expected to vest as of December 31, 2022 16,373,241 0.16 9.14 62,599 Exercisable as of December 31, 2022 3,202,776 0.40 8.77 11,491 * On August 26, 2020, 5,667,164 share options were early exercised with an exercise cash consideration of US$ 5,667 received by the Company. The Company’s ordinary shares issued for the grantee’s early exercise still remain subject to the existing service and performance vesting conditions. The Company considered the early exercise of the options was not substantive for accounting purposes in accordance with ASC 718-10-55-31, and recorded the proceeds received from early exercise as a liability. As of December 31, 2021, 4,958,769 early exercised options but not vested remained as outstanding option. |
ISUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity | A summary of the ISU activities for the year ended December 31, 2022 is stated below: Number of Weighted-average US$ Awarded and unvested as of December 31, 2021 212,429 91.23 Granted 29,853 88.57 Vested ( 53,203 ) 112.84 Forfeited/Cancelled ( 17,110 ) 72.98 Awarded and unvested as of December 31, 2022 171,969 85.90 Expected to vest as of December 31, 2022 171,969 85.90 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Transactions | b) The Group had the following related party transactions, except for transactions disclosed in other notes: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Purchase of services from Wangsu* 83,382 — — — Purchase of utility from Jizongneng** — 10,541 403,346 58,480 Net revenue from colocation services provided to Wangsu*** 83,054 — — — Management consulting services provided by Affiliates**** 59,741 — — — Management consulting services provided by Shareholder Affiliates**** 13,016 — — — Gain on divestiture of Qinyun and related assets***** 6,562 — — — 245,755 10,541 403,346 58,480 * A portion of the services purchased comprised of certain Colocation Resources purchased from Wangsu, which are not distinct within the context of the Company’s revenue arrangement with Wangsu. Thus, in accordance with ASC 606-10-32-25, the entire consideration for these Colocation Resources (“Consideration Payable”) is accounted for as a reduction of revenue. ** Utility purchased from Jizongneng represented electricity and related costs for the Group’s colocation services which was recorded in cost of revenues. *** Colocation services revenue from Wangsu for the period January 1, 2020 to October 2, 2020 have been presented net of Consideration Payable amounting to RMB 62,440 , respectively. Wangsu ceased to be a related party of the Company after the completion of IPO. **** In connection with the IPO, the Company recognized a one-time consulting agreements’ termination expense amounting to RMB 50,000 and RMB 11,000 , payable in cash to the Affiliates and the Shareholder Affiliates, respectively. ***** On August 4, 2020, the Group disposed 100 % of equity interests of Qinyun for nil consideration as Qinyun was in a net deficit position, of which 99.9 % and 0.1 % was transferred to the Group’s former Chief Executive Officer, Mr. Jing Ju and a third-party individual, respectively. Subsequently, the Group transferred certain assets to Qinyun for cash consideration of RMB 64,000 , which was recorded in due from related party, as a noncash investing activity in consolidated statements of cash flows. The gain resulting from the divestiture of Qinyun and related assets transfer was RMB 6,562 . |
Summary of Related Party Balances | c) The Group had the following related party balances at the end of the year: As of December 31, 2021 2022 2022 RMB RMB US$ Amounts due to related parties: Company Affiliates 6,754 97,797 14,179 Affiliates 478 518 75 Shareholder Affiliates 31,600 — — 38,832 98,315 14,254 |
Loss (Earnings) Per Share (Tabl
Loss (Earnings) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted (Loss) Earnings Per Share | Basic and diluted (loss) earnings per share for each of the years presented are calculated as follows: For the year ended December 31, 2020 2021 2022 Class A Class B Class A Class B Class A Class B RMB RMB RMB RMB RMB US$ RMB US$ (Loss) Earnings per share-basic: Numerator: Allocation of net (loss) income available to ordinary shareholders ( 105,403 ) ( 177,942 ) 153,692 162,728 330,166 47,870 321,464 46,607 Denominator: Weighted average number of ordinary shares outstanding 228,284,218 385,389,358 352,642,396 373,375,848 369,374,205 369,374,205 359,638,460 359,638,460 Denominator used for (loss) earnings per share 228,284,218 385,389,358 352,642,396 373,375,848 369,374,205 369,374,205 359,638,460 359,638,460 (Loss) Earnings per share-basic ( 0.46 ) ( 0.46 ) 0.44 0.44 0.89 0.13 0.89 0.13 (Loss) Earnings per share-diluted: Numerator: Allocation of net (loss) income available to ordinary shareholders ( 105,403 ) ( 177,942 ) 153,692 162,728 330,166 47,870 321,464 46,607 Reallocation of net (loss) income available to ordinary shares as a result of conversion of Class B to Class A ordinary shares ( 177,942 ) — 162,728 — 321,464 46,607 — — Reallocation of net (loss) income to Class B ordinary shares — — — ( 108 ) — — ( 1,566 ) ( 227 ) Net (loss) income available to ordinary shareholders ( 283,345 ) ( 177,942 ) 316,420 162,620 651,630 94,477 319,898 46,380 Denominator: Weighted average number of ordinary shares outstanding 228,284,218 385,389,358 352,642,396 373,375,848 369,374,205 369,374,205 359,638,460 359,638,460 Share-based awards — — 1,705,149 1,291,857 3,569,295 3,569,295 — — Conversion of Class B including potential ordinary shares to Class A ordinary share 385,389,358 — 374,667,705 — 359,638,460 359,638,460 — — Denominator used for (loss) earnings per share 613,673,576 385,389,358 729,015,250 374,667,705 732,581,960 732,581,960 359,638,460 359,638,460 (Loss) Earnings per share-diluted ( 0.46 ) ( 0.46 ) 0.43 0.43 0.89 0.13 0.89 0.13 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of Accumulated Other Comprehensive (Loss) Income | RMB Balance as of January 1, 2020 40,011 Foreign currency translation adjustments, net of tax of nil ( 212,597 ) Balance as of December 31, 2020 ( 172,586 ) Foreign currency translation adjustments, net of tax of nil ( 85,391 ) Balance as of December 31, 2021 ( 257,977 ) Foreign currency translation adjustments, net of tax of nil ( 42,540 ) Balance as of December 31, 2022 ( 300,517 ) Balance as of December 31, 2022, in US$ ( 43,571 ) |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Huailai Huizhi Construction Co. Ltd. | |
Business Acquisition [Line Items] | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed on Acquisition Date | The following table summarizes the fair values of the assets acquired and liabilities assumed on the 2020 Acquisition Date: RMB Purchase consideration 39,612 Settlement of accounts payable due to Huizhi ( 174,695 ) Total purchase consideration ( 135,083 ) Less: Cash and cash equivalents 16,008 Other current assets 24,085 Property and equipment, net 641 Other non-current assets 1,022 Current liabilities ( 183,402 ) Goodwill 6,563 |
BDC Thailand Ltd. | |
Business Acquisition [Line Items] | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed on Acquisition Date | The following table summarizes the fair values of the assets acquired and liabilities assumed on the 2022 Acquisition Date: RMB USD Purchase consideration 71,055 10,302 Less: Prepayments and other current assets 27 4 Property and equipment, net 36,880 5,347 Operating lease right-of-use assets 18,478 2,679 Intangible assets, net 427 62 Accrued expenses and other current liabilities ( 27 ) ( 4 ) Operating lease liabilities ( 15,732 ) ( 2,281 ) Deferred tax liabilities ( 2,877 ) ( 417 ) Goodwill 33,879 4,912 |
Segment Information (Table)
Segment Information (Table) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Net Revenues by Geographic Area | Net revenues by geographic area are based upon the location of the customers. Total net revenues by geographic area are presented as follows: For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ PRC 1,706,086 2,737,596 4,275,398 619,874 Southeast Asia 124,991 114,681 194,477 28,197 India — — 81,787 11,858 1,831,077 2,852,277 4,551,662 659,929 |
Summary of Long-lived Assets by Geographic Area | Long-lived assets by geographic area are presented as follows: As of December 31, 2021 2022 2022 RMB RMB US$ PRC 8,829,539 10,625,591 1,540,566 Southeast Asia 911,623 3,189,683 462,461 India 626,798 791,814 114,802 10,367,960 14,607,088 2,117,829 |
Condensed Financial Informati_2
Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Statements | Condensed Balance Sheets As of December 31, 2021 2022 2022 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 459,522 156,062 22,627 Short-term investments 63,726 — — Amounts due from subsidiaries of the Group 2,890 — — Other current assets 2,964 3,927 569 Total current assets 529,102 159,989 23,196 Non-current assets Investment in and amounts due from subsidiaries of the Group 9,657,859 11,470,857 1,663,118 Other non-current assets 595 — — Total non-current assets 9,658,454 11,470,857 1,663,118 Total assets 10,187,556 11,630,846 1,686,314 LIABILITIES AND SHAREHOLDER’S EQUITY Current liabilities Amounts due to related parties 31,600 — — Amounts due to subsidiaries of the Group — 647,039 93,812 Derivative liabilities — 947 137 Accrued expenses and other payables 18,721 57,738 8,371 Total current liabilities 50,321 705,724 102,320 Non-current liabilities: Other non-current liabilities 22,603 15,568 2,257 Total non-current liabilities 22,603 15,568 2,257 Total liabilities 72,924 721,292 104,577 Shareholders’ equity Ordinary shares (par value of US$ 0.00001 per share, 4,500,000,000 Class A ordinary shares authorized, 359,099,633 Class A ordinary shares issued and 358,376,753 Class A ordinary shares outstanding; 500,000,000 Class B ordinary shares authorized, 373,459,748 Class B ordinary shares issued and 368,500,979 Class B ordinary shares outstanding as of December 31, 2021; 4,500,000,000 Class A ordinary shares authorized, 401,576,883 Class A ordinary shares issued and 400,259,749 Class A ordinary shares outstanding; 500,000,000 Class B ordinary shares authorized, 329,223,723 Class B ordinary shares issued and outstanding as of December 31, 2022) 46 46 7 Additional paid-in capital 10,646,328 10,832,160 1,570,516 Statutory reserve 189,700 311,821 45,210 Accumulated other comprehensive loss ( 257,977 ) ( 300,517 ) ( 43,571 ) (Accumulated deficit)/retained earnings ( 463,465 ) 66,044 9,575 Total shareholders’ equity 10,114,632 10,909,554 1,581,737 Total liabilities and shareholders’ equity 10,187,556 11,630,846 1,686,314 22. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Condensed Statements of Comprehensive (Loss) income For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Operating expenses Sales and marketing expenses — ( 235 ) — — General and administrative expenses ( 53,945 ) ( 19,900 ) ( 20,592 ) ( 2,986 ) Total operating expenses ( 53,945 ) ( 20,135 ) ( 20,592 ) ( 2,986 ) Operating loss ( 53,945 ) ( 20,135 ) ( 20,592 ) ( 2,986 ) Interest income 1,854 5,200 6,590 955 Share of (loss) income of subsidiaries and the VIEs ( 232,287 ) 318,481 658,862 95,526 Foreign currency exchange (loss) gain ( 1,193 ) 89 208 30 Changes in fair value of financial instruments — 4,465 ( 2,117 ) ( 307 ) Others, net 2,226 8,320 8,679 1,259 Net (loss) income attributable to ordinary shareholders ( 283,345 ) 316,420 651,630 94,477 Other comprehensive loss (foreign currency translation ( 212,597 ) ( 85,391 ) ( 42,540 ) ( 6,168 ) Comprehensive (loss) income ( 495,942 ) 231,029 609,090 88,309 22. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Condensed Statements of Cash Flows For the year ended December 31, 2020 2021 2022 2022 RMB RMB RMB US$ Net cash used in operating activities ( 22,553 ) ( 6,049 ) ( 9,667 ) ( 1,402 ) Net cash used in investing activities ( 2,893,144 ) ( 2,887,209 ) ( 1,088,468 ) ( 157,813 ) Net cash generated from (used in) financing activities 6,683,039 ( 4,285 ) 765,028 110,919 Effect of exchange rate changes on cash and cash equivalents ( 263,088 ) ( 157,671 ) 29,647 4,299 Net increase (decrease) in cash and cash equivalents 3,504,254 ( 3,055,214 ) ( 303,460 ) ( 43,997 ) Cash and cash equivalents at the beginning of the year 10,482 3,514,736 459,522 66,624 Cash and cash equivalents at the end of the year 3,514,736 459,522 156,062 22,627 |
Organization - Additional Infor
Organization - Additional Information (Details) $ / shares in Units, ¥ in Thousands | 12 Months Ended | ||||||
Oct. 02, 2020 CNY (¥) | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 shares | Oct. 02, 2020 $ / shares shares | Aug. 18, 2020 $ / shares shares | Jul. 31, 2020 $ / shares shares | |
Organization [Line Items] | |||||||
Number of ordinary shares acquired | 36,860,590 | ||||||
Shares price per share | $ / shares | $ 5.43 | ||||||
VIEs | |||||||
Organization [Line Items] | |||||||
Percentage of revenue contribution by VIE | 94% | 93% | 93% | ||||
Class A Ordinary Shares | |||||||
Organization [Line Items] | |||||||
Common stock, shares, issued | 401,576,883 | 359,099,633 | |||||
Common stock, shares, outstanding | 400,259,749 | 358,376,753 | |||||
Ordinary shares, voting rights | one vote | ||||||
Class B | |||||||
Organization [Line Items] | |||||||
Common stock, shares, issued | 329,223,723 | 373,459,748 | |||||
Common stock, shares, outstanding | 329,223,723 | 368,500,979 | |||||
Number of shares exchanged | 13,786,652 | 12,421,850 | 5,993,740 | ||||
Ordinary shares, voting rights | 15 votes | ||||||
Common stock, terms of conversion | Each share of Class B ordinary shares is entitled to 15 votes and is convertible into one Class A ordinary share at any time by the holder thereof. | ||||||
Class B | Mr. Jing Ju | |||||||
Organization [Line Items] | |||||||
Common stock, shares, outstanding | 29,740,978 | ||||||
Number of shares repurchased and retired | 708,395 | ||||||
Pre IPO Private Placements | |||||||
Organization [Line Items] | |||||||
Number of ordinary shares acquired | 119,796,921 | ||||||
Shares price per share | $ / shares | $ 5.43 | ||||||
Common stock, shares, issued | 9,215,147 | ||||||
Number of shares sold and transferred from existing shareholders | 110,581,774 | ||||||
IPO | American Depositary Shares | |||||||
Organization [Line Items] | |||||||
Shares price per share | $ / shares | $ 13.50 | ||||||
Number of ADS offered | 40,000,000 | ||||||
IPO | Class A Ordinary Shares | |||||||
Organization [Line Items] | |||||||
Common stock, shares, issued | 80,000,000 | ||||||
Conversion of outstanding shares | 338,584,043 | ||||||
IPO | Class B | |||||||
Organization [Line Items] | |||||||
Conversion of outstanding shares | 386,208,174 | ||||||
Concurrent Private Placement | American Depositary Shares | |||||||
Organization [Line Items] | |||||||
Shares price per share | $ / shares | $ 13.50 | ||||||
Number of ADS offered | 10,000,000 | ||||||
Concurrent Private Placement | Class A Ordinary Shares | |||||||
Organization [Line Items] | |||||||
Common stock, shares, issued | 20,000,000 | ||||||
Underwriter's Option | American Depositary Shares | |||||||
Organization [Line Items] | |||||||
Shares price per share | $ / shares | $ 13.50 | ||||||
Number of ADS offered | 6,000,000 | ||||||
Underwriter's Option | Class A Ordinary Shares | |||||||
Organization [Line Items] | |||||||
Common stock, shares, issued | 12,000,000 | ||||||
IPO and Concurrent Private Placement and Underwriters Option | |||||||
Organization [Line Items] | |||||||
Net proceed from IPO | ¥ | ¥ 4,871,804 | ||||||
Share Depositary Bank | Class A Ordinary Shares | |||||||
Organization [Line Items] | |||||||
Common stock, shares, issued | 3,200,000 | 2,100,000 | |||||
Consideration received for issuance of ordinary shares | $ | $ 0 | $ 0 |
Organization - Schedule of Prin
Organization - Schedule of Principal Subsidiaries Variable Interest Entities and Subsidiaries of Variable Interest Entities (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Stack Midco Limited | Cayman | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Nov. 27, 2018 |
Place of establishment | Cayman |
Percentage of equity interest attributable to the Company | 100% |
Principal activities | Investment holding |
Suzhou Stack | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Dec. 10, 2018 |
Place of establishment | PRC |
Percentage of equity interest attributable to the Company | 100% |
Principal activities | Provision of technical and consulting services |
Hebei Stack | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Jul. 10, 2019 |
Place of establishment | PRC |
Percentage of equity interest attributable to the Company | 100% |
Principal activities | Provision of technical and consulting services |
Chindata (Hebei) Co Ltd | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Apr. 26, 2019 |
Place of establishment | PRC |
Percentage of equity interest attributable to the Company | 100% |
Principal activities | Provision of technical and consulting services |
Datong Qinhuai Data Co Ltd | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Apr. 26, 2019 |
Place of establishment | PRC |
Percentage of equity interest attributable to the Company | 100% |
Principal activities | Provision of technical and consulting services |
Huailai Sidake Data Co Ltd | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Jun. 12, 2019 |
Place of establishment | PRC |
Percentage of equity interest attributable to the Company | 100% |
Principal activities | Provision of technical and consulting services |
Bridge Data Centres Malaysia Sdn. Bhd. | Malaysia | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Nov. 01, 2017 |
Place of establishment | Malaysia |
Percentage of equity interest attributable to the Company | 100% |
Principal activities | Provision of IDC colocation rental services |
Bridge Datacentres (Mumbai) LLP | India | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Oct. 18, 2017 |
Place of establishment | India |
Percentage of equity interest attributable to the Company | 100% |
Principal activities | Provision of IDC colocation rental services |
VIEs | Beijing Sitan | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Dec. 19, 2018 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
VIEs | Hebei Qinshu | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Jul. 10, 2019 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
VIEs | Chindata Beijing Co Ltd | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Apr. 26, 2019 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
VIEs | Sidake Hebei Data Science and Technology Co., Ltd. | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Apr. 26, 2019 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
VIEs | Datong Sitan Data Science and Technology Co Ltd | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Apr. 26, 2019 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
VIEs | Shenzhen | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Apr. 26, 2019 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
VIEs | Huailai Qinyuan Information Science and Technology Co Ltd | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Jul. 12, 2019 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
VIEs | Datong Qinling Information Science and Technology Co Ltd | PRC | |
Principal Subsidiaries VIE And Subsidiaries Of VIE [Line Item] | |
Date of establishment/ acquisition | Jul. 26, 2019 |
Place of establishment | PRC |
Principal activities | Provision of IDC colocation services |
Organization - Schedule of Asse
Organization - Schedule of Assets Liabilities and Result of Operations and Cash Flow of VIEs (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | |
Current assets | |||||
Cash and cash equivalents | ¥ 3,115,914 | ¥ 4,390,293 | ¥ 6,705,612 | $ 451,765 | |
Short-term investments | 100,368 | 193,672 | 14,552 | ||
Accounts receivable, net | 1,937,692 | 661,027 | 280,939 | ||
Value added taxes recoverable | 437,579 | 327,553 | 63,443 | ||
Prepayments and other current assets | 368,320 | 314,604 | 53,401 | ||
Total current assets | 6,756,422 | 6,347,323 | 979,589 | ||
Non-current assets | |||||
Property and equipment, net | 13,369,156 | 9,427,591 | 1,938,345 | ||
Operating lease right-of-use assets | 1,104,895 | 803,544 | 160,195 | ||
Finance lease right-of use assets | 133,037 | 136,825 | 19,289 | ||
Intangible assets | 284,763 | 305,800 | 41,287 | ||
Deferred tax assets | 44,596 | 30,866 | 6,466 | ||
Value added taxes recoverable | 369,016 | 424,011 | 53,502 | ||
Other non-current assets | 378,264 | 342,573 | 54,843 | ||
Total non-current assets | 16,343,809 | 12,334,628 | 2,369,630 | ||
Total assets | 23,100,231 | 18,681,951 | 3,349,219 | ||
Current liabilities | |||||
Accounts payable | 2,420,376 | 1,701,299 | 350,922 | ||
Current portion of operating lease liabilities | 42,407 | 45,501 | 6,148 | ||
Total current liabilities | 4,255,680 | 4,301,347 | 617,016 | ||
Non-current liabilities | |||||
Operating lease liabilities | 178,609 | 198,806 | 25,896 | ||
Deferred tax liabilities | 376,135 | 270,950 | 54,534 | ||
Other non-current liabilities | 153,063 | 196,400 | 22,192 | ||
Total non-current liabilities | 7,934,997 | 4,265,972 | 1,150,466 | ||
Total liabilities | 12,190,677 | 8,567,319 | 1,767,482 | ||
Total revenue | 4,551,662 | $ 659,929 | 2,852,277 | 1,831,077 | |
Net (loss) income | 651,630 | 94,477 | 316,420 | (283,345) | |
Net cash generated from operating activities | 859,295 | 124,586 | 1,065,505 | 664,910 | |
Net cash used in investing activities | (4,814,562) | (698,046) | (3,952,971) | (2,769,269) | |
Net cash used in financing activities | 2,660,798 | 385,779 | 1,293,061 | ¥ 8,188,802 | |
VIEs | |||||
Current assets | |||||
Cash and cash equivalents | 447,526 | 577,753 | 64,885 | ||
Short-term investments | 100,368 | 129,946 | 14,552 | ||
Accounts receivable, net | 1,687,100 | 588,518 | 244,607 | ||
Amounts due from subsidiaries of the Group | 1,163,722 | 621,276 | 168,724 | ||
Value added taxes recoverable | 12,081 | 4,273 | 1,752 | ||
Prepayments and other current assets | 4,721 | 5,931 | 684 | ||
Total current assets | 3,415,518 | 1,927,697 | 495,204 | ||
Non-current assets | |||||
Property and equipment, net | 60,832 | 57,832 | 8,820 | ||
Operating lease right-of-use assets | 190,266 | 221,708 | 27,586 | ||
Finance lease right-of use assets | 866 | ||||
Intangible assets | 15,342 | 17,797 | 2,224 | ||
Amounts due from subsidiaries of the Group | 300,000 | 300,000 | 43,496 | ||
Deferred tax assets | 2,024 | 293 | |||
Value added taxes recoverable | 718 | 104 | |||
Other non-current assets | 8,745 | 10,114 | 1,268 | ||
Total non-current assets | 577,927 | 608,317 | 83,791 | ||
Total assets | 3,993,445 | 2,536,014 | 578,995 | ||
Current liabilities | |||||
Accounts payable | 34,153 | 40,260 | 4,952 | ||
Income taxes payable | 2,720 | 4,184 | 394 | ||
Amounts due to subsidiaries of the Group | 3,545,509 | 2,111,460 | 514,050 | ||
Current portion of operating lease liabilities | ¥ 31,811 | ¥ 35,990 | $ 4,612 | ||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of operating lease liabilities | Current portion of operating lease liabilities | Current portion of operating lease liabilities | Current portion of operating lease liabilities | |
Accrued expenses and other current liabilities | ¥ 77,803 | ¥ 34,044 | $ 11,280 | ||
Total current liabilities | 3,691,996 | 2,225,938 | 535,288 | ||
Non-current liabilities | |||||
Operating lease liabilities | ¥ 161,230 | ¥ 188,104 | $ 23,376 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Operating lease liabilities | Operating lease liabilities | Operating lease liabilities | Operating lease liabilities | |
Deferred tax liabilities | ¥ 499 | ||||
Other non-current liabilities | ¥ 7,731 | 8,127 | $ 1,121 | ||
Total non-current liabilities | 168,961 | 196,730 | 24,497 | ||
Total liabilities | 3,860,957 | 2,422,668 | $ 559,785 | ||
Total revenue | 4,261,474 | 617,856 | 2,656,005 | ¥ 1,706,086 | |
Net (loss) income | 11,288 | 1,637 | 2,942 | (52,771) | |
Net cash generated from operating activities | 90,809 | 13,166 | 460,676 | 184,998 | |
Net cash used in investing activities | ¥ (221,036) | $ (32,047) | (133,441) | ¥ (12,115) | |
Net cash used in financing activities | ¥ (1,071) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information1 (Details) | Dec. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Revenue, performance obligation percentage | 13% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Revenue, performance obligation percentage | 51% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 4 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2028-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Revenue, performance obligation percentage | 36% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Details) RM in Thousands, $ in Thousands | 12 Months Ended | |||||||||
Jan. 01, 2021 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MYR (RM) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Convenience translation rate (USD to RMB) | 6.8972 | 6.8972 | 6.8972 | |||||||
Accumulated deficit | ¥ (66,044,000) | ¥ 463,465,000 | $ (9,575) | |||||||
Interest expenses incurred | 522,052,000 | $ 75,690 | 412,455,000 | ¥ 330,573,000 | ||||||
Interest expenses incurred capitalized | 165,194,000 | 23,951 | 117,477,000 | 92,189,000 | ||||||
Gain (loss) from equity method investments | (3,889,000) | (564) | ||||||||
Impairment loss | 0 | 0 | ||||||||
Inventory write-downs | 0 | 0 | ||||||||
Impairment of long-lived assets related to asset groups | 83,482,000 | $ 12,104 | ||||||||
Goodwill impairment | 0 | 0 | 0 | |||||||
Revenue, performance obligation | 24,723,133,000 | 3,584,517 | ||||||||
Government grants during the period | ¥ 29,103,000 | ¥ 13,214,000 | ¥ 10,211,000 | $ 4,220 | ||||||
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Others, Net | Others, Net | Others, Net | Others, Net | Others, Net | |||||
Government grants, current | ¥ 10,303,000 | ¥ 8,629,000 | $ 1,494 | |||||||
Government Assistance, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities | ||||
Government grants, noncurrent | ¥ 100,141,000 | ¥ 94,959,000 | $ 14,519 | |||||||
Government Assistance, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | ||||
Cash and cash equivalents, restricted cash and short-term investments | ¥ 4,164,594,000 | $ 603,810 | ||||||||
Foreign currency exchange rate appreciation | 2.30% | |||||||||
Foreign currency exchange rate depreciation | 8.20% | 8.20% | ||||||||
RMB US and MYR-Denominated Borrowings | Interest Rate Risk | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Hypothetical increase or decrease in annual interest rates of denominated borrowings | 1% | 1% | ||||||||
Increase or decrease total interest expense | ¥ 69,518,000 | 10,079 | ||||||||
Customers | Accounts Receivable | Customer One | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Concentration of credit risk percent | 10% | 10% | 10% | |||||||
Customers | Revenue | Customer One | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Concentration of credit risk percent | 86.30% | 86.30% | 83.20% | 81.70% | 81.70% | |||||
PRC | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Employee benefit expenses | ¥ 64,385,000 | $ 9,335 | ¥ 53,465,000 | ¥ 18,385,000 | ||||||
Malaysia | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Employee benefit expenses | 1,058,000 | 153 | 991,000 | 1,049,000 | ||||||
Others, Net | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Gain (loss) from equity method investments | 3,201,000 | |||||||||
Derivative | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Notional amount of derivative contracts | $ 35,500 | RM 396,654 | $ 29,000 | RM 396,654 | ||||||
Gain (loss) recognized | ¥ 6,359,000 | $ 922 | ¥ (1,620,000) | ¥ (20,479,000) | ||||||
ASU 2016-13 | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Accounting Standards Update, adoption date | Jan. 01, 2021 | |||||||||
Cumulative Effect Period of Adoption Adjustment | ASU 2016-13 | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Accumulated deficit | ¥ 8,323,000 | |||||||||
Accumulated deficit, income tax effect | ¥ (2,219,000) | |||||||||
Minimum | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Revenue performance obligation period | 1 year | 1 year | ||||||||
Maximum | ||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Revenue performance obligation period | 10 years | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Short-term investments | ¥ 100,368 | $ 14,552 | ¥ 193,672 |
Fair Value, Recurring | Quoted Price in Active Markets for Identical assets (Level 1) | |||
Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Short-term investments, Trading securities | 80,368 | 129,946 | |
Short-term investments, Held-to-maturity debt securities | 0 | 0 | |
Derivative assets | 0 | ||
Derivative liabilities | 0 | 0 | |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | |||
Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Short-term investments, Trading securities | 0 | 0 | |
Short-term investments, Held-to-maturity debt securities | ¥ 20,000 | 63,726 | |
Derivative assets | ¥ 2,446 | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | ||
Derivative liabilities | $ 20,577 | ¥ 16,354 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities | Liabilities |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items] | |||
Short-term investments, Trading securities | ¥ 0 | ¥ 0 | |
Short-term investments, Held-to-maturity debt securities | ¥ 0 | 0 | |
Derivative assets | 0 | ||
Derivative liabilities | $ 0 | ¥ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule Schedule of Property Plant and Equipment Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 20 years |
Buildings | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 58 years |
Data Center Equipment - Machinery | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 5 years |
Data Center Equipment - Machinery | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 15 years |
Furniture and Office Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 3 years |
Furniture and Office Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 5 years |
Data Center Equipment - Other Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 3 years |
Data Center Equipment - Other Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 5 years |
Computers and Network Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 3 years |
Computers and Network Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 5 years |
Motor Vehicles | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 3 years |
Motor Vehicles | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 10 years |
Purchased Software | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 5 years |
Purchased Software | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 10 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | Lesser of useful life or lease term |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life for Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum | Acquired Customer Relationships | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Estimated useful life for intangible assets | 5 years |
Minimum | Acquired License and Others | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Estimated useful life for intangible assets | 2 years |
Maximum | Acquired Customer Relationships | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Estimated useful life for intangible assets | 10 years |
Maximum | Acquired License and Others | |
Acquired Finite Lived Intangible Assets [Line Items] | |
Estimated useful life for intangible assets | 4 years |
Short-Term Investment - Summary
Short-Term Investment - Summary of Short-Term Investments (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Short Term Investments [Line Items] | |||
Short-term investments | ¥ 100,368 | $ 14,552 | ¥ 193,672 |
Trading Securities | |||
Short Term Investments [Line Items] | |||
Trading securities | 80,368 | 11,652 | 129,946 |
Held-to-maturity Debt Securities | |||
Short Term Investments [Line Items] | |||
Held-to-maturity debt securities | ¥ 20,000 | $ 2,900 | ¥ 63,726 |
Short-Term Investment - Additio
Short-Term Investment - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Short Term Investments [Line Items] | ||||
Changes in fair value of financial instruments | ¥ 7,722,000 | $ 1,120 | ¥ 12,605,000 | ¥ (12,717,000) |
Held-to-maturity Debt Securities | ||||
Short Term Investments [Line Items] | ||||
Interest income from held to maturity debt securities | 527,000 | 76 | 350,000 | 0 |
Trading Securities | ||||
Short Term Investments [Line Items] | ||||
Changes in fair value of financial instruments | ¥ 1,363,000 | $ 198 | ¥ 8,341,000 | ¥ 0 |
Revenue - Summary of Revenues F
Revenue - Summary of Revenues From Contracts With Customers Disaggregated by Material Revenue Category (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | ¥ 4,551,662 | $ 659,929 | ¥ 2,852,277 | ¥ 1,831,077 |
Colocation Services | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 4,197,502 | 608,581 | 2,649,371 | 1,701,911 |
Colocation Rental | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 203,381 | 29,487 | 114,681 | 124,991 |
Others | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | ¥ 150,779 | $ 21,861 | ¥ 88,225 | ¥ 4,175 |
Lease - Summary of Components o
Lease - Summary of Components of Lease Expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Lease, Cost [Abstract] | ||||
Operating lease cost | ¥ 51,180 | $ 7,420 | ¥ 47,055 | ¥ 40,479 |
Finance lease cost | 7,228 | 1,048 | 6,983 | 4,724 |
Short-term lease cost | 871 | 126 | 1,021 | 2,208 |
Lease expense | ¥ 59,279 | $ 8,594 | ¥ 55,059 | ¥ 47,411 |
Lease - Schedule of Maturities
Lease - Schedule of Maturities of Lease Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) |
Operating Leases | ||
Year ending December 31, 2023 | ¥ 43,820 | $ 6,353 |
Year ending December 31, 2024 | 29,262 | 4,243 |
Year ending December 31, 2025 | 27,247 | 3,950 |
Year ending December 31, 2026 | 25,876 | 3,752 |
Year ending December 31, 2027 and thereafter | 226,864 | 32,892 |
Total lease payments | 353,069 | 51,190 |
Less imputed interest | (132,053) | (19,146) |
Present value of lease liabilities | ¥ 221,016 | $ 32,044 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Present value of lease liabilities | Present value of lease liabilities |
Finance Leases | ||
Year ending December 31, 2023 | ¥ 5,478 | $ 794 |
Year ending December 31, 2024 | 5,606 | 813 |
Year ending December 31, 2025 | 5,702 | 827 |
Year ending December 31, 2026 | 5,827 | 845 |
Year ending December 31, 2027 and thereafter | 161,337 | 23,392 |
Total lease payments | 183,950 | 26,671 |
Less imputed interest | (120,227) | (17,431) |
Present value of lease liabilities | ¥ 63,723 | $ 9,240 |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Present value of lease liabilities | Present value of lease liabilities |
Lease - Summary of Other Supple
Lease - Summary of Other Supplemental Information Related to Leases (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Leases [Abstract] | ||||
Operating cash flows used in operating leases | ¥ 48,101 | $ 6,974 | ¥ 41,832 | ¥ 40,275 |
Operating cash flows used in finance leases | 1,896 | 275 | 5,751 | 6,008 |
Financing cash flows used in finance leases | 5,284 | 766 | 7,723 | 18,441 |
Lease liabilities arising from obtaining right-of-use assets | ||||
Operating leases | 21,941 | 3,181 | 23,002 | 8,091 |
Finance leases | ¥ 0 | $ 0 | ¥ 0 | ¥ 708 |
Weighted-average remaining lease term (years) | ||||
Operating leases | 12 years 3 months 21 days | 12 years 3 months 21 days | 12 years 5 months 4 days | |
Finance leases | 24 years 3 months 18 days | 24 years 3 months 18 days | 26 years 1 month 2 days | |
Weighted-average discount rate | ||||
Operating leases | 8.58% | 8.58% | 8.60% | |
Finance leases | 8.92% | 8.92% | 9.05% |
Lease - Summary of Minimum Leas
Lease - Summary of Minimum Lease Payments Expected to be Collected (Details) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Leases [Abstract] | ||
Year ending December 31, 2023 | ¥ 655,303 | $ 95,010 |
Year ending December 31, 2024 | 808,080 | 117,161 |
Year ending December 31, 2025 | 828,114 | 120,065 |
Year ending December 31, 2026 | 808,168 | 117,173 |
Year ending December 31, 2027 and thereafter | 4,782,226 | 693,358 |
Total | ¥ 7,881,891 | $ 1,142,767 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 CNY (¥) |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||||
Accounts receivable | ¥ 1,945,347 | $ 282,049 | ¥ 661,951 | ||
Allowance for credit losses | (7,655) | (1,110) | (924) | $ (134) | ¥ (12,496) |
Accounts receivable, net | ¥ 1,937,692 | $ 280,939 | ¥ 661,027 |
Accounts Receivable - Summary_2
Accounts Receivable - Summary of Movements in the Allowance for Credit Losses (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Allowance For Doubtful Accounts Receivable Rollforward | |||
Balance at the beginning of the year | ¥ 924 | $ 134 | ¥ 12,496 |
(Reversal)/Provisions | 6,805 | 987 | (286) |
Write-offs | (74) | (11) | (232) |
Balance at the end of the year | 7,655 | 1,110 | 924 |
ASU 2016-13 | |||
Allowance For Doubtful Accounts Receivable Rollforward | |||
Balance at the beginning of the year | (11,054) | ||
Balance at the end of the year | ¥ 0 | $ 0 | ¥ (11,054) |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | ¥ 15,535,014 | $ 2,252,365 | ¥ 10,650,406 |
Less: accumulated depreciation | (2,082,376) | (301,916) | (1,222,815) |
Impairment | (83,482) | (12,104) | |
Property and equipment, net | 13,369,156 | 1,938,345 | 9,427,591 |
Buildings | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 3,757,078 | 544,725 | 2,721,086 |
Data Center Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 8,230,103 | 1,193,253 | 4,607,321 |
Furniture and Office Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 37,300 | 5,408 | 17,086 |
Computers and Network Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 37,187 | 5,392 | 14,858 |
Motor Vehicles | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 13,592 | 1,971 | 10,001 |
Purchased Software | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 15,816 | 2,293 | 12,763 |
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 262,717 | 38,090 | 48,674 |
Construction in Progress | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | ¥ 3,181,221 | $ 461,233 | ¥ 3,218,617 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation expense | ¥ 817,289 | $ 118,496 | ¥ 543,597 | ¥ 369,686 |
Impairment of long-lived assets | 83,482 | $ 12,104 | ||
Significant Other Observable Inputs (Level 2) | ||||
Property, Plant and Equipment [Line Items] | ||||
Fair value of assets | ¥ 51,223 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Acquired customer relationships | ¥ 397,539 | $ 57,638 | ¥ 396,499 |
Acquired license and others | 52,071 | 7,550 | 30,834 |
Less: accumulated amortization | (164,847) | (23,901) | (121,533) |
Intangible assets, net | ¥ 284,763 | $ 41,287 | ¥ 305,800 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | ¥ 42,744 | $ 6,197 | ¥ 42,221 | ¥ 42,292 |
Estimated amortization expense, 2023 | 39,907 | |||
Estimated amortization expense, 2024 | 54,937 | |||
Estimated amortization expense, 2025 | 54,444 | |||
Estimated amortization expense, 2026 | 51,596 | |||
Estimated amortization expense, 2027 | ¥ 37,202 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Goodwill [Line Items] | |||
Beginning balance | ¥ 472,883 | ||
Ending balance | 508,319 | $ 73,699 | ¥ 472,883 |
Stack Group | |||
Goodwill [Line Items] | |||
Beginning balance | 472,883 | 472,883 | |
Goodwill acquired (Note 17) | 0 | 0 | |
Foreign currency translation adjustment | 0 | ||
Ending balance | 472,883 | 68,561 | 472,883 |
Bridge Group | |||
Goodwill [Line Items] | |||
Beginning balance | 0 | 0 | |
Goodwill acquired (Note 17) | 33,879 | ||
Foreign currency translation adjustment | 1,557 | ||
Ending balance | ¥ 35,436 | $ 5,138 | ¥ 0 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |||
Payroll payable | ¥ 85,390 | $ 12,380 | ¥ 59,432 |
Interest payable | 15,600 | 2,262 | 239,853 |
Deferred government grants | 10,303 | 1,494 | 8,629 |
Other tax and surcharges payable | 73,123 | 10,602 | 90,011 |
Accrued expenses | 63,786 | 9,248 | 42,693 |
Others | 114,805 | 16,646 | 70,639 |
Accrued expenses and other current liabilities | ¥ 363,007 | $ 52,632 | ¥ 511,257 |
Accrued Expenses and Other Cu_4
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Parenthetical) (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2021 CNY (¥) | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Incremental interest payable | ¥ 223,084 |
Bank Loans - Summary of Group's
Bank Loans - Summary of Group's Borrowings (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Secured Debt [Abstract] | |||
Secured short-term bank loans | ¥ 567,802 | $ 82,324 | ¥ 260,980 |
Secured long-term bank loans | 7,803,723 | 1,131,433 | 5,216,005 |
Bank loan | ¥ 8,371,525 | $ 1,213,757 | ¥ 5,476,985 |
Bank Loans - Additional Informa
Bank Loans - Additional Information (Details) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MYR (RM) | |
Debt Instrument [Line Items] | ||||
Financing credit facilities, amount | ¥ 6,414,365 | $ 590,000,000 | RM 248,000,000 | |
Unused loan facilities for bank borrowings | ¥ 1,724,952 | $ 0 | RM 0 | |
Long-Term Debt, Weighted Average Interest Rate, at Point in Time | 6.64% | 7.13% | 6.64% | 6.64% |
Short-Term Debt, Weighted Average Interest Rate, at Point in Time | 9.41% | 6.82% | 9.41% | 9.41% |
Breach of loan | ¥ 0 | ¥ 0 | ||
Secured Debt | Bank Borrowings | Restricted Cash | ||||
Debt Instrument [Line Items] | ||||
Loan facility amount | 59,257 | |||
Secured Debt | Bank Borrowings | Accounts Receivable | ||||
Debt Instrument [Line Items] | ||||
Loan facility amount | 1,556,076 | |||
Secured Debt | Bank Borrowings | Property and Equipment | ||||
Debt Instrument [Line Items] | ||||
Loan facility amount | 3,792,335 | |||
Secured Debt | Bank Borrowings | Land Use Rights | ||||
Debt Instrument [Line Items] | ||||
Loan facility amount | ¥ 77,767 | |||
Secured Debt | Standby Letter of Credit | Bank Borrowings | ||||
Debt Instrument [Line Items] | ||||
Loan facility amount | $ | $ 112,500,000 | |||
Secured Debt | Standby Letter of Credit | Bank Borrowings | One Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Financing credit facilities, amount | $ | $ 90,000,000 | |||
Minimum | ||||
Debt Instrument [Line Items] | ||||
Loan agreements, term | 1 year | |||
Maximum | ||||
Debt Instrument [Line Items] | ||||
Loan agreements, term | 7 years |
Bank Loans - Summary of Loan Pr
Bank Loans - Summary of Loan Principal Due (Details) - Dec. 31, 2022 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Secured Debt [Abstract] | ||
2023 | ¥ 1,213,901 | $ 175,999 |
2024 | 946,980 | 137,299 |
2025 | 4,344,298 | 629,864 |
2026 | 907,031 | 131,507 |
2027 and thereafter | 1,079,442 | 156,504 |
Loan principal due | ¥ 8,491,652 | $ 1,231,173 |
Taxation - Additional Informati
Taxation - Additional Information (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Tax Credit Carryforward [Line Items] | ||||||
Statutory income tax rate | 25% | 25% | 25% | 25% | ||
Preferential income tax rate | 15% | 15% | ||||
Effective period of certificate | 3 years | 3 years | ||||
Withholding income tax rate | 10% | 10% | ||||
Undistributed earnings | ¥ 2,195,883,000 | $ 318,373 | ||||
Impact from tax uncertainties | ¥ 0 | |||||
Income tax examination, description | In general, the tax authorities have five to eight years to conduct examinations of the tax filings of the Group’s subsidiaries. | In general, the tax authorities have five to eight years to conduct examinations of the tax filings of the Group’s subsidiaries. | ||||
Income tax examination years under examination | 2017 2018 2019 2020 2021 2022 | 2017 2018 2019 2020 2021 2022 | ||||
Unrecognized tax benefits | ¥ 9,288,000 | ¥ 63,643,000 | ¥ 4,478,000 | 1,347 | $ 9,227 | |
Interest expense on unrecognized tax benefits | 7,998,000 | $ 1,160 | 2,729,000 | |||
Accrued interest expense on unrecognized tax benefits | ¥ 11,286,000 | ¥ 3,288,000 | 1,636 | |||
Earliest Tax Year | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Time period that tax authorities could conduct examinations of entity tax filings | 5 years | 5 years | ||||
Latest Tax Year | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Time period that tax authorities could conduct examinations of entity tax filings | 8 years | 8 years | ||||
PRC and Malaysia | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Operating loss | ¥ 451,367,000 | $ 65,442 | ||||
PRC | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Tax losses carry forward duration | 5 years | 5 years | ||||
Tax loss carry forward extended duration | 10 years | 10 years | ||||
Operating loss carryforwards expiration year | 2023 | 2023 | ||||
Malaysia | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Tax losses carry forward duration | 10 years | 10 years | ||||
Operating loss carryforwards expiration year | 2027 | 2027 | ||||
Malaysia | Minimum | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Tax rate related to capital gains from disposals of real property | 10% | 10% | ||||
Malaysia | Maximum | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Tax rate related to capital gains from disposals of real property | 30% | 30% | ||||
India | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Tax losses carry forward duration | 8 years | 8 years | ||||
Operating loss carryforwards expiration year | 2025 | 2025 | ||||
Malaysia | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Statutory income tax rate | 24% | 24% | ||||
India | ||||||
Tax Credit Carryforward [Line Items] | ||||||
Statutory income tax rate | 31.20% | 31.20% |
Taxation - Summary of (Loss) In
Taxation - Summary of (Loss) Income Before Income Taxes (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
PRC | ¥ 1,152,366 | $ 167,077 | ¥ 677,544 | ¥ 102,329 |
Non-PRC | (206,350) | (29,918) | (206,708) | (318,335) |
(Loss) income before income taxes | ¥ 946,016 | $ 137,159 | ¥ 470,836 | ¥ (216,006) |
Taxation - Summary of Current a
Taxation - Summary of Current and Deferred Components of Income Tax Expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current income tax expense | ¥ 208,043 | $ 30,163 | ¥ 147,818 | ¥ 59,964 |
Deferred income tax expense | 86,343 | 12,519 | 6,598 | 7,375 |
Income tax expense | ¥ 294,386 | $ 42,682 | ¥ 154,416 | ¥ 67,339 |
Taxation - Schedule of Reconcil
Taxation - Schedule of Reconciliation of Differences Between PRC Statutory Tax Rate and Effective Tax Rate for Enterprise Income Tax (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||
(Loss) income before income tax | ¥ 946,016 | $ 137,159 | ¥ 470,836 | ¥ (216,006) |
Income tax computed at the PRC statutory tax rate of 25% | 236,504 | 34,290 | 117,709 | (54,001) |
Effect of differing tax rates in different jurisdictions | 24,703 | 3,582 | 24,378 | 35,228 |
Effect of PRC preferential tax rates | (43,280) | (6,275) | (30,191) | (22,350) |
Research and development expense super-deduction | (14,627) | (2,121) | (12,232) | (7,557) |
Effect of tax rate changes on deferred taxes | (5,080) | (737) | (6,446) | 5,325 |
Non-deductible expenses and non-taxable income, net | 65,704 | 9,526 | 57,631 | 106,892 |
Change in valuation allowance | 30,462 | 4,417 | 3,567 | 3,802 |
Income tax expense | ¥ 294,386 | $ 42,682 | ¥ 154,416 | ¥ 67,339 |
Taxation - Schedule of Reconc_2
Taxation - Schedule of Reconciliation of Differences Between PRC Statutory Tax Rate and Effective Tax Rate for Enterprise Income Tax (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory income tax rate | 25% | 25% | 25% |
Taxation - Schedule of Signific
Taxation - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Deferred tax assets | |||
Tax loss carry forward | ¥ 117,753 | $ 17,073 | ¥ 89,147 |
Unabsorbed capital allowance | 140,940 | 20,434 | 73,567 |
Depreciation expense, amortization expense and impairment | 58,648 | 8,503 | 82,957 |
Operating lease | 50,014 | 7,251 | 59,748 |
Accrued expenses and others | 44,414 | 6,439 | 29,212 |
Less: Valuation allowance | 102,743 | 14,896 | 72,606 |
Deferred tax assets | 309,026 | 44,804 | 262,025 |
Deferred tax liabilities | |||
Property and equipment | 485,179 | 70,344 | 329,917 |
Acquisition of intangible assets | 79,303 | 11,498 | 86,283 |
Debt issuance cost | 6,126 | 888 | 15,431 |
Operating lease | 53,398 | 7,742 | 63,039 |
Others | 16,559 | 2,400 | 7,439 |
Deferred tax liabilities | 640,565 | 92,872 | 502,109 |
Deferred tax assets | 44,596 | 6,466 | 30,866 |
Deferred tax liabilities | 376,135 | 54,534 | 270,950 |
Net deferred tax liabilities | ¥ 331,539 | $ 48,068 | ¥ 240,084 |
Taxation - Reconciliation of Be
Taxation - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Income Tax Disclosure [Abstract] | |||
Balance at the beginning of the year | ¥ 63,643 | $ 9,227 | ¥ 4,478 |
Increase | 172 | 25 | 59,316 |
Decrease | (54,527) | (7,905) | (151) |
Balance at the end of the year | ¥ 9,288 | $ 1,347 | ¥ 63,643 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||||
Jan. 11, 2022 CNY (¥) | Jan. 11, 2022 USD ($) | Aug. 26, 2020 USD ($) shares | Aug. 18, 2020 CNY (¥) | Aug. 18, 2020 USD ($) | Apr. 13, 2020 shares | Sep. 11, 2019 Installment shares | Dec. 31, 2022 USD ($) $ / shares shares | Oct. 31, 2020 shares | May 31, 2020 Installment shares | Dec. 31, 2019 | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 CNY (¥) Installment shares | Dec. 31, 2020 USD ($) Installment $ / shares shares | Dec. 31, 2019 | Jun. 30, 2022 shares | Sep. 30, 2020 shares | Jan. 08, 2020 shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Total share-based compensation expenses | ¥ 192,851 | $ 27,961 | ¥ 120,724 | ¥ 349,846 | |||||||||||||||||
Proceeds from exercise of share options | 14,073 | $ 2,040 | ¥ 10,449 | ||||||||||||||||||
Repurchase and retirement of ordinary shares | ¥ | ¥ (21,820) | ||||||||||||||||||||
Construction in Progress | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Total share-based compensation expenses | ¥ | ¥ 20,127 | ||||||||||||||||||||
Class B Ordinary Shares | Bridge Management, L.P. | BCPE Bridge Limited Partnership Agreement | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Ordinary shares converted by incentive units under ISU agreement | 26,797,650 | ||||||||||||||||||||
2019 Plan | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Weighted-average exercise price for forfeited/cancelled share options | $ / shares | $ 0.86 | ||||||||||||||||||||
Weighted-average grant-date fair value of the share options granted | $ / shares | $ 0 | $ 0 | $ 1.73 | ||||||||||||||||||
Total fair value of share options vested | $ | $ 0 | $ 620 | $ 13,923 | ||||||||||||||||||
Weighted-average exercise price for share options forfeited | $ / shares | $ 1.64 | ||||||||||||||||||||
Weighted-average exercise price for share options outstanding | $ / shares | $ 1.87 | 1.87 | $ 1.68 | ||||||||||||||||||
Weighted-average exercise price for share options expected to vest | $ / shares | $ 1.87 | $ 1.87 | |||||||||||||||||||
2019 Plan | Service-based Awards | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Total share-based compensation expenses | ¥ 19,525 | $ 2,831 | |||||||||||||||||||
2020 Plan | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Share-based payment award, options, exercised | 5,667,164 | 3,314,141 | 3,314,141 | ||||||||||||||||||
Stock issued during period shares acquired by early exercised of options repurchased | 4,958,770 | ||||||||||||||||||||
Weighted-average exercise price for forfeited/cancelled share options | $ / shares | $ 1.70 | ||||||||||||||||||||
Weighted-average grant-date fair value of the share options granted | $ / shares | $ 3.34 | $ 3.17 | $ 5.43 | ||||||||||||||||||
Total fair value of share options vested | $ | $ 17,139 | $ 8,258 | $ 7,846 | ||||||||||||||||||
Stock option granted contractual term | 10 years | ||||||||||||||||||||
Number of shares granted | 16,222,520 | 16,222,520 | |||||||||||||||||||
Proceeds from exercise of share options | $ | $ 5,667 | ||||||||||||||||||||
Number of early exercised options but not vested remained as outstanding option | 4,958,769 | ||||||||||||||||||||
Granted | $ / shares | $ 0.00001 | ||||||||||||||||||||
Weighted-average exercise price for share options exercised | $ / shares | $ 0.93 | ||||||||||||||||||||
Total intrinsic value of options exercised | $ | $ 10,119 | $ 4,282 | $ 0 | ||||||||||||||||||
Aggregate intrinsic value of share options outstanding | $ | $ 62,599 | 62,599 | |||||||||||||||||||
Aggregate intrinsic value of share options currently exercisable | $ | $ 11,491 | $ 11,491 | |||||||||||||||||||
Weighted-average remaining contractual term of share options outstanding | 9 years 1 month 20 days | 9 years 1 month 20 days | |||||||||||||||||||
Exercisable, ending balance | 8 years 9 months 7 days | 8 years 9 months 7 days | |||||||||||||||||||
Recognized other income | ¥ 16,901 | $ 2,451 | |||||||||||||||||||
Options outstanding | 16,373,241 | 16,373,241 | 12,452,254 | ||||||||||||||||||
2020 Plan | Maximum | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Aggregate number of shares authorized | 5,667,164 | 22,291,218 | 22,291,218 | 29,628,812 | 11,334,328 | ||||||||||||||||
2020 Plan | Service-based Awards | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Total share-based compensation expenses | ¥ 2,492 | $ 361 | |||||||||||||||||||
2020 Plan | Service-based Awards | Maximum | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Number of Equal Installments to Vest Shares | Installment | 4 | ||||||||||||||||||||
Stock option vesting service period | 4 years | ||||||||||||||||||||
2020 Plan | Service-based Awards | Minimum | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Number of Equal Installments to Vest Shares | Installment | 2 | ||||||||||||||||||||
Stock option vesting service period | 2 years | ||||||||||||||||||||
2019 Plan and 2020 Plan | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Total unrecognized employee share-based compensation expenses | $ | $ 41,159 | $ 41,159 | |||||||||||||||||||
Expected to recognized weighted-average period | 1 year 6 months 14 days | 1 year 6 months 14 days | |||||||||||||||||||
ISUs | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Expected to recognized weighted-average period | 1 year 3 months 18 days | 1 year 3 months 18 days | |||||||||||||||||||
Total unrecognized employee share-based compensation expenses | $ | $ 8,916 | $ 8,916 | |||||||||||||||||||
Class B | Bridge Management, L.P. | BCPE Bridge Limited Partnership Agreement | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Units redeemeed by SBC Platform for conversion into ordinary shares | 1,000,000 | ||||||||||||||||||||
BCPE Stack ESOP Holdco Limited | 2019 Plan | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
ESOP contractual term | 10 years | ||||||||||||||||||||
BCPE Stack ESOP Holdco Limited | Class B | 2019 Plan | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
ESOP purchase options | 17,633,120 | ||||||||||||||||||||
Share-based payment award, options, exercised | 17,633,120 | ||||||||||||||||||||
Number of shares exchanged for ordinary shares | 8,188,548 | 8,188,548 | |||||||||||||||||||
BCPE Bridge Cayman, L.P. | Pre IPO Private Placements | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Percentage of shareholding | 21.81% | 21.81% | |||||||||||||||||||
Amount to be distributed to ISU holders | ¥ 210,986 | $ 30,500 | |||||||||||||||||||
BCPE Bridge Cayman, L.P. | Class B | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Number of shares issued | 1,000,000 | ||||||||||||||||||||
BCPE Bridge Cayman, L.P. | Class B | Granted During 2020 | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Number of vesting installments of remaining portion | Installment | 2 | 2 | |||||||||||||||||||
BCPE Bridge Cayman, L.P. | Class B | Maximum | Granted During 2019 | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Service vesting period | 5 years | ||||||||||||||||||||
BCPE Bridge Cayman, L.P. | Class B | Maximum | Granted During 2020 | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Service vesting period | 4 years | 4 years | |||||||||||||||||||
Number of vesting installments | Installment | 4 | ||||||||||||||||||||
BCPE Bridge Cayman, L.P. | Class B | Minimum | Granted During 2019 | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Service vesting period | 1 year | ||||||||||||||||||||
BCPE Bridge Cayman, L.P. | Class B | Minimum | Granted During 2020 | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||||||
Service vesting period | 3 years | 3 years | |||||||||||||||||||
Number of vesting installments | Installment | 3 | 3 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
2019 Plan | |||
Weighted average grant date fair value | |||
Outstanding, beginning balance | $ 1.68 | ||
Granted | 0 | $ 0 | $ 1.73 |
Forfeited/Cancelled | 1.64 | ||
Outstanding, ending balance | 1.87 | $ 1.68 | |
Expected to vest, ending balance | $ 1.87 | ||
2019 Plan | ESOP Holdco Class B Shares | |||
Number of Options/ISUs | |||
Awarded and unvested, beginning balance | 9,332,572 | ||
Forfeited/Cancelled | (7,702,163) | ||
Awarded and unvested, ending balance | 9,332,572 | ||
Expected to vest, ending balance | 1,630,409 | ||
Awarded and unvested, ending balance | 1,630,409 | ||
ISUs | |||
Number of Options/ISUs | |||
Awarded and unvested, beginning balance | 212,429 | ||
Granted | 29,853 | ||
Vested | (53,203) | ||
Forfeited/Cancelled | (17,110) | ||
Awarded and unvested, ending balance | 171,969 | 212,429 | |
Expected to vest, ending balance | 171,969 | ||
Weighted average grant date fair value | |||
Awarded and unvested, beginning balance | $ 91.23 | ||
Granted | 88.57 | ||
Vested | 112.84 | ||
Forfeited | 72.98 | ||
Awarded and unvested, ending balance | 85.90 | $ 91.23 | |
Expected to vest, ending balance | $ 85.90 |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Activity - 2020 Plan (Details) - 2020 Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Aug. 26, 2020 | Dec. 31, 2022 | |
Number of share options | ||
Outstanding, beginning balance | 12,452,254 | |
Granted | 16,222,520 | |
Exercised | (5,667,164) | (3,314,141) |
Forfeited/Cancelled | (8,987,392) | |
Outstanding, ending balance | 16,373,241 | |
Vested and expected to vest as of December 31, 2021 | 16,373,241 | |
Exercisable, ending balance | 3,202,776 | |
Weighted-average exercise price | ||
Outstanding, beginning balance | $ 1.69 | |
Granted | 0.00001 | |
Exercised | 0.93 | |
Forfeited/Cancelled | 1.70 | |
Outstanding, ending balance | 0.16 | |
Vested and expected to vest as of December 31, 2022, Weighted-average exercise price | 0.16 | |
Exercisable, ending balance | $ 0.40 | |
Weighted-average remaining contractual term | ||
Weighted-average remaining contractual term of share options outstanding | 9 years 1 month 20 days | |
Vested and expected to vest as of December 31, 2022, Weighted-average remaining contractual term | 9 years 1 month 20 days | |
Exercisable, ending balance | 8 years 9 months 7 days | |
Aggregate intrinsic value | ||
Aggregate intrinsic value of share options outstanding | $ 62,599 | |
Vested and expected to vest as of December 31, 2022, Aggregate intrinsic value | 62,599 | |
Exercisable, ending balance | $ 11,491 |
Share-Based Payments - Summar_3
Share-Based Payments - Summary of Assumptions Used to Estimate Fair Value of Share Options Granted (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free rate, minimum | 1.71% | 1.31% | 0.57% |
Risk-free rate, maximum | 4.14% | 1.82% | 1.90% |
Expected volatility range, minimum | 40.90% | 41% | 39.65% |
Expected volatility range, maximum | 44.35% | 43% | 40.53% |
Exercise multiple | 2.80 | 2.80 | 2.80 |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Fair value per ordinary share as at valuation dates | $ 2.895 | $ 4.02 | $ 2.32 |
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Fair value per ordinary share as at valuation dates | $ 4.01 | $ 8.27 | $ 14 |
Share-based Payments - Summar_4
Share-based Payments - Summary of Share-based Compensation Expenses Recognized in the Consolidated Statements of Comprehensive (Loss) Income (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | ¥ 192,851 | $ 27,961 | ¥ 120,724 | ¥ 349,846 |
Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | 16,558 | 2,401 | 6,170 | 32,990 |
Selling and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | 8,392 | 1,217 | 13,562 | 21,691 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | 165,618 | 24,012 | ¥ 100,992 | ¥ 295,165 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | ¥ 2,283 | $ 331 |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Transactions (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2020 USD ($) | |
Related Party Transaction [Line Items] | |||||
Purchase of services | ¥ 403,346 | ||||
Related party transaction, amounts of transaction | 403,346 | $ 58,480 | ¥ 10,541 | ¥ 245,755 | |
Wangsu | |||||
Related Party Transaction [Line Items] | |||||
Purchase of services | 0 | 0 | 0 | 83,382 | |
Net revenue from colocation services provided | 0 | 0 | 0 | 83,054 | |
Jizongneng | |||||
Related Party Transaction [Line Items] | |||||
Purchase of services | 58,480 | 10,541 | $ 0 | ||
Affiliates | |||||
Related Party Transaction [Line Items] | |||||
Management consulting services provided | 0 | 0 | 0 | 59,741 | |
Shareholder Affiliates | |||||
Related Party Transaction [Line Items] | |||||
Management consulting services provided | 0 | 0 | 0 | 13,016 | |
Qinyun | |||||
Related Party Transaction [Line Items] | |||||
Gain on divestiture | ¥ 0 | $ 0 | ¥ 0 | ¥ 6,562 |
Related Party Transactions - _2
Related Party Transactions - Summary of Related Party Transactions (Parenthetical) (Details) - CNY (¥) ¥ in Thousands | 9 Months Ended | 12 Months Ended | |
Aug. 04, 2020 | Oct. 02, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Services revenue | ¥ 62,440 | ||
Equity interest | 100% | ||
Purchase consideration transferred related to disposal of subsidiary | ¥ 64,000 | ||
Gain resulting from assets transfer | ¥ 6,562 | ||
Former Chief Executive Officer | |||
Related Party Transaction [Line Items] | |||
Percentage of transfer of consideration | 99.90% | ||
Third Party | |||
Related Party Transaction [Line Items] | |||
Percentage of transfer of consideration | 0.10% | ||
Cash Affiliates | |||
Related Party Transaction [Line Items] | |||
Termination expenses | ¥ 50,000 | ||
Shareholder Affiliates | |||
Related Party Transaction [Line Items] | |||
Termination expenses | ¥ 11,000 |
Related Party Transactions - _3
Related Party Transactions - Summary of Related Party Balances (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Amounts due to related parties: | |||
Company Affiliates | ¥ 97,797 | $ 14,179 | ¥ 6,754 |
Affiliates | 518 | 75 | 478 |
Shareholder Affiliates | 0 | 0 | 31,600 |
Total | ¥ 98,315 | $ 14,254 | ¥ 38,832 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - CNY (¥) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | |||
Provision for credit losses recognized for due from related parties amount | ¥ 0 | ¥ 0 | ¥ 0 |
Loss (Earnings) Per Share - Sum
Loss (Earnings) Per Share - Summary of Basic and Diluted (Loss) Earnings Per Share (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | Dec. 31, 2020 CNY (¥) ¥ / shares shares | |
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 729,012,665 | 729,012,665 | 726,018,244 | 613,673,576 |
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 729,012,665 | 729,012,665 | 726,018,244 | 613,673,576 |
Denominator used for (loss) earnings per share | 732,581,960 | 732,581,960 | 729,015,250 | 613,673,576 |
Class A | ||||
Numerator: | ||||
Allocation of net (loss) income available to ordinary shareholders | ¥ 330,166 | $ 47,870 | ¥ 153,692 | ¥ (105,403) |
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 369,374,205 | 369,374,205 | 352,642,396 | 228,284,218 |
(Loss) Earnings per share-basic | (per share) | ¥ 0.89 | $ 0.13 | ¥ 0.44 | ¥ (0.46) |
Numerator: | ||||
Allocation of net (loss) income available to ordinary shareholders | ¥ 330,166 | $ 47,870 | ¥ 153,692 | ¥ (105,403) |
Reallocation of net (loss) income available to ordinary shares as a result of conversion of Class B to Class A ordinary shares | 321,464 | 46,607 | 162,728 | (177,942) |
Net (loss) income available to ordinary shareholders | ¥ 651,630 | $ 94,477 | ¥ 316,420 | ¥ (283,345) |
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 369,374,205 | 369,374,205 | 352,642,396 | 228,284,218 |
Share-based awards | 3,569,295 | 3,569,295 | 1,705,149 | |
Conversion of Class B including potential ordinary shares to Class A ordinary share | 359,638,460 | 359,638,460 | 374,667,705 | 385,389,358 |
Denominator used for (loss) earnings per share | 732,581,960 | 732,581,960 | 729,015,250 | 613,673,576 |
(Loss) Earnings per share-diluted | (per share) | ¥ 0.89 | $ 0.13 | ¥ 0.43 | ¥ (0.46) |
Class B | ||||
Numerator: | ||||
Allocation of net (loss) income available to ordinary shareholders | ¥ 321,464 | $ 46,607 | ¥ 162,728 | ¥ (177,942) |
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 359,638,460 | 359,638,460 | 373,375,848 | 385,389,358 |
(Loss) Earnings per share-basic | (per share) | ¥ 0.89 | $ 0.13 | ¥ 0.44 | ¥ (0.46) |
Numerator: | ||||
Allocation of net (loss) income available to ordinary shareholders | ¥ 321,464 | $ 46,607 | ¥ 162,728 | ¥ (177,942) |
Reallocation of net (loss) income to Class B ordinary shares | (1,566) | (227) | (108) | |
Net (loss) income available to ordinary shareholders | ¥ 319,898 | $ 46,380 | ¥ 162,620 | ¥ (177,942) |
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 359,638,460 | 359,638,460 | 373,375,848 | 385,389,358 |
Share-based awards | 1,291,857 | |||
Denominator used for (loss) earnings per share | 359,638,460 | 359,638,460 | 374,667,705 | 385,389,358 |
(Loss) Earnings per share-diluted | (per share) | ¥ 0.89 | $ 0.13 | ¥ 0.43 | ¥ (0.46) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income - Summary of Accumulated Other Comprehensive (Loss) Income (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Beginning balance | ¥ (257,977) | ¥ (172,586) | ¥ 40,011 | |
Foreign currency translation adjustments | (42,540) | $ (6,168) | (85,391) | (212,597) |
Ending balance | ¥ (300,517) | $ (43,571) | ¥ (257,977) | ¥ (172,586) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income - Summary of Accumulated Other Comprehensive (Loss) Income (Parenthetical) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||
Foreign currency translation adjustments, net of tax | ¥ 0 | ¥ 0 | ¥ 0 |
Business Combination - Addition
Business Combination - Additional Information (Details) ¥ in Thousands, $ in Thousands | Mar. 29, 2022 CNY (¥) | Mar. 29, 2022 USD ($) | Nov. 01, 2020 CNY (¥) |
Huailai Huizhi Construction Co. Ltd. | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Nov. 01, 2020 | ||
Percentage of ownership interests acquired | 100% | ||
Purchase consideration | ¥ 39,612 | ||
BDC Thailand Ltd. | |||
Business Acquisition [Line Items] | |||
Date of acquisition | Mar. 29, 2022 | Mar. 29, 2022 | |
Percentage of ownership interests acquired | 100% | 100% | |
Purchase consideration | ¥ 71,055 | $ 10,302 |
Business Combination - Summary
Business Combination - Summary of Fair Value of Assets Acquired and Liabilities Assumed on Acquisition Date (Details) ¥ in Thousands, $ in Thousands | Mar. 29, 2022 CNY (¥) | Mar. 29, 2022 USD ($) | Nov. 01, 2020 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Mar. 29, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Business Acquisition [Line Items] | |||||||
Goodwill | ¥ 508,319 | $ 73,699 | ¥ 472,883 | ||||
Huailai Huizhi Construction Co. Ltd. | |||||||
Business Acquisition [Line Items] | |||||||
Purchase consideration | ¥ 39,612 | ||||||
Settlement of accounts payable due to Huizhi | (174,695) | ||||||
Total purchase consideration | (135,083) | ||||||
Cash and cash equivalents | 16,008 | ||||||
Other current assets | 24,085 | ||||||
Property and equipment, net | 641 | ||||||
Other non-current assets | 1,022 | ||||||
Current liabilities | (183,402) | ||||||
Goodwill | ¥ 6,563 | ||||||
BDC Thailand Ltd. | |||||||
Business Acquisition [Line Items] | |||||||
Purchase consideration | ¥ 71,055 | $ 10,302 | |||||
Prepayments and other current assets | 27 | $ 4 | |||||
Property and equipment, net | 36,880 | 5,347 | |||||
Operating lease right-of-use assets | 18,478 | 2,679 | |||||
Intangible assets, net | 427 | 62 | |||||
Accrued expenses and other current liabilities | 27 | (4) | |||||
Operating lease liabilities | (15,732) | (2,281) | |||||
Deferred tax liabilities | (2,877) | (417) | |||||
Goodwill | ¥ 33,879 | $ 4,912 |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | |
Disclosure Of Restricted Net Assets [Line Items] | |||
Appropriation of after tax profit to statutory surplus fund limit registered capital percentage | 50% | ||
Description of allocation of tax profit to general reserve | In accordance with the Regulations on Enterprises with Foreign Investment of China and their Articles of Association, the Company’s wholly foreign-owned enterprises, being foreign invested enterprise established in the PRC, are required to allocate at least 10% of their after-tax profit determined based on the PRC accounting standards and regulations to the general reserve until the reserve has reached 50% of the relevant subsidiary’s registered capital. | ||
Statutory reserves | ¥ 311,821 | $ 45,210 | ¥ 189,700 |
Restricted net assets | ¥ 4,447,604 | $ 644,842 | |
VIEs | |||
Disclosure Of Restricted Net Assets [Line Items] | |||
Appropriation of after tax profit to statutory surplus fund limit registered capital percentage | 50% | ||
Description of allocation of tax profit to general reserve | In accordance with the PRC Company Laws, the VIEs must make appropriations from their annual after-tax profits as reported in their PRC statutory accounts to non-distributable reserve funds, namely statutory reserve and discretionary surplus reserve. The VIEs are required to allocate at least 10% of their after-tax profits to the statutory reserve until such fund has reached 50% of their respective registered capital. | ||
Minimum | |||
Disclosure Of Restricted Net Assets [Line Items] | |||
Percentage of allocation of after tax profit | 10% | ||
Minimum | VIEs | |||
Disclosure Of Restricted Net Assets [Line Items] | |||
Percentage of allocation of after tax profit | 10% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 CNY (¥) | |
Commitments And Contingencies Disclosure [Line Items] | |||
Capital expenditure commitments | ¥ 2,225,183 | $ 322,621 | |
Construction contract termination date | August 2020 | August 2020 | |
Others, Net | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Loss contingency accrual | ¥ 30,372 | ||
Minimum | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Capital expenditure commitments, period | 1 year | 1 year | |
Maximum | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Capital expenditure commitments, period | 2 years | 2 years |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segment | 1 |
Segment Information - Summary o
Segment Information - Summary of Net Revenues by Geographic Area (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Segment Reporting Information [Line Items] | ||||
Total net revenue | ¥ 4,551,662 | $ 659,929 | ¥ 2,852,277 | ¥ 1,831,077 |
PRC | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenue | 4,275,398 | 619,874 | 2,737,596 | 1,706,086 |
Southeast Asia | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenue | 194,477 | 28,197 | 114,681 | 124,991 |
India | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenue | ¥ 81,787 | $ 11,858 | ¥ 0 | ¥ 0 |
Segment Information - Summary_2
Segment Information - Summary of Long-lived Assets by Geographic Area (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | ¥ 14,607,088 | $ 2,117,829 | ¥ 10,367,960 |
PRC | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 10,625,591 | 1,540,566 | 8,829,539 |
Southeast Asia | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 3,189,683 | 462,461 | 911,623 |
India | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | ¥ 791,814 | $ 114,802 | ¥ 626,798 |
Subsequent event - Additional I
Subsequent event - Additional Information (Details) - Subsequent Event - Senior Notes Due 2026 $ in Thousands | Feb. 23, 2023 USD ($) |
Subsequent Event [Line Items] | |
Aggregate principal amount | $ 300,000 |
Debt instrument interest rate | 10.50% |
Isance price of aggregate principal amount, Percentage | 99.06% |
Condensed Financial Informati_3
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | Dec. 31, 2019 CNY (¥) |
Current assets | |||||
Cash and cash equivalents | ¥ 3,115,914 | $ 451,765 | ¥ 4,390,293 | ¥ 6,705,612 | |
Short-term investments | 100,368 | 14,552 | 193,672 | ||
Total current assets | 6,756,422 | 979,589 | 6,347,323 | ||
Non-current assets | |||||
Other non-current assets | 378,264 | 54,843 | 342,573 | ||
Total non-current assets | 16,343,809 | 2,369,630 | 12,334,628 | ||
Total assets | 23,100,231 | 3,349,219 | 18,681,951 | ||
Current liabilities | |||||
Amounts due to related parties | 98,315 | 14,254 | 38,832 | ||
Derivative liabilities | 20,577 | 2,983 | 0 | ||
Total current liabilities | 4,255,680 | 617,016 | 4,301,347 | ||
Non-current liabilities | |||||
Other non-current liabilities | 153,063 | 22,192 | 196,400 | ||
Total non-current liabilities | 7,934,997 | 1,150,466 | 4,265,972 | ||
Total liabilities | 12,190,677 | 1,767,482 | 8,567,319 | ||
Shareholders’ equity | |||||
Ordinary shares | 46 | 7 | 46 | ||
Statutory reserves | 311,821 | 45,210 | 189,700 | ||
Accumulated other comprehensive loss | (300,517) | (43,571) | (257,977) | ¥ (172,586) | ¥ 40,011 |
(Accumulated deficit)/retained earnings | 66,044 | 9,575 | (463,465) | ||
Total shareholders’ equity | 10,909,554 | 1,581,737 | 10,114,632 | ||
Total liabilities and shareholders’ equity | 23,100,231 | 3,349,219 | 18,681,951 | ||
Parent Company | |||||
Current assets | |||||
Cash and cash equivalents | 156,062 | 22,627 | 459,522 | ||
Short-term investments | 63,726 | ||||
Amounts due from subsidiaries of the Group | 2,890 | ||||
Other current assets | 3,927 | 569 | 2,964 | ||
Total current assets | 159,989 | 23,196 | 529,102 | ||
Non-current assets | |||||
Investment in and amounts due from subsidiaries of the Group | 11,470,857 | 1,663,118 | 9,657,859 | ||
Other non-current assets | 595 | ||||
Total non-current assets | 11,470,857 | 1,663,118 | 9,658,454 | ||
Total assets | 11,630,846 | 1,686,314 | 10,187,556 | ||
Current liabilities | |||||
Amounts due to related parties | 31,600 | ||||
Amounts due to subsidiaries of the Group | 647,039 | 93,812 | |||
Derivative liabilities | 947 | 137 | |||
Accrued expenses and other payables | 57,738 | 8,371 | 18,721 | ||
Total current liabilities | 705,724 | 102,320 | 50,321 | ||
Non-current liabilities | |||||
Other non-current liabilities | 15,568 | 2,257 | 22,603 | ||
Total non-current liabilities | 15,568 | 2,257 | 22,603 | ||
Total liabilities | 721,292 | 104,577 | 72,924 | ||
Shareholders’ equity | |||||
Ordinary shares | 46 | 7 | 46 | ||
Additional paid-in capital | 10,832,160 | 1,570,516 | 10,646,328 | ||
Statutory reserves | 311,821 | 45,210 | 189,700 | ||
Accumulated other comprehensive loss | (300,517) | (43,571) | (257,977) | ||
(Accumulated deficit)/retained earnings | 66,044 | 9,575 | (463,465) | ||
Total shareholders’ equity | 10,909,554 | 1,581,737 | 10,114,632 | ||
Total liabilities and shareholders’ equity | ¥ 11,630,846 | $ 1,686,314 | ¥ 10,187,556 |
Condensed Financial Informati_4
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Condensed Financial Statements Captions [Line Items] | ||
Common stock, par value per share | $ 0.00001 | $ 0.00001 |
Class A Ordinary Shares | ||
Condensed Financial Statements Captions [Line Items] | ||
Common stock, shares authorized | 4,500,000,000 | 4,500,000,000 |
Common stock, shares, issued | 401,576,883 | 359,099,633 |
Common stock, value, outstanding | 400,259,749 | 358,376,753 |
Class B Ordinary Shares | ||
Condensed Financial Statements Captions [Line Items] | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares, issued | 329,223,723 | 373,459,748 |
Common stock, value, outstanding | 329,223,723 | 368,500,979 |
Parent Company | ||
Condensed Financial Statements Captions [Line Items] | ||
Common stock, par value per share | $ 0.00001 | $ 0.00001 |
Parent Company | Class A Ordinary Shares | ||
Condensed Financial Statements Captions [Line Items] | ||
Common stock, shares authorized | 4,500,000,000 | 4,500,000,000 |
Common stock, shares, issued | 401,576,883 | 359,099,633 |
Common stock, value, outstanding | 400,259,749 | 358,376,753 |
Parent Company | Class B Ordinary Shares | ||
Condensed Financial Statements Captions [Line Items] | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares, issued | 329,223,723 | 373,459,748 |
Common stock, value, outstanding | 329,223,723 | 368,500,979 |
Condensed Financial Informati_5
Condensed Financial Information of the Parent Company - Condensed Statements of Comprehensive (Loss) Income (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Operating expenses | ||||
Sales and marketing expenses | ¥ 71,271 | $ 10,333 | ¥ 89,654 | ¥ 99,092 |
General and administrative expenses | 549,609 | 79,686 | 359,470 | 564,286 |
Total operating expenses | (704,376) | (102,125) | (524,468) | (704,553) |
Operating income | 1,188,460 | 172,310 | 675,145 | 28,228 |
Interest income | 55,825 | 8,094 | 58,607 | 27,616 |
Interest expense | (356,858) | (51,740) | (294,978) | (238,384) |
Foreign currency exchange (loss) gain | 2,789 | 404 | (4,726) | (3,548) |
Changes in fair value of financial instruments | 7,722 | 1,120 | 12,605 | (12,717) |
Other comprehensive loss (foreign currency translation adjustments), net of tax of nil: | (42,540) | (6,168) | (85,391) | (212,597) |
Comprehensive (loss) income | 609,090 | 88,309 | 231,029 | (495,942) |
Parent Company | ||||
Operating expenses | ||||
Sales and marketing expenses | 235 | |||
General and administrative expenses | 20,592 | 2,986 | 19,900 | 53,945 |
Total operating expenses | (20,592) | (2,986) | (20,135) | (53,945) |
Operating income | (20,592) | (2,986) | (20,135) | (53,945) |
Interest income | 6,590 | 955 | 5,200 | 1,854 |
Share of (loss) income of subsidiaries and the VIEs | 658,862 | 95,526 | 318,481 | (232,287) |
Foreign currency exchange (loss) gain | 208 | 30 | 89 | (1,193) |
Changes in fair value of financial instruments | (2,117) | (307) | 4,465 | |
Others, net | 8,679 | 1,259 | 8,320 | 2,226 |
Net (loss) income attributable to ordinary shareholders | 651,630 | 94,477 | 316,420 | (283,345) |
Other comprehensive loss (foreign currency translation adjustments), net of tax of nil: | (42,540) | (6,168) | (85,391) | (212,597) |
Comprehensive (loss) income | ¥ 609,090 | $ 88,309 | ¥ 231,029 | ¥ (495,942) |
Condensed Financial Informati_6
Condensed Financial Information of the Parent Company - Condensed Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Condensed Financial Statements Captions [Line Items] | ||||
Net cash generated from operating activities | ¥ 859,295 | $ 124,586 | ¥ 1,065,505 | ¥ 664,910 |
Net cash used in investing activities | (4,814,562) | (698,046) | (3,952,971) | (2,769,269) |
Net cash generated from (used in) financing activities | 2,660,798 | 385,779 | 1,293,061 | 8,188,802 |
Effect of exchange rate changes on cash and cash equivalents | 117,693 | 17,065 | (76,056) | (292,820) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,176,776) | (170,616) | (1,670,461) | 5,791,623 |
Cash and cash equivalents at the beginning of the year | 459,522 | |||
Cash and cash equivalents at the end of the year | 459,522 | |||
Parent Company | ||||
Condensed Financial Statements Captions [Line Items] | ||||
Net cash generated from operating activities | (9,667) | (1,402) | (6,049) | (22,553) |
Net cash used in investing activities | (1,088,468) | (157,813) | (2,887,209) | (2,893,144) |
Net cash generated from (used in) financing activities | 765,028 | 110,919 | (4,285) | 6,683,039 |
Effect of exchange rate changes on cash and cash equivalents | 29,647 | 4,299 | (157,671) | (263,088) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (303,460) | (43,997) | (3,055,214) | 3,504,254 |
Cash and cash equivalents at the beginning of the year | 459,522 | 66,624 | 3,514,736 | 10,482 |
Cash and cash equivalents at the end of the year | ¥ 156,062 | $ 22,627 | ¥ 459,522 | ¥ 3,514,736 |
Condensed Financial Informati_7
Condensed Financial Information of the Parent Company - Basis of Presentation - Additional Information (Details) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2022 CNY (¥) | |
Parent Company | |
Condensed Financial Statements Captions [Line Items] | |
Dividend paid | ¥ 0 |