Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
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, 2021 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
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 | 359,099,633 |
Class B Ordinary Shares | |
Document Information [Line Items] | |
Entity Common Stock Shares Outstanding | 373,459,748 |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Current assets | |||
Cash and cash equivalents | ¥ 4,390,293 | $ 688,933 | ¥ 6,705,612 |
Restricted cash | 460,174 | 72,211 | 102,598 |
Short-term investments | 193,672 | 30,391 | 0 |
Accounts receivable, net of allowance of RMB12,496 and RMB924 (US$145) as of December 31, 2020 and 2021, respectively | 661,027 | 103,730 | 422,224 |
Value added taxes recoverable | 327,553 | 51,400 | 182,982 |
Amount due from related parties | 0 | 0 | 64,093 |
Prepayments and other current assets | 314,604 | 49,368 | 112,467 |
Total current assets | 6,347,323 | 996,033 | 7,589,976 |
Non-current assets | |||
Property and equipment, net | 9,427,591 | 1,479,395 | 6,423,830 |
Operating lease right-of-use assets | 803,544 | 126,094 | 635,683 |
Finance lease right-of use assets | 136,825 | 21,471 | 144,615 |
Intangible assets | 305,800 | 47,987 | 320,299 |
Goodwill | 472,883 | 74,206 | 472,883 |
Deferred tax assets | 30,866 | 4,844 | 18,789 |
Restricted cash | 390,535 | 61,283 | 103,253 |
Value added taxes recoverable | 424,011 | 66,537 | 357,125 |
Other non-current assets | 342,573 | 53,755 | 193,145 |
Total non-current assets | 12,334,628 | 1,935,572 | 8,669,622 |
Total assets | 18,681,951 | 2,931,605 | 16,259,598 |
Current liabilities (including current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB102,267 and RMB114,478 (US$17,965) as of December 31, 2020 and 2021, respectively): | |||
Short-term bank loans | 260,980 | 40,953 | 66,135 |
Current portion of long-term bank loans | 1,689,545 | 265,126 | 230,778 |
Accounts payable | 1,701,299 | 266,971 | 1,186,030 |
Amounts due to related parties | 38,832 | 6,094 | 37,468 |
Income taxes payable | 49,168 | 7,716 | 47,272 |
Current portion of operating lease liabilities | 45,501 | 7,140 | 40,131 |
Current portion of finance lease liabilities | 4,765 | 748 | 4,906 |
Derivative liabilities | 8,671 | ||
Accrued expenses and other current liabilities | 511,257 | 80,227 | 211,549 |
Total current liabilities | 4,301,347 | 674,975 | 1,832,940 |
Non-current liabilities (including non-current liabilities of the consolidated VIEs without recourse to the primary beneficiary of RMB212,413 and RMB196,730 (US$30,871) as of December 31, 2020 and 2021, respectively): | |||
Long-term bank loans | 3,526,460 | 553,379 | 3,892,120 |
Operating lease liabilities | 198,806 | 31,197 | 204,305 |
Finance lease liabilities | 57,002 | 8,945 | 59,986 |
Deferred tax liabilities | 270,950 | 42,518 | 254,431 |
Derivative liabilities | 16,354 | 2,566 | 16,123 |
Other non-current liabilities | 196,400 | 30,819 | 260,225 |
Total non-current liabilities | 4,265,972 | 669,424 | 4,687,190 |
Total liabilities | 8,567,319 | 1,344,399 | 6,520,130 |
Shareholders’ equity | |||
Ordinary shares | 46 | 7 | 46 |
Additional paid-in capital | 10,646,328 | 1,670,641 | 10,510,516 |
Statutory reserves | 189,700 | 29,768 | 82,792 |
Accumulated other comprehensive loss | (257,977) | (40,482) | (172,586) |
Accumulated deficit | (463,465) | (72,728) | (681,300) |
Total shareholders’ equity | 10,114,632 | 1,587,206 | 9,739,468 |
Total liabilities and shareholders’ equity | ¥ 18,681,951 | $ 2,931,605 | ¥ 16,259,598 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares |
Accounts receivables, allowance | ¥ 924 | $ 145 | ¥ 12,496 |
Current liabilities | 4,301,347 | 674,975 | 1,832,940 |
Non-current liabilities | 4,265,972 | $ 669,424 | 4,687,190 |
Common stock, par value per share | $ / shares | $ 0.00001 | ||
VIEs | |||
Current liabilities | 2,225,938 | $ 349,299 | 1,226,685 |
Non-current liabilities | 196,730 | 30,871 | 212,413 |
VIEs | Nonrecourse | |||
Current liabilities | 114,478 | 17,965 | 102,267 |
Non-current liabilities | ¥ 196,730 | $ 30,871 | ¥ 212,413 |
Class A Ordinary Shares | |||
Common stock, shares authorized | 4,500,000,000 | 4,500,000,000 | 4,500,000,000 |
Common stock, shares, issued | 358,376,753 | 358,376,753 | 344,577,783 |
Common stock, value, outstanding | 358,376,753 | 358,376,753 | 344,577,783 |
Class B Ordinary Shares | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares, issued | 368,500,979 | 368,500,979 | 380,214,434 |
Common stock, value, outstanding | 368,500,979 | 368,500,979 | 380,214,434 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Revenue | ||||
Total revenue | ¥ 2,852,277 | $ 447,584 | ¥ 1,831,077 | ¥ 853,010 |
Cost of revenue | ||||
Gross profit | 1,199,613 | 188,245 | 732,781 | 242,789 |
Operating expenses | ||||
Selling and marketing expenses | (89,654) | (14,069) | (99,092) | (47,496) |
General and administrative expenses | (359,470) | (56,409) | (564,286) | (232,837) |
Research and development expenses | (75,344) | (11,823) | (41,175) | (24,510) |
Total operating expenses | (524,468) | (82,301) | (704,553) | (304,843) |
Operating (loss) income | 675,145 | 105,944 | 28,228 | (62,054) |
Interest income | 58,607 | 9,197 | 27,616 | 7,161 |
Interest expense | (294,978) | (46,288) | (238,384) | (102,290) |
Foreign exchange loss | (4,726) | (742) | (3,548) | (2,438) |
Changes in fair value of financial instruments | 12,605 | 1,978 | (12,717) | (11,189) |
Others, net | 24,183 | 3,795 | (17,201) | (633) |
(Loss) income before income taxes | 470,836 | 73,884 | (216,006) | (171,443) |
Income tax benefit (expense) | (154,416) | (24,231) | (67,339) | 1,742 |
Net (loss) income | 316,420 | 49,653 | (283,345) | (169,701) |
Less: Net income attributable to non-controlling interests | 4,742 | |||
Net (loss) income attributable to Chindata Group Holdings Limited | ¥ 316,420 | $ 49,653 | ¥ (283,345) | ¥ (174,443) |
Net (loss) earnings per share: | ||||
Basic | (per share) | ¥ 0.44 | $ 0.07 | ¥ (0.46) | ¥ (0.44) |
Diluted | (per share) | ¥ 0.43 | $ 0.07 | ¥ (0.46) | ¥ (0.44) |
Shares used in the net (loss) earnings per share: | ||||
Basic | shares | 726,018,244 | 726,018,244 | 613,673,576 | 397,153,121 |
Diluted | shares | 729,015,250 | 729,015,250 | 613,673,576 | 397,153,121 |
Other comprehensive income (loss), net of tax of nil: | ||||
Foreign currency translation adjustments | ¥ (85,391) | $ (13,400) | ¥ (212,597) | ¥ 21,967 |
Comprehensive (loss) income | 231,029 | 36,253 | (495,942) | (147,734) |
Less: Comprehensive income attributable to non-controlling interests | 4,742 | |||
Comprehensive (loss) income attributable to Chindata Group Holdings Limited | 231,029 | 36,253 | (495,942) | (152,476) |
Colocation Services | ||||
Revenue | ||||
Total revenue | 2,649,371 | 415,744 | 1,701,911 | 678,348 |
Cost of revenue | ||||
Cost of revenue | (1,446,544) | (226,994) | (960,586) | (422,254) |
Colocation Services | Third Party | ||||
Revenue | ||||
Total revenue | 2,649,371 | 415,744 | 1,618,857 | 583,277 |
Colocation Services | Related Party | ||||
Revenue | ||||
Total revenue | 83,054 | 95,071 | ||
Colocation Rental | ||||
Revenue | ||||
Total revenue | 114,681 | 17,996 | 124,991 | 128,870 |
Cost of revenue | ||||
Cost of revenue | (125,188) | (19,645) | (135,160) | (152,961) |
Others | ||||
Revenue | ||||
Total revenue | 88,225 | 13,844 | 4,175 | 45,792 |
Cost of revenue | ||||
Cost of revenue | ¥ (80,932) | $ (12,700) | ¥ (2,550) | ¥ (35,006) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | Ordinary SharesCNY (¥)shares | Ordinary SharesUSD ($)shares | Additional Paid-In CapitalCNY (¥) | Additional Paid-In CapitalUSD ($) | Statutory ReservesCNY (¥) | Statutory ReservesUSD ($) | Accumulated Other Comprehensive Income (Loss)CNY (¥) | Accumulated Other Comprehensive Income (Loss)USD ($) | Accumulated DeficitCNY (¥) | Accumulated DeficitUSD ($) | Total Chindata Group Holdings Limited Shareholders' EquityCNY (¥) | Total Chindata Group Holdings Limited Shareholders' EquityUSD ($) | Non-Controlling InterestsCNY (¥) | |
Beginning Balance at Dec. 31, 2018 | ¥ 675,891 | ¥ 8 | ¥ 798,559 | ¥ 18,044 | ¥ (140,720) | ¥ 675,891 | ||||||||||
Beginning balance, shares at Dec. 31, 2018 | shares | 168,092,123 | 168,092,123 | ||||||||||||||
Net (loss) income | (169,701) | (174,443) | (174,443) | ¥ 4,742 | ||||||||||||
Issuance of ordinary shares | 2,345,270 | ¥ 23 | 2,345,247 | 2,345,270 | ||||||||||||
Issuance of ordinary shares, shares | shares | 370,288,533 | 370,288,533 | ||||||||||||||
Capital contribution from non-controlling interests of a subsidiary | [1] | 300,000 | 300,000 | |||||||||||||
Purchase of non-controlling interests | [1] | ¥ 3 | 304,739 | 304,742 | ¥ (304,742) | |||||||||||
Purchase of non-controlling interests, shares | shares | [1] | 28,335,824 | 28,335,824 | |||||||||||||
Share-based compensation (Note 13) | 63,746 | 63,746 | 63,746 | |||||||||||||
Appropriation of statutory reserves | ¥ 13,908 | (13,908) | ||||||||||||||
Other comprehensive income (loss) | 21,967 | 21,967 | 21,967 | |||||||||||||
Ending Balance at Dec. 31, 2019 | 3,237,173 | ¥ 34 | 3,512,291 | 13,908 | 40,011 | (329,071) | 3,237,173 | |||||||||
Ending balance, shares at Dec. 31, 2019 | shares | 566,716,480 | 566,716,480 | ||||||||||||||
Net (loss) income | (283,345) | (283,345) | (283,345) | |||||||||||||
Issuance of ordinary shares | 1,769,645 | ¥ 4 | 1,769,641 | 1,769,645 | ||||||||||||
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 | 4,858,617 | ||||||||||||
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 | 369,975 | |||||||||||||
Appropriation of statutory reserves | 68,884 | (68,884) | ||||||||||||||
Other comprehensive income (loss) | (212,597) | (212,597) | (212,597) | |||||||||||||
Ending Balance at Dec. 31, 2020 | 9,739,468 | ¥ 46 | 10,510,516 | 82,792 | (172,586) | (681,300) | 9,739,468 | |||||||||
Ending Balance (Accounting Standards Update 2016-13) at Dec. 31, 2020 | 8,323 | 8,323 | 8,323 | |||||||||||||
Ending balance, shares at Dec. 31, 2020 | shares | 724,792,217 | 724,792,217 | ||||||||||||||
Net (loss) income | 316,420 | $ 49,653 | 316,420 | 316,420 | ||||||||||||
Share-based compensation (Note 13) | 119,047 | 119,047 | 119,047 | |||||||||||||
Exercise of share options | 16,765 | 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) | (85,391) | |||||||||||||
Ending Balance at Dec. 31, 2021 | ¥ 10,114,632 | $ 1,587,206 | ¥ 46 | $ 7 | ¥ 10,646,328 | $ 1,670,641 | ¥ 189,700 | $ 29,768 | ¥ (257,977) | $ (40,482) | ¥ (463,465) | $ (72,728) | ¥ 10,114,632 | $ 1,587,206 | ||
Ending balance, shares at Dec. 31, 2021 | shares | 726,877,732 | 726,877,732 | ||||||||||||||
[1] | On March 14, 2019, the non-controlling interests made a pro-rata contribution to a subsidiary of the Group. In July 2019, the Company subsequently repurchased this outstanding non-controlling interests through the issuance of ordinary shares amounting to US$44,118. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) $ in Thousands | 1 Months Ended |
Jul. 31, 2019USD ($) | |
Statement Of Stockholders Equity [Abstract] | |
Repurchase of outstanding non-controlling interests through issuance of ordinary shares | $ 44,118 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net (loss) income | ¥ 316,420 | $ 49,653 | ¥ (283,345) | ¥ (169,701) |
Adjustments to reconcile net (loss) income to net cash generated from operating activities: | ||||
Depreciation and amortization | 587,080 | 92,126 | 410,694 | 241,175 |
Share-based compensation | 120,724 | 18,944 | 349,846 | 63,746 |
Allowance for credit losses | 4,646 | 729 | 3,850 | 5,265 |
Deferred income taxes | 6,598 | 1,035 | 7,375 | (2,373) |
Changes in fair value of financial instruments | (12,605) | (1,978) | 12,717 | 11,189 |
Amortization of debt issuance cost | 35,808 | 5,619 | 33,455 | 10,887 |
Others | 6,188 | 971 | (120) | 8,301 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | (209,593) | (32,890) | (121,890) | (160,595) |
Amount due from related parties | 42 | 7 | 88,887 | (420) |
Value added taxes recoverable | 123,988 | 19,456 | 6,900 | (11,482) |
Prepayments and other current assets | (194,617) | (30,540) | (38,934) | (11,225) |
Operating lease right-of-use assets | (1,467) | (230) | 10,800 | (7,065) |
Other non-current assets | (13,974) | (2,193) | (3,510) | 12,797 |
Accounts payable | 14,211 | 2,230 | 21,236 | 46,274 |
Income taxes payable | 1,896 | 298 | 28,622 | (1,007) |
Amount due to related parties | 6,754 | 1,060 | (61,740) | (32,578) |
Accrued expenses and other current liabilities | 105,143 | 16,499 | 69,142 | 29,988 |
Operating lease liabilities | (129) | (20) | (10,854) | 5,510 |
Other non-current liabilities | 168,392 | 26,426 | 141,779 | 1,481 |
Net cash generated from operating activities | 1,065,505 | 167,202 | 664,910 | 40,167 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Purchases of property and equipment and other long-lived assets, net of proceeds from sales of property and equipment | (3,452,962) | (541,845) | (2,424,647) | (1,611,253) |
Purchase of land use rights | (163,896) | (25,719) | (287,630) | (30,346) |
Cash paid for investment and business combination, net of cash acquired | (150,000) | (23,538) | (56,992) | (1,879,040) |
Purchase of short-term investments | (285,506) | (44,802) | ||
Sales and maturities of short-term investments | 99,393 | 15,597 | ||
Net cash used in investing activities | (3,952,971) | (620,307) | (2,769,269) | (3,520,639) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Issuance of ordinary shares | 1,810,200 | 2,274,133 | ||
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) | (2,312) | ||
Proceeds from exercise of share options | 10,449 | 1,640 | ||
Principal portion of finance lease payments | (7,723) | (1,212) | (18,441) | (11,105) |
Proceeds from short-term bank loans | 266,155 | 41,766 | 68,971 | 15,000 |
Proceeds from long-term bank loans | 1,749,836 | 274,587 | 1,743,315 | 2,408,457 |
Payment of debt issuance cost | (32,973) | (5,175) | (47,128) | (68,897) |
Contribution from non-controlling interests of a subsidiary | 300,000 | |||
Repayment of short-term bank loans | (64,606) | (10,138) | (15,000) | |
Repayment of long-term bank loans | (613,343) | (96,247) | (224,919) | (461,260) |
Net cash generated from financing activities | 1,293,061 | 202,909 | 8,188,802 | 4,456,328 |
Exchange rate effect on cash, cash equivalents and restricted cash | (76,056) | (11,936) | (292,820) | (719) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,670,461) | (262,132) | 5,791,623 | 975,137 |
Cash and cash equivalents and restricted cash at the beginning of the year | 6,911,463 | 1,084,559 | 1,119,840 | 144,703 |
Cash, cash equivalents and restricted cash at the end of the year | 5,241,002 | 822,427 | 6,911,463 | 1,119,840 |
Supplemental disclosures of cash flow information: | ||||
Interest expense paid | 259,719 | 40,756 | 197,581 | 83,872 |
Income taxes paid | 84,028 | 13,186 | 27,774 | 1,020 |
Supplemental disclosures of non-cash information: | ||||
Purchase of property and equipment included in accounts payable | 1,598,020 | 250,764 | 1,121,253 | 524,843 |
Purchase of non-controlling interests through issuance of ordinary shares | 304,742 | |||
Reconciliation of cash, cash equivalents and restricted cash | ||||
Cash and cash equivalents | 4,390,293 | 688,933 | 6,705,612 | 1,038,897 |
Restricted cash | 850,709 | 133,494 | 205,851 | 80,943 |
Cash, cash equivalents and restricted cash at the end of the year | ¥ 5,241,002 | $ 822,427 | ¥ 6,911,463 | ¥ 1,119,840 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
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 in 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 the People’s Republic of China (the “PRC” or “China”), Malaysia and India. As described below, the Company, through a series of transactions which are accounted for as a reorganization of entities and transfer of businesses under common control (the “Reorganization”), became the parent entity of its subsidiaries, the variable interest entities and the subsidiaries of the variable interest entities. Accordingly, these consolidated financial statements reflect the historical operations of the Company as if the current organization structure had been in existence throughout the periods presented. Reorganization In preparation for the Company’s planned IPO in the United States, the following transactions were undertaken to reorganize the legal structure of the Company and to transfer the IDC colocation and rental businesses to the Company. (i) Integral Investments South Asia III was incorporated on March 24, 2016 and, on November 1, 2017, acquired Bridge Data Centres Malaysia Sdn Bhd, which is engaged in the IDC rental business (collectively, “Bridge Group”). The ultimate controlling shareholder of Investments South Asia III was the same as the Company. (ii) On November 27, 2018, Stack Midco Limited was incorporated as a limited liability company in the Cayman Islands. The ultimate controlling shareholder of Stack Midco Limited is the same as the Company. On April 26, 2019, Stack Midco Limited purchased 100% equity interest of Chindata (Xiamen) Science and Technology Co., Ltd. (“Chindata Xiamen”), which is engaged in the IDC colocation business for a total purchase consideration of approximately RMB2,772,317(Note 17). Stack Midco Limited together with Chindata Xiamen are collectively hereinafter referred to as the Stack Group. (iii) On July 15, 2019 (“Reorganization Date”), the Company entered into a series of business and assets transfer agreements with Stack Group and Bridge Group, respectively, pursuant to which Stack Group and Bridge Group transferred all the operating assets and liabilities related to their IDC colocation and rental businesses, respectively, to the Company. As all the Company, Integral Investments South Asia III and Stack Midco Limited are under common control before and after the Reorganization Date, the Reorganization is accounted for in a manner similar to a pooling-of-interest with the assets and liabilities of the parties to the Reorganization carried over at their historical amounts. All of the revenues and costs of conducting the IDC colocation and rental businesses incurred by Stack Group and Bridge Group, respectively, prior to the Reorganization but after the ultimate controlling shareholder obtained control were reflected in the Company’s consolidated statements of comprehensive (loss) income. 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 RMB4,871,804. 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. 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, 2021, the Company’s principal subsidiaries, variable interest entities, and subsidiaries of the variable interest entities, are as follows: Name Date of establishment/ acquisition Place of establishment Percentage of equity interest attributable to the Company Principal activities Stack Midco Limited November 27, 2018 Cayman 100 % Investment holding Suzhou Stack Data Technology Company Limited (“Suzhou Stack”)* December 10, 2018 PRC 100 % Provision of technical and consulting services Hebei Stack Data Technology Company Limited (“Hebei Stack”)* July 10, 2019 PRC 100 % Provision of technical and consulting services Chindata (Xiamen) Science and Technology Co., Ltd. April 26, 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 Company Limited April 26, 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 Variable interest entities: Sitan (Beijing) Data Technology Company Limited (“Beijing Sitan”) December 19, 2018 PRC Nil Provision of IDC colocation services Hebei Qinshu Information Technology Company Limited (“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 Technology Company Limited 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 * 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 The following is a summary of the Contractual Agreements: 1. ORGANIZATION (Continued) 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 with Stack Midco Limited, the WFOE, VIEs and the Nominee Shareholders governed by PRC laws, are legal, valid and binding, enforceable against such parties, and will not result in any violation of PRC laws or regulations currently in effect; (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 and consolidated statements of cash flows: As of December 31, 2020 2021 2021 RMB RMB US$ Current assets Cash and cash equivalents 251,589 577,753 90,662 Short-term investments — 129,946 20,391 Accounts receivable, net 399,451 588,518 92,351 Amounts due from subsidiaries of the Group 229,845 621,276 97,492 Value added taxes recoverable 3,367 4,273 671 Amounts due from related parties 35 — — Prepayments and other current assets 5,715 5,931 931 Total current assets 890,002 1,927,697 302,498 Non-current assets Property and equipment, net 64,727 57,832 9,075 Operating lease right-of-use assets 239,155 221,708 34,791 Finance lease right-of-use assets — 866 136 Intangible assets 20,251 17,797 2,793 Amounts due from subsidiaries of the Group 300,000 300,000 47,077 Deferred tax assets 10,598 — — Other non-current assets 8,783 10,114 1,587 Total non-current assets 643,514 608,317 95,459 Total assets 1,533,516 2,536,014 397,957 Current liabilities Accounts payable 31,694 40,260 6,318 Income taxes payable 1,288 4,184 657 Amounts due to subsidiaries of the Group 1,124,418 2,111,460 331,334 Current portion of operating lease liabilities 38,054 35,990 5,648 Accrued expenses and other current liabilities 31,231 34,044 5,342 Total current liabilities 1,226,685 2,225,938 349,299 Non-current liabilities Operating lease liabilities 204,305 188,104 29,518 Deferred tax liabilities 3,131 499 78 Other non-current liabilities 4,977 8,127 1,275 Total non-current liabilities 212,413 196,730 30,871 Total liabilities 1,439,098 2,422,668 380,170 1. ORGANIZATION (Continued) For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Revenue 712,115 1,706,086 2,656,005 416,785 Net income (loss) 29 (52,771 ) 2,942 462 Net cash generated from operating activities 93,468 184,998 460,676 72,290 Net cash used in investing activities (14,762 ) (12,115 ) (133,441 ) (20,940 ) Net cash used in financing activities — — (1,071 ) (168 ) 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 83%, 93% and 93% of the Group’s consolidated revenue for the years ended December 31, 2019, 2020 and 2021, after elimination of inter-entity transactions. As of December 31, 2021, 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, 2021 | |
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 (previously known as the allowance for doubtful accounts before the adoption of ASU 2016-13) 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 Comparative Information Certain line items in the financial information of the VIEs presented in Note 1 have been adjusted to conform with the current year’s presentation to facilitate comparison. Convenience translation Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB6.3726 per US$1.00 on December 31, 2021 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ 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 (“US$”). The functional currency of the Company’s subsidiaries in Malaysia is the Malaysian Ringgit (“MYR”). 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 and cash equivalents, 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 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 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 117,477 Derivative instruments ASC Topic 815, Derivatives and Hedging Fair value measurements Financial instruments of the Group primarily include cash and cash equivalents, restricted cash, short-term investments, accounts receivable, derivatives, contingent receivable, amounts due from and 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 and contingent receivable 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 and contingent receivable with the assistance of an independent appraiser. The Group applies ASC 820 Fair Value Measurements and Disclosures , 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, 2020 are summarized below: Quoted price in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) RMB RMB RMB Derivative liabilities — 24,794 — Contingent receivable — — 13,609 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 are summarized below: Quoted price in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) 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 — The Group measured the fair value of its contingent receivable on a recurring basis using significant unobservable (Level 3) inputs as of each report date. The valuation of the contingent receivable is performed using Monte Carlo simulation model with unobservable inputs including weighted average cost of capital as well as the performance target, which is assessed by the Group. The following table presents a reconciliation of all financial instruments measured at fair value on a recurring basis using Level 3 unobservable inputs: Contingent receivable RMB Balance as of January 1, 2020 14,630 Settlement (8,783 ) Fair value change 7,762 Balance as of December 31, 2020 13,609 Fair value change 5,884 Settlement (19,493 ) Balance as of December 31, 2021 — The amount of total gain for the year ended December 31, 2021 5,884 The amount of total gain for the year ended December 31, 2021 (US$) 923 The Group did not transfer any assets or liabilities in or out of Level 3 during all periods presented. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 RMB3,201 for the year ended December 31, 2021. 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 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 40 years Data center equipment – Machinery 10 to 20 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 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. 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 by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For all periods presented, there was no impairment of any of the Group’s long-lived assets. Segment reporting In accordance with ASC 280-10, Segment Reporting: Overall, Business combinations The Group accounts for its business combinations using the purchase method of accounting in accordance with ASC 805, Business Combinations 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Goodwill In accordance with ASC 350, Intangibles—Goodwill and Other Intangibles—Goodwill and Other 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 Leases The Group determines if an arrangement is a lease at inception in accordance with ASC 842, Leases 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 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. Revenue is allocated to each performance obligation based on its standalone selling price. The Group generally determines standalone selling prices based on observable prices. If the standalone selling price is not observable through past transactions, the Group estimates the standalone selling price based on multiple factors, including, but not limited to, gross margin objectives, internal costs, and industry technology lifecycles. 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, 2020 and 2021. 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. 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. 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. Others Other revenue mainly includes revenues from fiber optic cable and other fitting services provided at the customers’ request and the construction service. The Group uses construction progress reports, an 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. As of December 31, 2021, the aggregate amount of transaction price allocated to performance obligations (unsatisfied or partially unsatisfied) is related to colocation services, does not include any variable consideration, and amounted to RMB19,891,376 (US$3,121,391). The Company expects to recognize as revenue 11%, 48% and 41% of these performance obligations within twelve months, one to five years, and after five years 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, 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 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 received from provincial and local governments are related to acquisition of assets. The grants are recorded as “deferred government grants” and are included in the “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 will be released to 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Share-based compensation The Group applies ASC 718, Compensation — Stock Compensation 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 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 RMB16,210 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 RMB1,150, RMB1,049 and RMB991 (US$156) for the years ended December 31, 2019, 2020 and 2021, respectively. The Group has no further payment obligations once the contributions have been paid. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) (Loss) earnings per share In accordance with ASC 260, Earnings Per Share 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 The Group follows the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes 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 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. 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 amon |
Short-Term Investment
Short-Term Investment | 12 Months Ended |
Dec. 31, 2021 | |
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, 2020 2021 2021 RMB RMB US$ Trading securities — 129,946 20,391 Held-to-maturity debt securities — 63,726 10,000 — 193,672 30,391 The Group’s short-term investments include wealth management products classified as trading securities, and structured notes classified as held-to-maturity debt securities. During the years ended December 31, 2019, 2020 and 2021, the Group recorded interest income from its held-to-maturity debt securities of nil, nil and RMB350 (US$55), and recorded changes in fair value of financial instruments from its trading securities of nil, nil and RMB8,341 (US$1,309) in the consolidated statements of comprehensive (loss) income, respectively. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE | 4. REVENUE The following table presents the Group’s revenues from contracts with customers disaggregated by material revenue category: For the Year Ended December 31, 2019 2020 2021 RMB RMB RMB US$ Colocation services recognized over time 678,348 1,701,911 2,649,371 415,744 Colocation rental recognized over time 128,870 124,991 114,681 17,996 Others recognized over time 45,792 4,175 88,225 13,844 853,010 1,831,077 2,852,277 447,584 |
Lease
Lease | 12 Months Ended |
Dec. 31, 2021 | |
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, 2019 2020 2021 2021 RMB RMB RMB US$ Operating lease cost 24,224 40,479 47,055 7,384 Finance lease cost 8,931 4,724 6,983 1,096 Short-term lease cost 1,661 2,208 1,021 160 34,816 47,411 55,059 8,640 5. LEASE (Continued) Lessee Accounting (Continued) Maturities of lease liabilities are as follows: Operating Leases Finance Leases RMB US$ RMB US$ Year ending December 31, 2022 47,220 7,410 5,251 824 Year ending December 31, 2023 40,303 6,324 5,350 840 Year ending December 31, 2024 29,955 4,701 5,475 859 Year ending December 31, 2025 28,426 4,461 5,569 874 Year ending December 31, 2026 and thereafter 246,815 38,731 163,222 25,613 Total lease payments 392,719 61,627 184,867 29,010 Less imputed interest (148,412 ) (23,290 ) (123,100 ) (19,317 ) Present value of lease liabilities 244,307 38,337 61,767 9,693 Other supplemental information related to leases is summarized below: For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used in operating leases 21,092 40,275 41,832 6,564 Operating cash flows used in finance leases 6,599 6,008 5,751 902 Financing cash flows used in finance leases 9,230 18,441 7,723 1,212 Lease liabilities arising from obtaining right-of-use assets Operating leases 13,044 8,091 23,002 3,610 Finance leases 178 708 — — As of December 31, 2020 2021 Weighted-average remaining lease term (years) Operating leases 13.68 12.43 Finance leases 27.07 26.09 Weighted-average discount rate Operating leases 8.59 % 8.60 % Finance leases 9.05 % 9.05 % Lessor Accounting The Group’s lease contracts in Malaysia do not have the option to extend or terminate the lease or provide the customer the right to purchase the As of December 31, 2021 RMB US$ Year ending December 31, 2022 116,332 18,255 Year ending December 31, 2023 222,606 34,932 Year ending December 31, 2024 216,924 34,040 Year ending December 31, 2025 227,801 35,747 Year ending December 31, 2026 and thereafter 841,633 132,071 Total 1,625,296 255,045 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable Net [Abstract] | |
ACCOUNTS RECEIVABLE | 6. ACCOUNTS RECEIVABLE As of December 31, 2020 2021 2021 RMB RMB US$ Accounts receivable 434,720 661,951 103,875 Allowance for credit losses (12,496 ) (924 ) (145 ) Accounts receivable, net 422,224 661,027 103,730 The movements in the allowance for credit losses 2020 2021 2021 RMB RMB US$ Balance at the beginning of the year 4,770 12,496 1,961 Cumulative effect of adoption of ASU 2016-13 — (11,054 ) (1,735 ) Provisions/(Reversal) 7,726 (286 ) (45 ) Write-offs — (232 ) (36 ) Balance at the end of the year 12,496 924 145 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | 7. PROPERTY AND EQUIPMENT As of December 31, 2020 2021 2021 RMB RMB US$ Buildings 1,909,633 2,721,086 426,998 Data center equipment 3,945,877 4,607,321 722,989 Furniture and office equipment 11,934 17,086 2,681 Computers and network equipment 16,677 14,858 2,332 Motor vehicles 6,868 10,001 1,569 Purchased software 6,984 12,763 2,003 Leasehold improvements 36,358 48,674 7,638 Construction in progress 1,196,551 3,218,617 505,071 7,130,882 10,650,406 1,671,281 Less: accumulated depreciation (707,052 ) (1,222,815 ) (191,886 ) Property and equipment, net 6,423,830 9,427,591 1,479,395 Depreciation expense for the years ended December 31, 2019, 2020 and 2021 was RMB208,415, RMB369,686 and RMB543,597 (US$85,302), respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | 8. INTANGIBLE ASSETS As of December 31, 2020 2021 2021 RMB RMB US$ Acquired customer relationships 397,979 396,499 62,219 Acquired license and others 2,556 30,834 4,839 Less: accumulated amortization (80,236 ) (121,533 ) (19,071 ) Intangible assets, net 320,299 305,800 47,987 The Group recorded amortization expense of RMB32,760, RMB42,292 and RMB42,221 (US$6,625) for the years ended December 31, 2019, 2020 and 2021, respectively. As of December 31, 2021, estimated amortization expense of the existing intangible assets for each of the next five years is RMB42,405, RMB45,414, RMB47,720, RMB47,227 and RMB39,697, respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL | 9. GOODWILL Stack Group Balance as of January 1, 2020 466,320 Goodwill acquired (Note 17) 6,563 Balance as of December 31, 2020 and 2021 472,883 Balance as of December 31, 2021 (US$) 74,206 For the years ended December 31, 2019, 2020 and 2021, 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, 2021 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 10. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As of December 31, 2020 2021 2021 RMB RMB US$ Payroll payable 48,339 59,432 9,326 Interest payable* 14,639 239,853 37,638 Deferred government grants 8,629 8,629 1,354 Other tax and surcharges payable 28,904 90,011 14,125 Accrued expenses 52,768 42,693 6,699 Others 58,270 70,639 11,085 211,549 511,257 80,227 * Interest payable balance as of December 31, 2021 includes the incremental interest payable of RMB223,084 (US$35,007), payable upon the maturity of one bank loan in October 2022. As such, the corresponding interest payable was reclassified to current liabilities. |
Bank Loans
Bank Loans | 12 Months Ended |
Dec. 31, 2021 | |
Secured Longterm Debt Current And Noncurrent [Abstract] | |
BANK LOANS | 11. BANK LOANS The Group’s borrowings consisted of the following: As of December 31, 2020 2021 2021 RMB RMB US$ Secured short-term bank loans 66,135 260,980 40,953 Secured long-term bank loans 4,122,898 5,216,005 818,505 4,189,033 5,476,985 859,458 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, 2021, the Group had total financing credit facilities of RMB4,503,352, US$345,000 and MYR248,000 from various financial institutions, of which the unused amount was RMB400,000, US$30,000 and MYR nil, respectively. As of December 31, 2021, certain bank borrowings denominated in RMB are secured by certain subsidiaries’ restricted cash, accounts receivable, property and equipment and land use rights with net book value of RMB54,692, RMB543,220, RMB2,666,108, and RMB115,017 respectively. Two loan facilities amounted to US$120,000 is guaranteed by standby letters of credit of US$150,000. Others are guaranteed by designated subsidiaries of the Group or secured by property, assets, deposits and shares of designated subsidiaries. The weighted average interest rate on short-term bank loans as of December 31, 2020 and 2021 was 7.00% and 6.82%, respectively. The weighted average interest rate on long-term bank loans as of December 31, 2020 and 2021 was 7.87% and 7.13%, respectively. Management assessed that there was no breach of loan covenants for all its bank borrowings as of December 31, 2020 and 2021, respectively. As of December 31, 2021, the loan principal will be due according to the following schedule: RMB US$ 2022 1,973,392 309,668 2023 551,390 86,525 2024 1,160,896 182,170 2025 1,126,985 176,849 2026 and thereafter 747,736 117,336 5,560,399 872,548 |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2021 | |
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 2018 to 2020. In 2021, Chindata (Hebei) Co., Ltd. submitted the HNTE renewal applications and is anticipated to obtain the renewed HNTE certificate and enjoy the preferential income tax rate of 15% for three years from 2021 to 2023. 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. (L oss) income before income taxes consists of: For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ PRC 77,079 102,329 677,544 106,321 Non-PRC (248,522 ) (318,335 ) (206,708 ) (32,437 ) (171,443 ) (216,006 ) 470,836 73,884 The current and deferred components of income tax (benefit) expense appearing in the consolidated statements of comprehensive (loss) income are as follows: For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Current income tax expense 631 59,964 147,818 23,196 Deferred income tax (benefit) expense (2,373 ) 7,375 6,598 1,035 (1,742 ) 67,339 154,416 24,231 12. TAXATION (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, 2019 2020 2021 2021 RMB RMB RMB US$ (Loss) income before income tax (171,443 ) (216,006 ) 470,836 73,884 Income tax computed at the PRC statutory tax rate of 25% (42,861 ) (54,001 ) 117,709 18,471 Effect of differing tax rates in different jurisdictions 23,599 35,228 24,378 3,826 Effect of PRC preferential tax rates (3,346 ) (22,350 ) (30,191 ) (4,738 ) Research and development expense super-deduction (4,001 ) (7,557 ) (12,232 ) (1,919 ) Effect of tax rate changes on deferred taxes — 5,325 (6,446 ) (1,012 ) Non-deductible expenses and non-taxable income, net* 384 106,892 57,631 9,043 Change in valuation allowance 24,483 3,802 3,567 560 Income tax (benefit) expense (1,742 ) 67,339 154,416 24,231 * Primarily represents share-based compensation expense, other non-deductible expenses, and income from entities not subject to income tax. Deferred tax The significant components of the Group’s deferred tax assets and liabilities are as follows: As of December 31, 2020 2021 2021 RMB RMB US$ Deferred tax assets Tax loss carry forward 67,873 89,147 13,989 Unabsorbed capital allowance 63,297 73,567 11,544 Depreciation and amortization expense 23,887 82,957 13,018 Operating lease 60,878 59,748 9,376 Accrued expenses and others 35,245 29,212 4,584 Less: Valuation allowance* 71,229 72,606 11,393 179,951 262,025 41,118 As of December 31, 2020 2021 2021 RMB RMB US$ Deferred tax liabilities Property and equipment 222,489 329,917 51,771 Acquisition of intangible assets 105,805 86,283 13,540 Debt issuance cost 13,243 15,431 2,421 Operating lease 64,358 63,039 9,892 Others 9,698 7,439 1,168 415,593 502,109 78,792 Presentation in the consolidated balance sheets: Deferred tax assets 18,789 30,866 4,844 Deferred tax liabilities 254,431 270,950 42,518 Net deferred tax liabilities 235,642 240,084 37,674 12. TAXATION (Continued) * 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, 2020 and 2021, 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, 2021, the aggregate undistributed earnings from the Company’s WFOEs As of December 31, 2021, the Group had net losses of approximately RMB362,461 (US$56,878) 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 seven years to offset future taxable profit. The tax losses of entities in Malaysia will begin to expire in 2024, if not utilized. 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, 2019 and 2020, there were no significant impact from tax uncertainties on the Group’s financial position and result of operations. As of December 31, 2021, the Group had unrecognized tax benefits of RMB63,643 (US$9,987), of which RMB63,643 (US$9,987) is 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 benefits 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, unrecognized tax benefits of RMB63,643 (US$9,987), if ultimately recognized, will impact the effective tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows: Unrecognized tax benefits RMB Balance as of December 31, 2020 4,478 Increase 59,316 Decrease (151 ) Balance as of December 31, 2021 63,643 Balance as of December 31, 2021 (US$) 9,987 For the year ended December 31, 2021, the Group recorded interest expense accrued in relation to the unrecognized tax benefits of RMB2,729 (US$428) in income tax expense. Accumulated interest expense recorded in unrecognized tax benefits was RMB3,288 (US$516) as of December 31, 2021. In general, the tax authorities have five to seven years to conduct examinations of the tax filings of the Group’s subsidiaries. Accordingly, the subsidiaries’ tax years of 2016 through 2021 remain open to examination by the respective tax authorities. |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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. 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, 2021, 3,873,613 ESOP Holdco Class B shares were exchanged for the Company’s Class A ordinary shares. Pursuant to the terms and conditions of the 2019 Plan, grantees may early exercise all or a portion of the Class B Options granted prior to the completion of an IPO, however, such ESOP Holdco Class B shares issued upon exercise or the underlying ordinary shares of the Company exchangeable for after IPO still remain subject to the original service and performance vesting conditions. On April 13, 2020, all of the 17,633,120 Class B Options were early exercised into the corresponding ESOP Holdco Class B shares. The Company considered the rights and obligations of the awards under this arrangement and concluded that the early exercise of the options was not considered substantive for accounting purposes in accordance with ASC 718-10-55-31. A portion of the Class B options with service conditions granted under 2019 Plan are subject to accelerated vesting upon listing of the Company’s equity securities on the stock exchange. On September 30, 2020 (“Listing Date”), the Company’s ADSs commenced trading on the NASDAQ, and share-based compensation expenses of RMB27,580 were immediately recognized for 3,808,818 ESOP Holdco Class B shares with vesting accelerated. A summary of the activity is stated below: Number of share options/ESOP Holdco Class B shares Weighted average grant date fair value US$ Awarded and unvested as of December 31, 2020 9,843,125 1.68 Granted - n/a Vested (398,553 ) 1.56 Forfeited (112,000 ) 1.87 Awarded and unvested as of December 31, 2021 9,332,572 1.68 Expected to vest as of December 31, 2021 9,332,572 1.68 The weighted-average exercise price for forfeited share options during the year ended December 31, 2021 was US$0.50. The weighted-average grant-date fair value of share options granted during the years ended December 31, 2020 and 2021 was US$1.73 and nil 2020 Plan In May 2020, the Company’s Board of Directors approved a share option plan (“2020 Plan”) with a contractual term of ten years. The maximum aggregate number of ordinary shares that are authorized to be issued under the 2020 Plan is 5,667,164. On May 29, 2020, 5,667,164 share options were granted to an employee of the Group. These awards are accounted for as equity awards and contain both service and performance vesting conditions. 50% of the award granted will vest in four equal installments over a four-year In September 2020, the Company’s Board of Directors approved to increase maximum aggregate number of ordinary shares that are authorized to be issued under the 2020 Plan to 11,334,328. 5,666,345 share options with service and/or performance vesting conditions were then granted to certain employees of the Group. These awards are accounted for as equity awards. Pursuant to the option award agreement, a portion of the share options with service conditions are subject to accelerated vesting upon listing of the Company’s equity securities on the stock exchange. Share-based compensation expenses of RMB21,914 were immediately recognized for 1,125,600 share options with vesting accelerated on the Listing Date. 13 . SHARE-BASED PAYMENTS (Continued) In October 2020, 2,805,000 share In 2021, a total of 1,350,482 share options were granted to certain employees of the Group. These awards are accounted for as equity awards and contain service conditions. Pursuant to the option award agreement, these share options granted will become vested over a service period of three to four years. A summary of the activity under 2020 Plan is stated below: Number of share options Weighted average grant date fair value US$ Outstanding as of December 31, 2020* 14,136,509 4.21 Granted 1,350,482 3.17 Exercised (2,085,515 ) 4.31 Forfeited (949,222 ) 4.62 Outstanding as of December 31, 2021* 12,452,254 4.05 Vested and expected to vest as of December 31, 2021 12,452,254 4.05 Exercisable as of December 31, 2021 1,551,155 4.66 * 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 has a right (but not the obligation) to repurchase the vested shares at fair market value, and the unvested shares at the lower of fair market value or the option’s exercise price at any time during a six-month period following the grantee’s termination of services. The Company considered the rights and obligations of the options under this arrangement and concluded that the early exercise of the options was not considered 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, 2020 and 2021, 5,667,164 and 4,958,769 early exercised options but not vested remained as outstanding option, respectively. The weighted-average exercise price for granted, exercised and forfeited share options during the year ended December 31, 2021 was US$3.42, US$1.25 and US$1.92, respectively. The weighted-average exercise price for share options outstanding as of December 31, 2020 and 2021 was US$1.47 and US$1.69, respectively. The weighted-average exercise price for share options expected to vest and exercisable as of December 31, 2021 was US$1.69 and US$1.82, respectively. The weighted-average grant-date fair value of share options granted during the years ended December 31, 2020 and 2021 was US$5.43 and US$3.17, respectively. The total intrinsic value of share options exercised during the years ended December 31, 2020 and 2021 was nil As of December 31, 2021, there was US$44,440 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 1.45 years. Total unrecognized compensation cost may be adjusted for actual forfeitures occurring in the future. 13. SHARE-BASED PAYMENTS (Continued) ISUs On September 11, 2019, BCPE Bridge Cayman, L . . 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$30.5 million equivalent to RMB210,986 will be distributed to ISU holders in lieu of underlying ISUs according to the existing ISU vesting schedule. The Company has concluded that future service from the grantees is required for unvested ISUs. Therefore, as of the Modification Date, under ASC 718 the cash settlement was accounted for as a (i) settlement for vested ISUs with no incremental share-based compensation expenses recognized, and (ii) a modification for unvested ISUs, whereby the cash settlement amount in excess of the corresponding original fair value of cash-settled ISU was recorded on the Modification Date on a pro rata basis for the portion of the lapsed service period and remaining additional share-based compensation will be recognized over the remaining vesting schedule. In October 2020, the SBC Platform redeemed its 1,000,000 26,797,650 pursuant to the terms of the original SBC Platform and related ISU agreements A summary of the ISU activities is stated below: Number of ISUs Weighted average grant date fair value US$ Awarded and unvested as of December 31, 2020 385,517 74.78 Granted 18,658 79.32 Vested (169,361 ) 48.02 Forfeited (22,385 ) 124.89 Awarded and unvested as of December 31, 2021 212,429 91.23 Expected to vest as of December 31, 2021 212,429 91.23 As of December 31, 2021, there was US$13,624 of total unrecognized employee share-based compensation expenses related to unvested ISUs, which are expected to be recognized over a weighted-average period of 1.20 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 and 2021 For the year ended December 31, 2020 2021 Risk-free rate 0.57% – 1.90% 1.31% – 1.82% Expected volatility range 39.65% – 40.53% 41% – 43% Exercise multiple 2.80 2.80 Fair value per ordinary share as at valuation dates US$2.32 – US$14.00 US$4.02 –US$8.27 The fair value of the ISUs is the fair value of BCPE Bridge Cayman, L.P. Class B units at the grant date, which was determined by allocating the BCPE Bridge Cayman, L.P. equity value between the Class A and Class B units based on the predetermined distribution rate. A summary of share-based compensation expenses recognized in the consolidated statements of comprehensive (loss) income for the years ended December 31, 2019, 2020 and 2021 are as follows: 2019 2020 2021 2021 RMB RMB RMB US$ Cost of revenue — 32,990 6,170 968 Selling and marketing — 21,691 13,562 2,128 General and administrative 63,746 295,165 100,992 15,848 Total share-based compensation expenses 63,746 349,846 120,724 18,944 In addition, the Company capitalized RMB20,127 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, 2019 and 2021. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
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, 2019 2020 2021 2021 RMB RMB RMB US$ Purchase of services from Wangsu* 104,312 83,382 — — Purchase of services from Jizongneng** — — 10,541 1,654 Net revenue from colocation services provided to Wangsu*** 95,071 83,054 — — Management consulting services provided by Affiliates**** 16,434 59,741 — — Management consulting services provided by Shareholder Affiliates**** 8,438 13,016 — — Gain on divestiture of Qinyun and related assets***** — 6,562 — — 224,255 245,755 10,541 1,654 * 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 for the Group’s IDC colocation services business was recognized as cost of revenues. ** * Colocation services revenue from Wangsu for the period April 26, 2019 to December 31, 2019 and January 1, 2020 to October 2, 2020 have been presented net of Consideration Payable amounting to RMB70,861 and RMB62,440, respectively. *** * In connection with the IPO, the Company recognized a one-time consulting agreements’ termination expense amounting to RMB50,000 and RMB11,000, 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 RMB64,000, which is 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 RMB6,562. c) The Group had the following related party balances at the end of the year: 14. RELATED PARTY TRANSACTIONS (Continued) As of December 31, 2020 2021 2021 RMB RMB US$ Amounts due from related parties: Company Affiliates 64,093 — — Amounts due to related parties: Company Affiliates — 6,754 1,060 Affiliates 490 478 75 Shareholder Affiliates 36,978 31,600 4,959 37,468 38,832 6,094 All the balances with related parties as of December 31, 2020 and 2021 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, 2019, 2020 and 2021. |
Loss (Earnings) Per Share
Loss (Earnings) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
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, 2019 2020 2021 Ordinary shares Class A Class B Class A Class B RMB RMB RMB RMB US$ RMB US$ (Loss) Earnings per share-basic: Numerator: Allocation of net (loss) income available to ordinary shareholders (174,443 ) (105,403 ) (177,942 ) 153,692 24,118 162,728 25,535 Denominator: Weighted average number of ordinary shares outstanding 397,153,121 228,284,218 385,389,358 352,642,396 352,642,396 373,375,848 373,375,848 Denominator used for (loss) earnings per share 397,153,121 228,284,218 385,389,358 352,642,396 352,642,396 373,375,848 373,375,848 (Loss) Earnings per share-basic (0.44 ) (0.46 ) (0.46 ) 0.44 0.07 0.44 0.07 (Loss) Earnings per share-diluted: Numerator: Allocation of net (loss) income available to ordinary shareholders (174,443 ) (105,403 ) (177,942 ) 153,692 24,118 162,728 25,535 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 25,535 — — Reallocation of net (loss) income to Class B ordinary shares — — — — — (108 ) (17 ) Net (loss) income available to ordinary shareholders (174,443 ) (283,345 ) (177,942 ) 316,420 49,653 162,620 25,518 Denominator: Weighted average number of ordinary shares outstanding 397,153,121 228,284,218 385,389,358 352,642,396 352,642,396 373,375,848 373,375,848 Share-based awards — — — 1,705,149 1,705,149 1,291,857 1,291,857 Conversion of Class B including potential ordinary shares to Class A ordinary share — 385,389,358 — 374,667,705 374,667,705 — — Denominator used for (loss) earnings per share 397,153,121 613,673,576 385,389,358 729,015,250 729,015,250 374,667,705 374,667,705 (Loss) Earnings per share-diluted (0.44 ) (0.46 ) (0.46 ) 0.43 0.07 0.43 0.07 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 16. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) RMB Balance as of January 1, 2019 18,044 Foreign currency translation adjustments, net of tax of nil 21,967 Balance as of December 31, 2019 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 ) Balance as of December 31, 2021, in US$ (40,482 ) There have been no reclassifications out of accumulated other comprehensive income (loss) to net loss (income) for the years presented. |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
BUSINESS COMBINATION | 17. BUSINESS COMBINATION 2019 Acquisition On April 26, 2019 (the “Acquisition Date”), the Group through its PRC subsidiary acquired 100% of the equity interests in Chindata Xiamen, a PRC company, to further develop the Group’s IDC colocation services. Details of the purchase consideration on the Acquisition Date are as follows: RMB Cash consideration 2,785,820 Contingent receivable (13,503 ) 2,772,317 Pursuant to the acquisition agreement, the Group has an enforceable right to the return of previously transferred consideration of up to RMB48,000 in aggregate, if certain predetermined performance targets are not achieved by Chindata Xiamen during 2019 and 2020, respectively. The Group determined the fair value of the contingent receivable on the Acquisition Date, and as of December 31, 2019 and December 31, 2020 with the assistance of an independent appraiser. During the years ended December 31, 2019, 2020 and 2021, a remeasurement gain of RMB1,127, RMB7,762 and RMB5,884(US$923), respectively, was recognized through profit or loss. In 2021, the Group settles the contingent receivable with the amount of RMB19,493(US$3,059). The acquisition was accounted for as a business combination. Goodwill recognized represents the expected synergies from integrating Chindata Xiamen’s operations 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 Acquisition Date: RMB Purchase consideration 2,772,317 Less: Cash and cash equivalents 892,009 Restricted cash 14,771 Other current assets 304,495 Property and equipment, net 1,591,412 Customer relationships 372,025 Operating lease right-of-use assets 392,286 Other non-current assets 113,038 Other current liabilities (670,648 ) Deferred tax liabilities (116,019 ) Other non-current liabilities (587,372 ) Goodwill 466,320 17. BUSINESS COMBINATION (Continued) Identifiable intangible assets acquired are customer relationships, which was valued using a relief from royalty approach and has an estimated remaining useful life of approximately 10 years. The unaudited pro forma revenue and pro forma net loss attributable to the Company was RMB1,098,383 and RMB141,745, respectively for the year ended December 31, 2019 giving effect to the acquisition as if it had occurred at January 1, 2018. 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 RMB39,612, 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 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. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, the Group’s PRC subsidiaries and VIEs had appropriated RMB189,700 (US$29,768) 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 RMB3,837,898 (US$602,250) as of December 31, 2021. 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 21. 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, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 19. COMMITMENTS AND CONTINGENCIES Capital expenditure commitments The Group has commitments amounting to RMB841,550 (US$132,058) for the purchase of certain data center equipment and construction in progress as of December 31, 2021, which are scheduled to be paid within one to two years. Contingencies In August 2020 (“Termination Date”), Bridge Datacentres (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. Based on management’s estimation and legal counsel’s advice, RMB31,162 (US$4,890) has been accrued and recorded in “Others, net” in the consolidated statements of comprehensive loss. In 2021, S&W and the Bridge Mumbai have made further submissions and counter-submissions denying each other’s claims. The parties are in the process of completing the pre-trial formalities. No further consensus has been reached between S&W and the Bridge Mumbai. The Group and the legal counsel believes that the best estimation of losses remains unchanged for this arbitration. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 20. SEGMENT INFORMATION The Group has one segment. Its CODM is the Board of Directors, who makes operating decisions, assesses performance and allocates resources on a consolidated basis. Net revenues by geographic area are based upon the location of the customers. Total net revenues by geographic area are presented as follows: For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ PRC 712,115 1,706,086 2,737,596 429,588 Malaysia 140,895 124,991 114,681 17,996 853,010 1,831,077 2,852,277 447,584 Long-lived assets by geographic area are presented as follows: As of December 31, 2020 2021 2021 RMB RMB US$ PRC 6,016,479 8,829,539 1,385,547 Malaysia 958,408 911,623 143,054 India 229,241 626,798 98,359 7,204,128 10,367,960 1,626,960 |
Condensed Financial Information
Condensed Financial Information of the Parent Company | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY | 21. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY Condensed Balance Sheets As of December 31, 2020 2021 2021 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 3,514,736 459,522 72,109 Short-term investments — 63,726 10,000 Amounts due from subsidiaries of the Group 2,894 2,890 454 Other current assets — 2,964 465 Total current assets 3,517,630 529,102 83,028 Non-current assets Investment in and amounts due from subsidiaries of the Group 6,318,785 9,657,859 1,515,528 Other non-current assets — 595 93 Total non-current assets 6,318,785 9,658,454 1,515,621 Total assets 9,836,415 10,187,556 1,598,649 LIABILITIES AND SHAREHOLDER’S EQUITY Current liabilities Amounts due to related parties 36,978 31,600 4,959 Accrued expenses and other payables 28,410 18,721 2,937 Total current liabilities 65,388 50,321 7,896 Non-current liabilities: Other non-current liabilities 31,559 22,603 3,547 Total non-current liabilities 31,559 22,603 3,547 Total liabilities 96,947 72,924 11,443 Shareholders’ equity Ordinary shares (par value of US$0.00001 per share,4,500,000,000 Class A ordinary shares authorized, 344,577,783 Class A ordinary shares issued and outstanding; 500,000,000 Class B ordinary shares authorized, 380,214,434 Class B ordinary shares issued and outstanding as of December 31, 2020; 4,500,000,000 Class A ordinary shares authorized, 358,376,753 Class A ordinary shares issued and outstanding, 500,000,000 Class B ordinary shares authorized, 368,500,979 Class B ordinary shares issued and outstanding as of December 31, 2021) 46 46 7 Additional paid-in capital 10,510,516 10,646,328 1,670,641 Statutory reserve 82,792 189,700 29,768 Accumulated other comprehensive loss (172,586 ) (257,977 ) (40,482 ) Accumulated deficit (681,300 ) (463,465 ) (72,728 ) Total shareholders’ equity 9,739,468 10,114,632 1,587,206 Total liabilities and shareholders’ equity 9,836,415 10,187,556 1,598,649 21. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Condensed Statements of Comprehensive (Loss) income For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Operating expenses Sales and marketing expenses — — (235 ) (37 ) General and administrative expenses (33,523 ) (53,945 ) (19,900 ) (3,123 ) Total operating expenses (33,523 ) (53,945 ) (20,135 ) (3,160 ) Operating loss (33,523 ) (53,945 ) (20,135 ) (3,160 ) Interest income — 1,854 5,200 816 Interest expense 47 — — — Share of (loss) income of subsidiaries and the VIEs (140,967 ) (232,287 ) 318,481 49,977 Foreign currency exchange (loss) gain — (1,193 ) 89 14 Changes in fair value of financial instruments — — 4,465 701 Others, net — 2,226 8,320 1,306 Net (loss) income attributable to ordinary shareholders (174,443 ) (283,345 ) 316,420 49,654 Other comprehensive income (loss) (foreign currency translation adjustments), net of tax of nil: 21,967 (212,597 ) (85,391 ) (13,400 ) Comprehensive (loss) income (152,476 ) (495,942 ) 231,029 36,254 21. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Condensed Statements of Cash Flows For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Net cash used in operating activities (26,093 ) (22,553 ) (6,049 ) (949 ) Net cash used in investing activities (601,174 ) (2,893,144 ) (2,887,209 ) (453,066 ) Net cash generated from (used in) financing activities 637,792 6,683,039 (4,285 ) (672 ) Effect of exchange rate changes on cash and cash equivalents (43 ) (263,088 ) (157,671 ) (24,743 ) Net increase (decrease) in cash and cash equivalents 10,482 3,504,254 (3,055,214 ) (479,430 ) Cash and cash equivalents at beginning of the year — 10,482 3,514,736 551,539 Cash and cash equivalents at end of the year 10,482 3,514,736 459,522 72,109 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 The subsidiaries did not pay any dividends to the Company for the periods presented. The Company does not have significant commitments or long-term obligations as of the period end. 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, 2021 | |
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 (previously known as the allowance for doubtful accounts before the adoption of ASU 2016-13) 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 |
Comparative Information | Comparative Information Certain line items in the financial information of the VIEs presented in Note 1 have been adjusted to conform with the current year’s presentation to facilitate comparison. |
Convenience translation | Convenience translation Amounts in U.S. dollars are presented for the convenience of the reader and are translated at the noon buying rate of RMB6.3726 per US$1.00 on December 31, 2021 in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York. No representation is made that the RMB amounts could have been, or could be, converted into US$ 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 (“US$”). The functional currency of the Company’s subsidiaries in Malaysia is the Malaysian Ringgit (“MYR”). |
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 and cash equivalents, 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 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 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 117,477 |
Derivative instruments | Derivative instruments ASC Topic 815, Derivatives and Hedging |
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, contingent receivable, amounts due from and 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 and contingent receivable 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 and contingent receivable with the assistance of an independent appraiser. The Group applies ASC 820 Fair Value Measurements and Disclosures , 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, 2020 are summarized below: Quoted price in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) RMB RMB RMB Derivative liabilities — 24,794 — Contingent receivable — — 13,609 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 are summarized below: Quoted price in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) 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 — The Group measured the fair value of its contingent receivable on a recurring basis using significant unobservable (Level 3) inputs as of each report date. The valuation of the contingent receivable is performed using Monte Carlo simulation model with unobservable inputs including weighted average cost of capital as well as the performance target, which is assessed by the Group. The following table presents a reconciliation of all financial instruments measured at fair value on a recurring basis using Level 3 unobservable inputs: Contingent receivable RMB Balance as of January 1, 2020 14,630 Settlement (8,783 ) Fair value change 7,762 Balance as of December 31, 2020 13,609 Fair value change 5,884 Settlement (19,493 ) Balance as of December 31, 2021 — The amount of total gain for the year ended December 31, 2021 5,884 The amount of total gain for the year ended December 31, 2021 (US$) 923 The Group did not transfer any assets or liabilities in or out of Level 3 during all periods presented. |
Equity method investments | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 RMB3,201 for the year ended December 31, 2021. 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 40 years Data center equipment – Machinery 10 to 20 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 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. |
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 by discounting the cash flows expected to be generated by the assets, when the market prices are not readily available. For all periods presented, there was no impairment of any of the Group’s long-lived assets. |
Segment reporting | Segment reporting In accordance with ASC 280-10, Segment Reporting: Overall, |
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 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 | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Goodwill In accordance with ASC 350, Intangibles—Goodwill and Other Intangibles—Goodwill and Other |
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 |
Leases | Leases The Group determines if an arrangement is a lease at inception in accordance with ASC 842, Leases 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. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 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 |
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. Revenue is allocated to each performance obligation based on its standalone selling price. The Group generally determines standalone selling prices based on observable prices. If the standalone selling price is not observable through past transactions, the Group estimates the standalone selling price based on multiple factors, including, but not limited to, gross margin objectives, internal costs, and industry technology lifecycles. 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, 2020 and 2021. 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. 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. 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. Others Other revenue mainly includes revenues from fiber optic cable and other fitting services provided at the customers’ request and the construction service. The Group uses construction progress reports, an 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. As of December 31, 2021, the aggregate amount of transaction price allocated to performance obligations (unsatisfied or partially unsatisfied) is related to colocation services, does not include any variable consideration, and amounted to RMB19,891,376 (US$3,121,391). The Company expects to recognize as revenue 11%, 48% and 41% of these performance obligations within twelve months, one to five years, and after five years |
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 received from provincial and local governments are related to acquisition of assets. The grants are recorded as “deferred government grants” and are included in the “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 will be released to 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. |
Share-based compensation | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Share-based compensation The Group applies ASC 718, Compensation — Stock Compensation 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 RMB16,210 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 RMB1,150, RMB1,049 and RMB991 (US$156) for the years ended December 31, 2019, 2020 and 2021, 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 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 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 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 Assets that potentially subject the Group to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, accounts receivable, contingent receivable and amounts due from related parties. The Group expects that there is no significant credit risk associated with cash and cash equivalents and restricted cash, which were held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries, and the VIEs are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality. The risk with respect to the contingent receivable is mitigated by the ongoing assessment of the counterparty’s credit quality by reference to the counterparty’s default history. Accounts receivable and amounts due from related parties are typically unsecured and are derived from revenues earned from customers. The risk is mitigated by credit evaluations the Group performs on its customers and its ongoing monitoring process of outstanding balances. one 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. Two customers accounted for 68.2% and 11.1%, respectively, of total revenues during the year ended December 31, 2019. One customer accounted for 81.7% and 83.2% of total revenues during the years ended December 31, 2020 and 2021. Interest rate risk The Group is exposed to interest rate risk on its interest-bearing liabilities. As of December 31, 2021, 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 RMB51,671 (US$8,108). Investments in floating rate interest earning instruments carry a degree of interest rate risk. The Group has not been, and do not expect to be, exposed to material interest rate risks relating to such investments. Currency convertibility risk The Group transacts a majority of its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the PBOC. However, the unification of the exchange rates does not imply that the RMB may be readily convertible into US$ 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 6.3% and 2.3% during the years ended December 31, 2020 and 2021, 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 |
Organization (Tables)
Organization (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, the Company’s principal subsidiaries, variable interest entities, and subsidiaries of the variable interest entities, are as follows: Name Date of establishment/ acquisition Place of establishment Percentage of equity interest attributable to the Company Principal activities Stack Midco Limited November 27, 2018 Cayman 100 % Investment holding Suzhou Stack Data Technology Company Limited (“Suzhou Stack”)* December 10, 2018 PRC 100 % Provision of technical and consulting services Hebei Stack Data Technology Company Limited (“Hebei Stack”)* July 10, 2019 PRC 100 % Provision of technical and consulting services Chindata (Xiamen) Science and Technology Co., Ltd. April 26, 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 Company Limited April 26, 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 Variable interest entities: Sitan (Beijing) Data Technology Company Limited (“Beijing Sitan”) December 19, 2018 PRC Nil Provision of IDC colocation services Hebei Qinshu Information Technology Company Limited (“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 Technology Company Limited 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 * 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 and consolidated statements of cash flows: As of December 31, 2020 2021 2021 RMB RMB US$ Current assets Cash and cash equivalents 251,589 577,753 90,662 Short-term investments — 129,946 20,391 Accounts receivable, net 399,451 588,518 92,351 Amounts due from subsidiaries of the Group 229,845 621,276 97,492 Value added taxes recoverable 3,367 4,273 671 Amounts due from related parties 35 — — Prepayments and other current assets 5,715 5,931 931 Total current assets 890,002 1,927,697 302,498 Non-current assets Property and equipment, net 64,727 57,832 9,075 Operating lease right-of-use assets 239,155 221,708 34,791 Finance lease right-of-use assets — 866 136 Intangible assets 20,251 17,797 2,793 Amounts due from subsidiaries of the Group 300,000 300,000 47,077 Deferred tax assets 10,598 — — Other non-current assets 8,783 10,114 1,587 Total non-current assets 643,514 608,317 95,459 Total assets 1,533,516 2,536,014 397,957 Current liabilities Accounts payable 31,694 40,260 6,318 Income taxes payable 1,288 4,184 657 Amounts due to subsidiaries of the Group 1,124,418 2,111,460 331,334 Current portion of operating lease liabilities 38,054 35,990 5,648 Accrued expenses and other current liabilities 31,231 34,044 5,342 Total current liabilities 1,226,685 2,225,938 349,299 Non-current liabilities Operating lease liabilities 204,305 188,104 29,518 Deferred tax liabilities 3,131 499 78 Other non-current liabilities 4,977 8,127 1,275 Total non-current liabilities 212,413 196,730 30,871 Total liabilities 1,439,098 2,422,668 380,170 For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Revenue 712,115 1,706,086 2,656,005 416,785 Net income (loss) 29 (52,771 ) 2,942 462 Net cash generated from operating activities 93,468 184,998 460,676 72,290 Net cash used in investing activities (14,762 ) (12,115 ) (133,441 ) (20,940 ) Net cash used in financing activities — — (1,071 ) (168 ) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2020 are summarized below: Quoted price in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) RMB RMB RMB Derivative liabilities — 24,794 — Contingent receivable — — 13,609 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 are summarized below: Quoted price in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) 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 — |
Schedule of Reconciliation of all financial Instruments Measured at Fair Value on a Recurring Basis Using Level 3 Unobservable Inputs | The following table presents a reconciliation of all financial instruments measured at fair value on a recurring basis using Level 3 unobservable inputs: Contingent receivable RMB Balance as of January 1, 2020 14,630 Settlement (8,783 ) Fair value change 7,762 Balance as of December 31, 2020 13,609 Fair value change 5,884 Settlement (19,493 ) Balance as of December 31, 2021 — The amount of total gain for the year ended December 31, 2021 5,884 The amount of total gain for the year ended December 31, 2021 (US$) 923 |
Schedule of Property Plant and Equipment Estimated Useful Lives of Assets | Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows: Category Estimated Useful Life Buildings 20 to 40 years Data center equipment – Machinery 10 to 20 years – Other equipment 3 to 5 years Furniture and office equipment 3 to 5 years Computers and network equipment 3 to 5 years Motor vehicles 3 to 10 years Purchased software 5 to 10 years Leasehold improvements Lesser of useful life or lease term |
Schedule of Estimated Useful Life for Intangible Assets | The estimated useful life for the intangible assets is as follows: Category Estimated Useful Life Acquired customer relationships 5 to 10 years Acquired license and others 2 to 4 years |
Short-Term Investment (Tables)
Short-Term Investment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Short Term Investments [Abstract] | |
Summary of Short-Term Investments | As of December 31, 2020 2021 2021 RMB RMB US$ Trading securities — 129,946 20,391 Held-to-maturity debt securities — 63,726 10,000 — 193,672 30,391 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2019 2020 2021 RMB RMB RMB US$ Colocation services recognized over time 678,348 1,701,911 2,649,371 415,744 Colocation rental recognized over time 128,870 124,991 114,681 17,996 Others recognized over time 45,792 4,175 88,225 13,844 853,010 1,831,077 2,852,277 447,584 |
Lease (Tables)
Lease (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Components of Lease Expense | The components of lease expense were as follows: For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Operating lease cost 24,224 40,479 47,055 7,384 Finance lease cost 8,931 4,724 6,983 1,096 Short-term lease cost 1,661 2,208 1,021 160 34,816 47,411 55,059 8,640 5. LEASE (Continued) |
Schedule of Maturities of Lease Liabilities | Lessee Accounting (Continued) Maturities of lease liabilities are as follows: Operating Leases Finance Leases RMB US$ RMB US$ Year ending December 31, 2022 47,220 7,410 5,251 824 Year ending December 31, 2023 40,303 6,324 5,350 840 Year ending December 31, 2024 29,955 4,701 5,475 859 Year ending December 31, 2025 28,426 4,461 5,569 874 Year ending December 31, 2026 and thereafter 246,815 38,731 163,222 25,613 Total lease payments 392,719 61,627 184,867 29,010 Less imputed interest (148,412 ) (23,290 ) (123,100 ) (19,317 ) Present value of lease liabilities 244,307 38,337 61,767 9,693 |
Summary of Other Supplemental Information Related to Leases | Other supplemental information related to leases is summarized below: For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used in operating leases 21,092 40,275 41,832 6,564 Operating cash flows used in finance leases 6,599 6,008 5,751 902 Financing cash flows used in finance leases 9,230 18,441 7,723 1,212 Lease liabilities arising from obtaining right-of-use assets Operating leases 13,044 8,091 23,002 3,610 Finance leases 178 708 — — As of December 31, 2020 2021 Weighted-average remaining lease term (years) Operating leases 13.68 12.43 Finance leases 27.07 26.09 Weighted-average discount rate Operating leases 8.59 % 8.60 % Finance leases 9.05 % 9.05 % |
Summary of Minimum Lease Payments Expected to be Collected | As of As of December 31, 2021 RMB US$ Year ending December 31, 2022 116,332 18,255 Year ending December 31, 2023 222,606 34,932 Year ending December 31, 2024 216,924 34,040 Year ending December 31, 2025 227,801 35,747 Year ending December 31, 2026 and thereafter 841,633 132,071 Total 1,625,296 255,045 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable Net [Abstract] | |
Summary of Accounts Receivable | As of December 31, 2020 2021 2021 RMB RMB US$ Accounts receivable 434,720 661,951 103,875 Allowance for credit losses (12,496 ) (924 ) (145 ) Accounts receivable, net 422,224 661,027 103,730 |
Summary of Movements in the Allowance for Credit Losses | The movements in the allowance for credit losses 2020 2021 2021 RMB RMB US$ Balance at the beginning of the year 4,770 12,496 1,961 Cumulative effect of adoption of ASU 2016-13 — (11,054 ) (1,735 ) Provisions/(Reversal) 7,726 (286 ) (45 ) Write-offs — (232 ) (36 ) Balance at the end of the year 12,496 924 145 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | As of December 31, 2020 2021 2021 RMB RMB US$ Buildings 1,909,633 2,721,086 426,998 Data center equipment 3,945,877 4,607,321 722,989 Furniture and office equipment 11,934 17,086 2,681 Computers and network equipment 16,677 14,858 2,332 Motor vehicles 6,868 10,001 1,569 Purchased software 6,984 12,763 2,003 Leasehold improvements 36,358 48,674 7,638 Construction in progress 1,196,551 3,218,617 505,071 7,130,882 10,650,406 1,671,281 Less: accumulated depreciation (707,052 ) (1,222,815 ) (191,886 ) Property and equipment, net 6,423,830 9,427,591 1,479,395 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | As of December 31, 2020 2021 2021 RMB RMB US$ Acquired customer relationships 397,979 396,499 62,219 Acquired license and others 2,556 30,834 4,839 Less: accumulated amortization (80,236 ) (121,533 ) (19,071 ) Intangible assets, net 320,299 305,800 47,987 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill | Stack Group Balance as of January 1, 2020 466,320 Goodwill acquired (Note 17) 6,563 Balance as of December 31, 2020 and 2021 472,883 Balance as of December 31, 2021 (US$) 74,206 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Summary of Accrued Expenses and Other Current Liabilities | As of December 31, 2020 2021 2021 RMB RMB US$ Payroll payable 48,339 59,432 9,326 Interest payable* 14,639 239,853 37,638 Deferred government grants 8,629 8,629 1,354 Other tax and surcharges payable 28,904 90,011 14,125 Accrued expenses 52,768 42,693 6,699 Others 58,270 70,639 11,085 211,549 511,257 80,227 * Interest payable balance as of December 31, 2021 includes the incremental interest payable of RMB223,084 (US$35,007), payable upon the maturity of one bank loan in October 2022. As such, the corresponding interest payable was reclassified to current liabilities. |
Bank Loans (Tables)
Bank Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Secured Longterm Debt Current And Noncurrent [Abstract] | |
Summary of Group's Borrowings | The Group’s borrowings consisted of the following: As of December 31, 2020 2021 2021 RMB RMB US$ Secured short-term bank loans 66,135 260,980 40,953 Secured long-term bank loans 4,122,898 5,216,005 818,505 4,189,033 5,476,985 859,458 |
Summary of Loan Principal Due | As of December 31, 2021, the loan principal will be due according to the following schedule: RMB US$ 2022 1,973,392 309,668 2023 551,390 86,525 2024 1,160,896 182,170 2025 1,126,985 176,849 2026 and thereafter 747,736 117,336 5,560,399 872,548 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2019 2020 2021 2021 RMB RMB RMB US$ PRC 77,079 102,329 677,544 106,321 Non-PRC (248,522 ) (318,335 ) (206,708 ) (32,437 ) (171,443 ) (216,006 ) 470,836 73,884 |
Summary of Current and Deferred Components of Income Tax (Benefit) Expense | The current and deferred components of income tax (benefit) expense appearing in the consolidated statements of comprehensive (loss) income are as follows: For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Current income tax expense 631 59,964 147,818 23,196 Deferred income tax (benefit) expense (2,373 ) 7,375 6,598 1,035 (1,742 ) 67,339 154,416 24,231 |
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, 2019 2020 2021 2021 RMB RMB RMB US$ (Loss) income before income tax (171,443 ) (216,006 ) 470,836 73,884 Income tax computed at the PRC statutory tax rate of 25% (42,861 ) (54,001 ) 117,709 18,471 Effect of differing tax rates in different jurisdictions 23,599 35,228 24,378 3,826 Effect of PRC preferential tax rates (3,346 ) (22,350 ) (30,191 ) (4,738 ) Research and development expense super-deduction (4,001 ) (7,557 ) (12,232 ) (1,919 ) Effect of tax rate changes on deferred taxes — 5,325 (6,446 ) (1,012 ) Non-deductible expenses and non-taxable income, net* 384 106,892 57,631 9,043 Change in valuation allowance 24,483 3,802 3,567 560 Income tax (benefit) expense (1,742 ) 67,339 154,416 24,231 * Primarily represents share-based compensation expense, other non-deductible expenses, and income from entities not subject to income tax. |
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, 2020 2021 2021 RMB RMB US$ Deferred tax assets Tax loss carry forward 67,873 89,147 13,989 Unabsorbed capital allowance 63,297 73,567 11,544 Depreciation and amortization expense 23,887 82,957 13,018 Operating lease 60,878 59,748 9,376 Accrued expenses and others 35,245 29,212 4,584 Less: Valuation allowance* 71,229 72,606 11,393 179,951 262,025 41,118 As of December 31, 2020 2021 2021 RMB RMB US$ Deferred tax liabilities Property and equipment 222,489 329,917 51,771 Acquisition of intangible assets 105,805 86,283 13,540 Debt issuance cost 13,243 15,431 2,421 Operating lease 64,358 63,039 9,892 Others 9,698 7,439 1,168 415,593 502,109 78,792 Presentation in the consolidated balance sheets: Deferred tax assets 18,789 30,866 4,844 Deferred tax liabilities 254,431 270,950 42,518 Net deferred tax liabilities 235,642 240,084 37,674 12. TAXATION (Continued) * 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, 2020 and 2021, 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: Unrecognized tax benefits RMB Balance as of December 31, 2020 4,478 Increase 59,316 Decrease (151 ) Balance as of December 31, 2021 63,643 Balance as of December 31, 2021 (US$) 9,987 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 and 2021 For the year ended December 31, 2020 2021 Risk-free rate 0.57% – 1.90% 1.31% – 1.82% Expected volatility range 39.65% – 40.53% 41% – 43% Exercise multiple 2.80 2.80 Fair value per ordinary share as at valuation dates US$2.32 – US$14.00 US$4.02 –US$8.27 |
Summary of Share-based Compensation Expenses Recognized in the Consolidated Statements of Comprehensive (Loss) Income | A summary of share-based compensation expenses recognized in the consolidated statements of comprehensive (loss) income for the years ended December 31, 2019, 2020 and 2021 are as follows: 2019 2020 2021 2021 RMB RMB RMB US$ Cost of revenue — 32,990 6,170 968 Selling and marketing — 21,691 13,562 2,128 General and administrative 63,746 295,165 100,992 15,848 Total share-based compensation expenses 63,746 349,846 120,724 18,944 |
2019 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity | A summary of the activity is stated below: Number of share options/ESOP Holdco Class B shares Weighted average grant date fair value US$ Awarded and unvested as of December 31, 2020 9,843,125 1.68 Granted - n/a Vested (398,553 ) 1.56 Forfeited (112,000 ) 1.87 Awarded and unvested as of December 31, 2021 9,332,572 1.68 Expected to vest as of December 31, 2021 9,332,572 1.68 |
2020 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity | A summary of the activity under 2020 Plan is stated below: Number of share options Weighted average grant date fair value US$ Outstanding as of December 31, 2020* 14,136,509 4.21 Granted 1,350,482 3.17 Exercised (2,085,515 ) 4.31 Forfeited (949,222 ) 4.62 Outstanding as of December 31, 2021* 12,452,254 4.05 Vested and expected to vest as of December 31, 2021 12,452,254 4.05 Exercisable as of December 31, 2021 1,551,155 4.66 |
ISUs | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity | A summary of the ISU activities is stated below: Number of ISUs Weighted average grant date fair value US$ Awarded and unvested as of December 31, 2020 385,517 74.78 Granted 18,658 79.32 Vested (169,361 ) 48.02 Forfeited (22,385 ) 124.89 Awarded and unvested as of December 31, 2021 212,429 91.23 Expected to vest as of December 31, 2021 212,429 91.23 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Transactions | The Group had the following related party transactions, except for transactions disclosed in other notes: For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Purchase of services from Wangsu* 104,312 83,382 — — Purchase of services from Jizongneng** — — 10,541 1,654 Net revenue from colocation services provided to Wangsu*** 95,071 83,054 — — Management consulting services provided by Affiliates**** 16,434 59,741 — — Management consulting services provided by Shareholder Affiliates**** 8,438 13,016 — — Gain on divestiture of Qinyun and related assets***** — 6,562 — — 224,255 245,755 10,541 1,654 * 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 for the Group’s IDC colocation services business was recognized as cost of revenues. ** * Colocation services revenue from Wangsu for the period April 26, 2019 to December 31, 2019 and January 1, 2020 to October 2, 2020 have been presented net of Consideration Payable amounting to RMB70,861 and RMB62,440, respectively. *** * In connection with the IPO, the Company recognized a one-time consulting agreements’ termination expense amounting to RMB50,000 and RMB11,000, 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 RMB64,000, which is 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 RMB6,562. |
Summary of Related Party Balances | The Group had the following related party balances at the end of the year: As of December 31, 2020 2021 2021 RMB RMB US$ Amounts due from related parties: Company Affiliates 64,093 — — Amounts due to related parties: Company Affiliates — 6,754 1,060 Affiliates 490 478 75 Shareholder Affiliates 36,978 31,600 4,959 37,468 38,832 6,094 |
Loss (Earnings) Per Share (Tabl
Loss (Earnings) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2019 2020 2021 Ordinary shares Class A Class B Class A Class B RMB RMB RMB RMB US$ RMB US$ (Loss) Earnings per share-basic: Numerator: Allocation of net (loss) income available to ordinary shareholders (174,443 ) (105,403 ) (177,942 ) 153,692 24,118 162,728 25,535 Denominator: Weighted average number of ordinary shares outstanding 397,153,121 228,284,218 385,389,358 352,642,396 352,642,396 373,375,848 373,375,848 Denominator used for (loss) earnings per share 397,153,121 228,284,218 385,389,358 352,642,396 352,642,396 373,375,848 373,375,848 (Loss) Earnings per share-basic (0.44 ) (0.46 ) (0.46 ) 0.44 0.07 0.44 0.07 (Loss) Earnings per share-diluted: Numerator: Allocation of net (loss) income available to ordinary shareholders (174,443 ) (105,403 ) (177,942 ) 153,692 24,118 162,728 25,535 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 25,535 — — Reallocation of net (loss) income to Class B ordinary shares — — — — — (108 ) (17 ) Net (loss) income available to ordinary shareholders (174,443 ) (283,345 ) (177,942 ) 316,420 49,653 162,620 25,518 Denominator: Weighted average number of ordinary shares outstanding 397,153,121 228,284,218 385,389,358 352,642,396 352,642,396 373,375,848 373,375,848 Share-based awards — — — 1,705,149 1,705,149 1,291,857 1,291,857 Conversion of Class B including potential ordinary shares to Class A ordinary share — 385,389,358 — 374,667,705 374,667,705 — — Denominator used for (loss) earnings per share 397,153,121 613,673,576 385,389,358 729,015,250 729,015,250 374,667,705 374,667,705 (Loss) Earnings per share-diluted (0.44 ) (0.46 ) (0.46 ) 0.43 0.07 0.43 0.07 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Summary of Accumulated Other Comprehensive Income (Loss) | RMB Balance as of January 1, 2019 18,044 Foreign currency translation adjustments, net of tax of nil 21,967 Balance as of December 31, 2019 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 ) Balance as of December 31, 2021, in US$ (40,482 ) |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
PRC Subsidiary | |
Business Acquisition [Line Items] | |
Summary of Purchase Consideration on Acquisition Date | Details of the purchase consideration on the Acquisition Date are as follows: RMB Cash consideration 2,785,820 Contingent receivable (13,503 ) 2,772,317 |
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 Acquisition Date: RMB Purchase consideration 2,772,317 Less: Cash and cash equivalents 892,009 Restricted cash 14,771 Other current assets 304,495 Property and equipment, net 1,591,412 Customer relationships 372,025 Operating lease right-of-use assets 392,286 Other non-current assets 113,038 Other current liabilities (670,648 ) Deferred tax liabilities (116,019 ) Other non-current liabilities (587,372 ) Goodwill 466,320 |
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 |
Segment Information (Table)
Segment Information (Table) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2019 2020 2021 2021 RMB RMB RMB US$ PRC 712,115 1,706,086 2,737,596 429,588 Malaysia 140,895 124,991 114,681 17,996 853,010 1,831,077 2,852,277 447,584 |
Summary of Long-lived Assets by Geographic Area | Long-lived assets by geographic area are presented as follows: As of December 31, 2020 2021 2021 RMB RMB US$ PRC 6,016,479 8,829,539 1,385,547 Malaysia 958,408 911,623 143,054 India 229,241 626,798 98,359 7,204,128 10,367,960 1,626,960 |
Condensed Financial Informati_2
Condensed Financial Information of the Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Statements | Condensed Balance Sheets As of December 31, 2020 2021 2021 RMB RMB US$ ASSETS Current assets Cash and cash equivalents 3,514,736 459,522 72,109 Short-term investments — 63,726 10,000 Amounts due from subsidiaries of the Group 2,894 2,890 454 Other current assets — 2,964 465 Total current assets 3,517,630 529,102 83,028 Non-current assets Investment in and amounts due from subsidiaries of the Group 6,318,785 9,657,859 1,515,528 Other non-current assets — 595 93 Total non-current assets 6,318,785 9,658,454 1,515,621 Total assets 9,836,415 10,187,556 1,598,649 LIABILITIES AND SHAREHOLDER’S EQUITY Current liabilities Amounts due to related parties 36,978 31,600 4,959 Accrued expenses and other payables 28,410 18,721 2,937 Total current liabilities 65,388 50,321 7,896 Non-current liabilities: Other non-current liabilities 31,559 22,603 3,547 Total non-current liabilities 31,559 22,603 3,547 Total liabilities 96,947 72,924 11,443 Shareholders’ equity Ordinary shares (par value of US$0.00001 per share,4,500,000,000 Class A ordinary shares authorized, 344,577,783 Class A ordinary shares issued and outstanding; 500,000,000 Class B ordinary shares authorized, 380,214,434 Class B ordinary shares issued and outstanding as of December 31, 2020; 4,500,000,000 Class A ordinary shares authorized, 358,376,753 Class A ordinary shares issued and outstanding, 500,000,000 Class B ordinary shares authorized, 368,500,979 Class B ordinary shares issued and outstanding as of December 31, 2021) 46 46 7 Additional paid-in capital 10,510,516 10,646,328 1,670,641 Statutory reserve 82,792 189,700 29,768 Accumulated other comprehensive loss (172,586 ) (257,977 ) (40,482 ) Accumulated deficit (681,300 ) (463,465 ) (72,728 ) Total shareholders’ equity 9,739,468 10,114,632 1,587,206 Total liabilities and shareholders’ equity 9,836,415 10,187,556 1,598,649 21. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Condensed Statements of Comprehensive (Loss) income For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Operating expenses Sales and marketing expenses — — (235 ) (37 ) General and administrative expenses (33,523 ) (53,945 ) (19,900 ) (3,123 ) Total operating expenses (33,523 ) (53,945 ) (20,135 ) (3,160 ) Operating loss (33,523 ) (53,945 ) (20,135 ) (3,160 ) Interest income — 1,854 5,200 816 Interest expense 47 — — — Share of (loss) income of subsidiaries and the VIEs (140,967 ) (232,287 ) 318,481 49,977 Foreign currency exchange (loss) gain — (1,193 ) 89 14 Changes in fair value of financial instruments — — 4,465 701 Others, net — 2,226 8,320 1,306 Net (loss) income attributable to ordinary shareholders (174,443 ) (283,345 ) 316,420 49,654 Other comprehensive income (loss) (foreign currency translation adjustments), net of tax of nil: 21,967 (212,597 ) (85,391 ) (13,400 ) Comprehensive (loss) income (152,476 ) (495,942 ) 231,029 36,254 21. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued) Condensed Statements of Cash Flows For the year ended December 31, 2019 2020 2021 2021 RMB RMB RMB US$ Net cash used in operating activities (26,093 ) (22,553 ) (6,049 ) (949 ) Net cash used in investing activities (601,174 ) (2,893,144 ) (2,887,209 ) (453,066 ) Net cash generated from (used in) financing activities 637,792 6,683,039 (4,285 ) (672 ) Effect of exchange rate changes on cash and cash equivalents (43 ) (263,088 ) (157,671 ) (24,743 ) Net increase (decrease) in cash and cash equivalents 10,482 3,504,254 (3,055,214 ) (479,430 ) Cash and cash equivalents at beginning of the year — 10,482 3,514,736 551,539 Cash and cash equivalents at end of the year 10,482 3,514,736 459,522 72,109 |
Organization - Additional Infor
Organization - Additional Information (Details) ¥ in Thousands | Oct. 02, 2020CNY (¥) | Apr. 26, 2019CNY (¥) | Dec. 31, 2021shares | Dec. 31, 2020shares | Dec. 31, 2019 | Oct. 02, 2020$ / sharesshares | Aug. 18, 2020$ / sharesshares | Jul. 31, 2020$ / sharesshares |
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 | 93.00% | 93.00% | 83.00% | |||||
Class A Ordinary Shares | ||||||||
Organization [Line Items] | ||||||||
Common stock, shares, issued | 358,376,753 | 344,577,783 | ||||||
Ordinary shares, voting rights | one vote | |||||||
Class B | ||||||||
Organization [Line Items] | ||||||||
Common stock, shares, issued | 368,500,979 | 380,214,434 | ||||||
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. | |||||||
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 | |||||||
Chindata (Xiamen) Science and Technology Co., Ltd | ||||||||
Organization [Line Items] | ||||||||
Equity interest | 100.00% | |||||||
Purchase consideration | ¥ | ¥ 2,772,317 |
Organization - Schedule of Prin
Organization - Schedule of Principal Subsidiaries Variable Interest Entities and Subsidiaries of Variable Interest Entities (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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 | 100.00% |
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 | 100.00% |
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 | 100.00% |
Principal activities | Provision of technical and consulting services |
Chindata (Xiamen) 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 |
Percentage of equity interest attributable to the Company | 100.00% |
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 | 100.00% |
Principal activities | Provision of technical and consulting services |
Datong Qinhuai Data Company Limited | 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 | 100.00% |
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. 1, 2017 |
Place of establishment | Malaysia |
Percentage of equity interest attributable to the Company | 100.00% |
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 Technology Company Limited | 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 |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Current assets | |||||
Cash and cash equivalents | ¥ 4,390,293 | ¥ 6,705,612 | ¥ 1,038,897 | $ 688,933 | |
Short-term investments | 193,672 | 0 | 30,391 | ||
Accounts receivable, net | 661,027 | 422,224 | 103,730 | ||
Value added taxes recoverable | 327,553 | 182,982 | 51,400 | ||
Amount due from related parties | 0 | 64,093 | 0 | ||
Prepayments and other current assets | 314,604 | 112,467 | 49,368 | ||
Total current assets | 6,347,323 | 7,589,976 | 996,033 | ||
Non-current assets | |||||
Property and equipment, net | 9,427,591 | 6,423,830 | 1,479,395 | ||
Operating lease right-of-use assets | 803,544 | 635,683 | 126,094 | ||
Finance lease right-of use assets | 136,825 | 144,615 | 21,471 | ||
Intangible assets | 305,800 | 320,299 | 47,987 | ||
Deferred tax assets | 30,866 | 18,789 | 4,844 | ||
Other non-current assets | 342,573 | 193,145 | 53,755 | ||
Total non-current assets | 12,334,628 | 8,669,622 | 1,935,572 | ||
Total assets | 18,681,951 | 16,259,598 | 2,931,605 | ||
Current liabilities | |||||
Accounts payable | 1,701,299 | 1,186,030 | 266,971 | ||
Current portion of operating lease liabilities | 45,501 | 40,131 | 7,140 | ||
Total current liabilities | 4,301,347 | 1,832,940 | 674,975 | ||
Non-current liabilities | |||||
Operating lease liabilities | 198,806 | 204,305 | 31,197 | ||
Deferred tax liabilities | 270,950 | 254,431 | 42,518 | ||
Other non-current liabilities | 196,400 | 260,225 | 30,819 | ||
Total non-current liabilities | 4,265,972 | 4,687,190 | 669,424 | ||
Total liabilities | 8,567,319 | 6,520,130 | 1,344,399 | ||
Total revenue | 2,852,277 | $ 447,584 | 1,831,077 | 853,010 | |
Net (loss) income | 316,420 | 49,653 | (283,345) | (169,701) | |
Net cash generated from operating activities | 1,065,505 | 167,202 | 664,910 | 40,167 | |
Net cash used in investing activities | (3,952,971) | (620,307) | (2,769,269) | (3,520,639) | |
Net cash used in financing activities | 1,293,061 | 202,909 | 8,188,802 | 4,456,328 | |
VIEs | |||||
Current assets | |||||
Cash and cash equivalents | 577,753 | 251,589 | 90,662 | ||
Short-term investments | 129,946 | 0 | 20,391 | ||
Accounts receivable, net | 588,518 | 399,451 | 92,351 | ||
Amounts due from subsidiaries of the Group | 621,276 | 229,845 | 97,492 | ||
Value added taxes recoverable | 4,273 | 3,367 | 671 | ||
Amount due from related parties | 0 | 35 | 0 | ||
Prepayments and other current assets | 5,931 | 5,715 | 931 | ||
Total current assets | 1,927,697 | 890,002 | 302,498 | ||
Non-current assets | |||||
Property and equipment, net | 57,832 | 64,727 | 9,075 | ||
Operating lease right-of-use assets | 221,708 | 239,155 | 34,791 | ||
Finance lease right-of use assets | 866 | 0 | 136 | ||
Intangible assets | 17,797 | 20,251 | 2,793 | ||
Amounts due from subsidiaries of the Group | 300,000 | 300,000 | 47,077 | ||
Deferred tax assets | 0 | 10,598 | 0 | ||
Other non-current assets | 10,114 | 8,783 | 1,587 | ||
Total non-current assets | 608,317 | 643,514 | 95,459 | ||
Total assets | 2,536,014 | 1,533,516 | 397,957 | ||
Current liabilities | |||||
Accounts payable | 40,260 | 31,694 | 6,318 | ||
Income taxes payable | 4,184 | 1,288 | 657 | ||
Amounts due to subsidiaries of the Group | 2,111,460 | 1,124,418 | 331,334 | ||
Current portion of operating lease liabilities | ¥ 35,990 | ¥ 38,054 | $ 5,648 | ||
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 | ||
Accrued expenses and other current liabilities | ¥ 34,044 | ¥ 31,231 | $ 5,342 | ||
Total current liabilities | 2,225,938 | 1,226,685 | 349,299 | ||
Non-current liabilities | |||||
Operating lease liabilities | ¥ 188,104 | ¥ 204,305 | $ 29,518 | ||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Operating lease liabilities | Operating lease liabilities | Operating lease liabilities | ||
Deferred tax liabilities | ¥ 499 | ¥ 3,131 | $ 78 | ||
Other non-current liabilities | 8,127 | 4,977 | 1,275 | ||
Total non-current liabilities | 196,730 | 212,413 | 30,871 | ||
Total liabilities | 2,422,668 | 1,439,098 | $ 380,170 | ||
Total revenue | 2,656,005 | 416,785 | 1,706,086 | 712,115 | |
Net (loss) income | 2,942 | 462 | (52,771) | 29 | |
Net cash generated from operating activities | 460,676 | 72,290 | 184,998 | 93,468 | |
Net cash used in investing activities | (133,441) | (20,940) | (12,115) | (14,762) | |
Net cash used in financing activities | ¥ (1,071) | $ (168) | ¥ 0 | ¥ 0 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information1 (Details) | Dec. 31, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Revenue, performance obligation percentage | 11.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Revenue, performance obligation percentage | 48.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 4 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2027-01-01 | |
Summary Of Significant Accounting Policies [Line Items] | |
Revenue, performance obligation percentage | 41.00% |
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 | Jan. 01, 2021CNY (¥) | Jan. 01, 2021USD ($) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2021MYR (RM) | Jan. 01, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MYR (RM) |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Convenience translation rate (USD to RMB) | 6.3726 | 6.3726 | 6.3726 | ||||||||
Accumulated deficit | ¥ 463,465,000 | ¥ 681,300,000 | $ 72,728 | ||||||||
Interest expenses incurred | 412,455,000 | $ 64,723 | 330,573,000 | ¥ 120,170,000 | |||||||
Interest expenses incurred capitalized | 117,477,000 | $ 18,435 | 92,189,000 | 17,880,000 | |||||||
Impairment loss | 0 | 0 | |||||||||
Inventory write-downs | 0 | 0 | |||||||||
Impairment of long-lived assets | 0 | 0 | |||||||||
Goodwill impairment | 0 | ¥ 0 | ¥ 0 | ||||||||
Revenue, performance obligation | ¥ 19,891,376,000 | 3,121,391 | |||||||||
Foreign currency exchange rate appreciation | 2.30% | 2.30% | 6.30% | ||||||||
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 | 1.00% | 1.00% | |||||||||
Increase or decrease total interest expense | ¥ 51,671,000 | 8,108 | |||||||||
Customers | Accounts Receivable | Customer One | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Concentration of credit risk percent | 10.00% | 10.00% | 10.00% | ||||||||
Customers | Revenue | Customer One | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Concentration of credit risk percent | 83.20% | 83.20% | 81.70% | 68.20% | |||||||
Customers | Revenue | Customer Two | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Concentration of credit risk percent | 11.10% | ||||||||||
PRC | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Employee benefit expenses | ¥ 53,465,000 | $ 8,390 | ¥ 18,385,000 | ¥ 16,210,000 | |||||||
Malaysia | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Employee benefit expenses | 991,000 | 156 | 1,049,000 | 1,150,000 | |||||||
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 | 110,000,000 | $ 29,000 | RM 396,654 | $ 160,000 | RM 644,654 | ||||||
Gain (loss) recognized | ¥ (1,620,000) | $ (254) | ¥ (20,479,000) | ¥ (12,316,000) | |||||||
ASU 2016-13 | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Accounting Standards Update, adoption date | Jan. 1, 2021 | Jan. 1, 2021 | |||||||||
Cumulative Effect Period of Adoption Adjustment | ASU 2016-13 | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Accumulated deficit | ¥ 8,323,000 | $ 1,306 | |||||||||
Accumulated deficit, income tax effect | ¥ (2,219,000) | $ (348) | |||||||||
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) - Fair Value, Recurring - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
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 | ¥ 129,946 | |
Short-term investments, Held-to-maturity debt securities | 0 | |
Derivative assets | 0 | |
Derivative liabilities | 0 | ¥ 0 |
Contingent receivable | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Short-term investments, Trading securities | 0 | |
Short-term investments, Held-to-maturity debt securities | 63,726 | |
Derivative assets | 2,446 | |
Derivative liabilities | 16,354 | 24,794 |
Contingent receivable | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Short-term investments, Trading securities | 0 | |
Short-term investments, Held-to-maturity debt securities | 0 | |
Derivative assets | 0 | |
Derivative liabilities | ¥ 0 | 0 |
Contingent receivable | ¥ 13,609 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Reconciliation of all financial Instruments Measured at Fair Value on a Recurring Basis Using Level 3 Unobservable Inputs (Details) - Fair Value, Recurring - Significant Unobservable Inputs (Level 3) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | ¥ 13,609 | ¥ 14,630 | |
Settlement | (19,493) | (8,783) | |
Fair value change | 5,884 | 7,762 | |
Year end balance | 0 | ¥ 13,609 | |
The amount of total gain for the year ended December 31, 2021 | ¥ 5,884 | $ 923 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule Schedule of Property Plant and Equipment Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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 | 40 years |
Data Center Equipment - Machinery | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 10 years |
Data Center Equipment - Machinery | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of the assets | 20 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_9
Summary of Significant Accounting Policies - Schedule of Estimated Useful Life for Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Short Term Investments [Line Items] | |||
Short-term investments | ¥ 193,672 | $ 30,391 | ¥ 0 |
Trading Securities | |||
Short Term Investments [Line Items] | |||
Trading securities | 129,946 | 20,391 | 0 |
Held-to-maturity Debt Securities | |||
Short Term Investments [Line Items] | |||
Held-to-maturity debt securities | ¥ 63,726 | $ 10,000 | ¥ 0 |
Short-Term Investment - Additio
Short-Term Investment - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Short Term Investments [Line Items] | ||||
Changes in fair value of financial instruments | ¥ 12,605 | $ 1,978 | ¥ (12,717) | ¥ (11,189) |
Held-to-maturity Debt Securities | ||||
Short Term Investments [Line Items] | ||||
Interest income from held to maturity debt securities | 350 | 55 | 0 | 0 |
Trading Securities | ||||
Short Term Investments [Line Items] | ||||
Changes in fair value of financial instruments | ¥ 8,341 | $ 1,309 | ¥ 0 | ¥ 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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | ¥ 2,852,277 | $ 447,584 | ¥ 1,831,077 | ¥ 853,010 |
Colocation Services Recognized Over Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 2,649,371 | 415,744 | 1,701,911 | 678,348 |
Colocation Rental Recognized Over Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | 114,681 | 17,996 | 124,991 | 128,870 |
Others Recognized Over Time | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total revenue | ¥ 88,225 | $ 13,844 | ¥ 4,175 | ¥ 45,792 |
Lease - Summary of Components o
Lease - Summary of Components of Lease Expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Lease Cost [Abstract] | ||||
Operating lease cost | ¥ 47,055 | $ 7,384 | ¥ 40,479 | ¥ 24,224 |
Finance lease cost | 6,983 | 1,096 | 4,724 | 8,931 |
Short-term lease cost | 1,021 | 160 | 2,208 | 1,661 |
Lease expense | ¥ 55,059 | $ 8,640 | ¥ 47,411 | ¥ 34,816 |
Lease - Schedule of Maturities
Lease - Schedule of Maturities of Lease Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) |
Operating Leases | ||
Year ending December 31, 2022 | ¥ 47,220 | $ 7,410 |
Year ending December 31, 2023 | 40,303 | 6,324 |
Year ending December 31, 2024 | 29,955 | 4,701 |
Year ending December 31, 2025 | 28,426 | 4,461 |
Year ending December 31, 2026 and thereafter | 246,815 | 38,731 |
Total lease payments | 392,719 | 61,627 |
Less imputed interest | (148,412) | (23,290) |
Present value of lease liabilities | ¥ 244,307 | $ 38,337 |
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, 2022 | ¥ 5,251 | $ 824 |
Year ending December 31, 2023 | 5,350 | 840 |
Year ending December 31, 2024 | 5,475 | 859 |
Year ending December 31, 2025 | 5,569 | 874 |
Year ending December 31, 2026 and thereafter | 163,222 | 25,613 |
Total lease payments | 184,867 | 29,010 |
Less imputed interest | (123,100) | (19,317) |
Present value of lease liabilities | ¥ 61,767 | $ 9,693 |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Leases [Abstract] | ||||
Operating cash flows used in operating leases | ¥ 41,832 | $ 6,564 | ¥ 40,275 | ¥ 21,092 |
Operating cash flows used in finance leases | 5,751 | 902 | 6,008 | 6,599 |
Financing cash flows used in finance leases | 7,723 | 1,212 | 18,441 | 9,230 |
Lease liabilities arising from obtaining right-of-use assets | ||||
Operating leases | 23,002 | 3,610 | 8,091 | 13,044 |
Finance leases | ¥ 0 | $ 0 | ¥ 708 | ¥ 178 |
Weighted-average remaining lease term (years) | ||||
Operating leases | 12 years 5 months 4 days | 12 years 5 months 4 days | 13 years 8 months 4 days | |
Finance leases | 26 years 1 month 2 days | 26 years 1 month 2 days | 27 years 25 days | |
Weighted-average discount rate | ||||
Operating leases | 8.60% | 8.60% | 8.59% | |
Finance leases | 9.05% | 9.05% | 9.05% |
Lease - Summary of Minimum Leas
Lease - Summary of Minimum Lease Payments Expected to be Collected (Details) - Dec. 31, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Leases [Abstract] | ||
Year ending December 31, 2022 | ¥ 116,332 | $ 18,255 |
Year ending December 31, 2023 | 222,606 | 34,932 |
Year ending December 31, 2024 | 216,924 | 34,040 |
Year ending December 31, 2025 | 227,801 | 35,747 |
Year ending December 31, 2026 and thereafter | 841,633 | 132,071 |
Total | ¥ 1,625,296 | $ 255,045 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Accounts Receivable (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) |
Accounts Receivable Net [Abstract] | |||||
Accounts receivable | ¥ 661,951 | $ 103,875 | ¥ 434,720 | ||
Allowance for credit losses | (924) | (145) | (12,496) | $ (1,961) | ¥ (4,770) |
Accounts receivable, net | ¥ 661,027 | $ 103,730 | ¥ 422,224 |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Allowance For Doubtful Accounts Receivable Rollforward | |||
Balance at the beginning of the year | ¥ 12,496 | $ 1,961 | ¥ 4,770 |
Provisions/(Reversal) | (286) | (45) | 7,726 |
Write-offs | (232) | (36) | |
Balance at the end of the year | 924 | 145 | ¥ 12,496 |
ASU 2016-13 | |||
Allowance For Doubtful Accounts Receivable Rollforward | |||
Balance at the end of the year | ¥ (11,054) | $ (1,735) |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | ¥ 10,650,406 | $ 1,671,281 | ¥ 7,130,882 |
Less: accumulated depreciation | (1,222,815) | (191,886) | (707,052) |
Property and equipment, net | 9,427,591 | 1,479,395 | 6,423,830 |
Buildings | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 2,721,086 | 426,998 | 1,909,633 |
Data Center Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 4,607,321 | 722,989 | 3,945,877 |
Furniture and Office Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 17,086 | 2,681 | 11,934 |
Computers and Network Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 14,858 | 2,332 | 16,677 |
Motor Vehicles | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 10,001 | 1,569 | 6,868 |
Purchased Software | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 12,763 | 2,003 | 6,984 |
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | 48,674 | 7,638 | 36,358 |
Construction in Progress | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment, gross | ¥ 3,218,617 | $ 505,071 | ¥ 1,196,551 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | ¥ 543,597 | $ 85,302 | ¥ 369,686 | ¥ 208,415 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Acquired customer relationships | ¥ 396,499 | $ 62,219 | ¥ 397,979 |
Acquired license and others | 30,834 | 4,839 | 2,556 |
Less: accumulated amortization | (121,533) | (19,071) | (80,236) |
Intangible assets, net | ¥ 305,800 | $ 47,987 | ¥ 320,299 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | ¥ 42,221 | $ 6,625 | ¥ 42,292 | ¥ 32,760 |
Estimated amortization expense, 2022 | 42,405 | |||
Estimated amortization expense, 2023 | 45,414 | |||
Estimated amortization expense, 2024 | 47,720 | |||
Estimated amortization expense, 2025 | 47,227 | |||
Estimated amortization expense, 2026 | ¥ 39,697 |
Goodwill - Summary of Goodwill
Goodwill - Summary of Goodwill (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Goodwill [Line Items] | |||
Beginning balance | ¥ 472,883 | ||
Ending balance | 472,883 | $ 74,206 | ¥ 472,883 |
Stack Group | |||
Goodwill [Line Items] | |||
Beginning balance | 472,883 | 466,320 | |
Goodwill acquired (Note 17) | 6,563 | ||
Ending balance | ¥ 472,883 | $ 74,206 | ¥ 472,883 |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Accounts Payable And Accrued Liabilities Current [Abstract] | |||
Payroll payable | ¥ 59,432 | $ 9,326 | ¥ 48,339 |
Interest payable | 239,853 | 37,638 | 14,639 |
Deferred government grants | 8,629 | 1,354 | 8,629 |
Other tax and surcharges payable | 90,011 | 14,125 | 28,904 |
Accrued expenses | 42,693 | 6,699 | 52,768 |
Others | 70,639 | 11,085 | 58,270 |
Accrued expenses and other current liabilities | ¥ 511,257 | $ 80,227 | ¥ 211,549 |
Accrued Expenses and Other Cu_4
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Parenthetical) (Details) - 12 months ended Dec. 31, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Incremental interest payable | ¥ 223,084 | $ 35,007 |
Bank Loans - Summary of Group's
Bank Loans - Summary of Group's Borrowings (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Secured Longterm Debt Current And Noncurrent [Abstract] | |||
Secured short-term bank loans | ¥ 260,980 | $ 40,953 | ¥ 66,135 |
Secured long-term bank loans | 5,216,005 | 818,505 | 4,122,898 |
Bank loan | ¥ 5,476,985 | $ 859,458 | ¥ 4,189,033 |
Bank Loans - Additional Informa
Bank Loans - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2021MYR (RM) | |
Debt Instrument [Line Items] | ||||
Financing credit facilities, amount | ¥ 4,503,352,000 | $ 345,000 | RM 248,000,000 | |
Unused loan facilities for bank borrowings | ¥ 400,000,000 | $ 30,000 | RM 0 | |
Weighted average interest rate on short-term bank loans | 6.82% | 7.00% | 6.82% | 6.82% |
Weighted average interest rate on long-term bank loans | 7.13% | 7.87% | 7.13% | 7.13% |
Breach of loan | ¥ 0 | ¥ 0 | ||
Secured Debt | Bank Borrowings | Restricted Cash | ||||
Debt Instrument [Line Items] | ||||
Loan facility amount | 54,692,000 | |||
Secured Debt | Bank Borrowings | Accounts Receivable | ||||
Debt Instrument [Line Items] | ||||
Loan facility amount | 543,220,000 | |||
Secured Debt | Bank Borrowings | Property and Equipment | ||||
Debt Instrument [Line Items] | ||||
Loan facility amount | 2,666,108,000 | |||
Secured Debt | Bank Borrowings | Land Use Rights | ||||
Debt Instrument [Line Items] | ||||
Loan facility amount | ¥ 115,017,000 | |||
Secured Debt | Standby Letter of Credit | Bank Borrowings | ||||
Debt Instrument [Line Items] | ||||
Loan facility amount | $ | $ 150,000 | |||
Secured Debt | Standby Letter of Credit | Bank Borrowings | Two Loan Facilities | ||||
Debt Instrument [Line Items] | ||||
Financing credit facilities, amount | $ | $ 120,000 | |||
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, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Secured Longterm Debt Current And Noncurrent [Abstract] | ||
2022 | ¥ 1,973,392 | $ 309,668 |
2023 | 551,390 | 86,525 |
2024 | 1,160,896 | 182,170 |
2025 | 1,126,985 | 176,849 |
2026 and thereafter | 747,736 | 117,336 |
Loan principal due | ¥ 5,560,399 | $ 872,548 |
Taxation - Additional Informati
Taxation - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Tax Credit Carryforward [Line Items] | |||||
Statutory income tax rate | 25.00% | 25.00% | 25.00% | 25.00% | |
Preferential income tax rate | 15.00% | 15.00% | |||
Effective period of certificate | 3 years | 3 years | |||
Withholding income tax rate | 10.00% | 10.00% | |||
Undistributed earnings | ¥ 1,023,628,000 | $ 160,630 | |||
Impact from tax uncertainties | ¥ 0 | ¥ 0 | |||
Income tax examination, description | In general, the tax authorities have five to seven years to conduct examinations of the tax filings of the Group’s subsidiaries. | In general, the tax authorities have five to seven years to conduct examinations of the tax filings of the Group’s subsidiaries. | |||
Income tax examination years under examination | 2016 2017 2018 2019 2020 2021 | 2016 2017 2018 2019 2020 2021 | |||
Unrecognized tax benefits | ¥ 63,643,000 | ¥ 4,478,000 | 9,987 | ||
Deferred tax assets related to tax loss carry forwards | 63,643,000 | 9,987 | |||
Interest expense on unrecognized tax benefits | 2,729,000 | $ 428 | |||
Accrued interest expense on unrecognized tax benefits | ¥ 3,288,000 | 516 | |||
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 | 7 years | 7 years | |||
PRC and Malaysia | |||||
Tax Credit Carryforward [Line Items] | |||||
Operating loss | ¥ 362,461,000 | $ 56,878 | |||
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 | 7 years | 7 years | |||
Operating loss carryforwards expiration year | 2024 | 2024 | |||
Malaysia | |||||
Tax Credit Carryforward [Line Items] | |||||
Statutory income tax rate | 24.00% | 24.00% |
Taxation - Summary of (Loss) In
Taxation - Summary of (Loss) Income Before Income Taxes (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
PRC | ¥ 677,544 | $ 106,321 | ¥ 102,329 | ¥ 77,079 |
Non-PRC | (206,708) | (32,437) | (318,335) | (248,522) |
(Loss) income before income taxes | ¥ 470,836 | $ 73,884 | ¥ (216,006) | ¥ (171,443) |
Taxation - Summary of Current a
Taxation - Summary of Current and Deferred Components of Income Tax (Benefit) Expense (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Tax Disclosure [Abstract] | ||||
Current income tax expense | ¥ 147,818 | $ 23,196 | ¥ 59,964 | ¥ 631 |
Deferred income taxes | 6,598 | 1,035 | 7,375 | (2,373) |
Income tax (benefit) expense | ¥ 154,416 | $ 24,231 | ¥ 67,339 | ¥ (1,742) |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | ||||
(Loss) income before income tax | ¥ 470,836 | $ 73,884 | ¥ (216,006) | ¥ (171,443) |
Income tax computed at the PRC statutory tax rate of 25% | 117,709 | 18,471 | (54,001) | (42,861) |
Effect of differing tax rates in different jurisdictions | 24,378 | 3,826 | 35,228 | 23,599 |
Effect of PRC preferential tax rates | (30,191) | (4,738) | (22,350) | (3,346) |
Research and development expense super-deduction | (12,232) | (1,919) | (7,557) | (4,001) |
Effect of tax rate changes on deferred taxes | (6,446) | (1,012) | 5,325 | |
Non-deductible expenses and non-taxable income, net | 57,631 | 9,043 | 106,892 | 384 |
Change in valuation allowance | 3,567 | 560 | 3,802 | 24,483 |
Income tax (benefit) expense | ¥ 154,416 | $ 24,231 | ¥ 67,339 | ¥ (1,742) |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||
Statutory income tax rate | 25.00% | 25.00% | 25.00% |
Taxation - Schedule of Signific
Taxation - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Deferred tax assets | |||
Tax loss carry forward | ¥ 89,147 | $ 13,989 | ¥ 67,873 |
Unabsorbed capital allowance | 73,567 | 11,544 | 63,297 |
Depreciation and amortization expense | 82,957 | 13,018 | 23,887 |
Operating lease | 59,748 | 9,376 | 60,878 |
Accrued expenses and others | 29,212 | 4,584 | 35,245 |
Less: Valuation allowance | 72,606 | 11,393 | 71,229 |
Deferred tax assets | 262,025 | 41,118 | 179,951 |
Deferred tax liabilities | |||
Property and equipment | 329,917 | 51,771 | 222,489 |
Acquisition of intangible assets | 86,283 | 13,540 | 105,805 |
Debt issuance cost | 15,431 | 2,421 | 13,243 |
Operating lease | 63,039 | 9,892 | 64,358 |
Others | 7,439 | 1,168 | 9,698 |
Deferred tax liabilities | 502,109 | 78,792 | 415,593 |
Deferred tax assets | 30,866 | 4,844 | 18,789 |
Deferred tax liabilities | 270,950 | 42,518 | 254,431 |
Net deferred tax liabilities | ¥ 240,084 | $ 37,674 | ¥ 235,642 |
Taxation - Reconciliation of Be
Taxation - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - 12 months ended Dec. 31, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) |
Income Tax Disclosure [Abstract] | ||
Balance as of December 31, 2020 | ¥ 4,478 | |
Increase | 59,316 | |
Decrease | (151) | |
Balance as of December 31, 2021 | ¥ 63,643 | $ 9,987 |
Share-Based Payments - Addition
Share-Based Payments - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Sep. 30, 2020CNY (¥)shares | Aug. 26, 2020USD ($)shares | Aug. 18, 2020CNY (¥) | Aug. 18, 2020USD ($) | May 29, 2020shares | Apr. 13, 2020shares | Sep. 11, 2019Installmentshares | Oct. 31, 2020shares | Sep. 30, 2020CNY (¥)shares | May 31, 2020Installmentshares | Dec. 31, 2019 | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019CNY (¥) | Jan. 08, 2020shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Total share-based compensation expenses | ¥ 120,724 | $ 18,944 | ¥ 349,846 | ¥ 63,746 | |||||||||||||
Proceeds from exercise of share options | ¥ 10,449 | $ 1,640 | |||||||||||||||
Construction in Progress | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Total share-based compensation expenses | ¥ | ¥ 20,127 | ||||||||||||||||
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 | |||||||||||||||
Class B Ordinary Shares | Bridge Management, L.P. | BCPE Bridge Limited Partnership Agreement | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Conversion of outstanding shares | 26,797,650 | ||||||||||||||||
2019 Plan | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Weighted-average exercise price for forfeited share options | $ / shares | $ 0.50 | ||||||||||||||||
Weighted-average grant-date fair value of the share options granted | $ / shares | $ 1.73 | ||||||||||||||||
Total fair value of share options vested | $ | $ 620 | $ 13,923 | |||||||||||||||
Weighted-average exercise price for share options forfeited | $ / shares | $ 1.87 | ||||||||||||||||
Weighted-average exercise price for share options outstanding | $ / shares | 1.68 | $ 1.68 | |||||||||||||||
Weighted-average exercise price for share options expected to vest | $ / shares | $ 1.68 | ||||||||||||||||
2020 Plan | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Share-based payment award, options, exercised | 5,667,164 | 2,085,515 | 2,085,515 | ||||||||||||||
Total share-based compensation expenses | ¥ | ¥ 21,914 | ||||||||||||||||
Number of shares vesting accelerated | 1,125,600 | ||||||||||||||||
Weighted-average exercise price for forfeited share options | $ / shares | $ 4.62 | ||||||||||||||||
Weighted-average grant-date fair value of the share options granted | $ / shares | $ 3.17 | $ 5.43 | |||||||||||||||
Total fair value of share options vested | $ | $ 8,258 | $ 7,846 | |||||||||||||||
Stock option granted contractual term | 10 years | ||||||||||||||||
Number of shares granted | 5,667,164 | 1,350,482 | 1,350,482 | ||||||||||||||
Stock option vesting percentage | 50.00% | ||||||||||||||||
Number of Equal Installments to Vest Shares | Installment | 2 | ||||||||||||||||
Proceeds from exercise of share options | $ | $ 5,667 | ||||||||||||||||
Number of early exercised options but not vested remained as outstanding option | 4,958,769 | 5,667,164 | |||||||||||||||
Weighted-average exercise price for share options granted | $ / shares | $ 3.42 | ||||||||||||||||
Weighted-average exercise price for share options exercised | $ / shares | 1.25 | ||||||||||||||||
Weighted-average exercise price for share options forfeited | $ / shares | 1.92 | ||||||||||||||||
Weighted-average exercise price for share options outstanding | $ / shares | 1.69 | $ 1.47 | |||||||||||||||
Weighted-average exercise price for share options expected to vest | $ / shares | 1.69 | ||||||||||||||||
Weighted-average exercise price for share options exercisable | $ / shares | $ 1.82 | ||||||||||||||||
Total intrinsic value of options exercised | $ | $ 4,282 | ||||||||||||||||
Aggregate intrinsic value of share options outstanding | $ | 20,385 | ||||||||||||||||
Aggregate intrinsic value of share options currently exercisable | $ | $ 2,356 | ||||||||||||||||
Weighted-average remaining contractual term of share options outstanding | 8 years 6 months 10 days | 8 years 6 months 10 days | |||||||||||||||
Weighted-average remaining contractual term of share options currently exercisable | 8 years 8 months 19 days | 8 years 8 months 19 days | |||||||||||||||
2020 Plan | Certain Employees | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Number of shares granted | 2,805,000 | 5,666,345 | 1,350,482 | 1,350,482 | |||||||||||||
Stock option vesting service period | 4 years | ||||||||||||||||
2020 Plan | Maximum | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Aggregate number of shares authorized | 11,334,328 | 11,334,328 | 5,667,164 | 22,291,218 | |||||||||||||
2020 Plan | Maximum | Certain Employees | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Stock option vesting service period | 4 years | 4 years | |||||||||||||||
2020 Plan | Minimum | Certain Employees | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Stock option vesting service period | 3 years | 3 years | |||||||||||||||
2020 Plan | Service-based Awards | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Stock option vesting percentage | 50.00% | ||||||||||||||||
Number of Equal Installments to Vest Shares | Installment | 4 | ||||||||||||||||
Stock option vesting service period | 4 years | ||||||||||||||||
2019 Plan and 2020 Plan | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Total unrecognized employee share-based compensation expenses | $ | $ 44,440 | ||||||||||||||||
Expected to recognized weighted-average period | 1 year 5 months 12 days | 1 year 5 months 12 days | |||||||||||||||
ISUs | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Expected to recognized weighted-average period | 1 year 2 months 12 days | 1 year 2 months 12 days | |||||||||||||||
Total unrecognized employee share-based compensation expenses | $ | $ 13,624 | ||||||||||||||||
Class B | Bridge Management, L.P. | BCPE Bridge Limited Partnership Agreement | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Share issued to SBC platform | 1,000,000 | ||||||||||||||||
BCPE Stack ESOP Holdco Limited | 2019 Plan | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Total share-based compensation expenses | ¥ | ¥ 27,580 | ||||||||||||||||
Number of shares vesting accelerated | 3,808,818 | ||||||||||||||||
BCPE Bridge Cayman, L.P. | Class B | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
Total share-based compensation expenses | ¥ | ¥ 5,132 | ||||||||||||||||
Number of shares vesting accelerated | 31,137 | ||||||||||||||||
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 | ||||||||||||||||
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 | ||||||||||||||||
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 | ||||||||||||||||
Number of vesting installments | Installment | 3 | ||||||||||||||||
2019 Plan | BCPE Stack ESOP Holdco Limited | |||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||||
ESOP contractual term | 10 years | ||||||||||||||||
2019 Plan | BCPE Stack ESOP Holdco Limited | Class B | |||||||||||||||||
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 | 3,873,613 |
Share-Based Payments - Summary
Share-Based Payments - Summary of Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
2019 Plan | ||
Weighted average grant date fair value | ||
Awarded and unvested, beginning balance | $ 1.68 | |
Granted | $ 1.73 | |
Vested | 1.56 | |
Forfeited | 1.87 | |
Awarded and unvested, ending balance | 1.68 | $ 1.68 |
Expected to vest, ending balance | $ 1.68 | |
2019 Plan | ESOP Holdco Class B Shares | ||
Number of Options/ISUs | ||
Awarded and unvested, beginning balance | 9,843,125 | |
Vested | (398,553) | |
Forfeited | (112,000) | |
Awarded and unvested, ending balance | 9,332,572 | 9,843,125 |
Expected to vest, ending balance | 9,332,572 | |
ISUs | ||
Number of Options/ISUs | ||
Awarded and unvested, beginning balance | 385,517 | |
Granted | 18,658 | |
Vested | (169,361) | |
Forfeited | (22,385) | |
Awarded and unvested, ending balance | 212,429 | 385,517 |
Expected to vest, ending balance | 212,429 | |
Weighted average grant date fair value | ||
Awarded and unvested, beginning balance | $ 74.78 | |
Granted | 79.32 | |
Vested | 48.02 | |
Forfeited | 124.89 | |
Awarded and unvested, ending balance | 91.23 | $ 74.78 |
Expected to vest, ending balance | $ 91.23 |
Share-Based Payments - Summar_2
Share-Based Payments - Summary of Activity - 2020 Plan (Details) - 2020 Plan - $ / shares | Aug. 26, 2020 | May 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Number of share options | ||||
Outstanding, beginning balance | 14,136,509 | |||
Granted | 5,667,164 | 1,350,482 | ||
Exercised | (5,667,164) | (2,085,515) | ||
Forfeited | (949,222) | |||
Outstanding, ending balance | 12,452,254 | 14,136,509 | ||
Vested and expected to vest as of December 31, 2021 | 12,452,254 | |||
Exercisable, ending balance | 1,551,155 | |||
Weighted average grant date fair value | ||||
Outstanding, beginning balance | $ 4.21 | |||
Granted | 3.17 | $ 5.43 | ||
Exercised | 4.31 | |||
Forfeited | 4.62 | |||
Outstanding, ending balance | 4.05 | $ 4.21 | ||
Vested and expected to vest as of December 31, 2021 | 4.05 | |||
Exercisable, ending balance | $ 4.66 |
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, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free rate, minimum | 1.31% | 0.57% |
Risk-free rate, maximum | 1.82% | 1.90% |
Expected volatility range, minimum | 41.00% | 39.65% |
Expected volatility range, maximum | 43.00% | 40.53% |
Exercise multiple | 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 | $ 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 | $ 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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | ¥ 120,724 | $ 18,944 | ¥ 349,846 | ¥ 63,746 |
Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | 6,170 | 968 | 32,990 | 0 |
Selling and Marketing | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | 13,562 | 2,128 | 21,691 | 0 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expenses | ¥ 100,992 | $ 15,848 | ¥ 295,165 | ¥ 63,746 |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Transactions (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Related Party Transaction [Line Items] | ||||
Related party transaction, amounts of transaction | ¥ 10,541 | $ 1,654 | ¥ 245,755 | ¥ 224,255 |
Wangsu | ||||
Related Party Transaction [Line Items] | ||||
Purchase of services | 83,382 | 104,312 | ||
Net revenue from colocation services provided | 83,054 | 95,071 | ||
Jizongneng | ||||
Related Party Transaction [Line Items] | ||||
Purchase of services | ¥ 10,541 | $ 1,654 | ||
Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Management consulting services provided | 59,741 | 16,434 | ||
Shareholder Affiliates | ||||
Related Party Transaction [Line Items] | ||||
Management consulting services provided | 13,016 | ¥ 8,438 | ||
Qinyun | ||||
Related Party Transaction [Line Items] | ||||
Gain on divestiture | ¥ 6,562 |
Related Party Transactions - _2
Related Party Transactions - Summary of Related Party Transactions (Parenthetical) (Details) - CNY (¥) ¥ in Thousands | Aug. 04, 2020 | Dec. 31, 2019 | Oct. 02, 2020 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||||
Services revenue | ¥ 70,861 | ¥ 62,440 | ||
Equity interest | 100.00% | |||
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Amounts due from related parties: | |||
Company Affiliates | ¥ 64,093 | ||
Amounts due to related parties: | |||
Company Affiliates | ¥ 6,754 | $ 1,060 | |
Affiliates | 478 | 75 | 490 |
Shareholder Affiliates | 31,600 | 4,959 | 36,978 |
Total | ¥ 38,832 | $ 6,094 | ¥ 37,468 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - CNY (¥) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
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, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 726,018,244 | 726,018,244 | 613,673,576 | 397,153,121 |
(Loss) Earnings per share-basic | (per share) | ¥ 0.44 | $ 0.07 | ¥ (0.46) | ¥ (0.44) |
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 726,018,244 | 726,018,244 | 613,673,576 | 397,153,121 |
Denominator used for (loss) earnings per share | 729,015,250 | 729,015,250 | 613,673,576 | 397,153,121 |
(Loss) Earnings per share-diluted | (per share) | ¥ 0.43 | $ 0.07 | ¥ (0.46) | ¥ (0.44) |
Ordinary Shares | ||||
Numerator: | ||||
Allocation of net (loss) income available to ordinary shareholders | ¥ | ¥ (174,443) | |||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 397,153,121 | |||
(Loss) Earnings per share-basic | ¥ / shares | ¥ (0.44) | |||
Numerator: | ||||
Allocation of net (loss) income available to ordinary shareholders | ¥ | ¥ (174,443) | |||
Net (loss) income available to ordinary shareholders | ¥ | ¥ (174,443) | |||
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 397,153,121 | |||
Denominator used for (loss) earnings per share | 397,153,121 | |||
(Loss) Earnings per share-diluted | ¥ / shares | ¥ (0.44) | |||
Class A | ||||
Numerator: | ||||
Allocation of net (loss) income available to ordinary shareholders | ¥ 153,692 | $ 24,118 | ¥ (105,403) | |
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 352,642,396 | 352,642,396 | 228,284,218 | |
(Loss) Earnings per share-basic | (per share) | ¥ 0.44 | $ 0.07 | ¥ (0.46) | |
Numerator: | ||||
Allocation of net (loss) income available to ordinary shareholders | ¥ 153,692 | $ 24,118 | ¥ (105,403) | |
Reallocation of net (loss) income available to ordinary shares as a result of conversion of Class B to Class A ordinary shares | 162,728 | 25,535 | (177,942) | |
Net (loss) income available to ordinary shareholders | ¥ 316,420 | $ 49,653 | ¥ (283,345) | |
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 352,642,396 | 352,642,396 | 228,284,218 | |
Share-based awards | 1,705,149 | 1,705,149 | ||
Conversion of Class B including potential ordinary shares to Class A ordinary share | 374,667,705 | 374,667,705 | 385,389,358 | |
Denominator used for (loss) earnings per share | 729,015,250 | 729,015,250 | 613,673,576 | |
(Loss) Earnings per share-diluted | (per share) | ¥ 0.43 | $ 0.07 | ¥ (0.46) | |
Class B | ||||
Numerator: | ||||
Allocation of net (loss) income available to ordinary shareholders | ¥ 162,728 | $ 25,535 | ¥ (177,942) | |
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 373,375,848 | 373,375,848 | 385,389,358 | |
(Loss) Earnings per share-basic | (per share) | ¥ 0.44 | $ 0.07 | ¥ (0.46) | |
Numerator: | ||||
Allocation of net (loss) income available to ordinary shareholders | ¥ 162,728 | $ 25,535 | ¥ (177,942) | |
Reallocation of net (loss) income to Class B ordinary shares | (108) | (17) | ||
Net (loss) income available to ordinary shareholders | ¥ 162,620 | $ 25,518 | ¥ (177,942) | |
Denominator: | ||||
Weighted average number of ordinary shares outstanding | 373,375,848 | 373,375,848 | 385,389,358 | |
Share-based awards | 1,291,857 | 1,291,857 | ||
Denominator used for (loss) earnings per share | 374,667,705 | 374,667,705 | 385,389,358 | |
(Loss) Earnings per share-diluted | (per share) | ¥ 0.43 | $ 0.07 | ¥ (0.46) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income (Loss) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||
Beginning balance | ¥ (172,586) | ¥ 40,011 | ¥ 18,044 | |
Foreign currency translation adjustments | (85,391) | $ (13,400) | (212,597) | 21,967 |
Ending balance | ¥ (257,977) | $ (40,482) | ¥ (172,586) | ¥ 40,011 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Summary of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||||
Foreign currency translation adjustments, net of tax | ¥ 0 | $ 0 | ¥ 0 | ¥ 0 |
Business Combination - Addition
Business Combination - Additional Information (Details) ¥ in Thousands, $ in Thousands | Nov. 01, 2020CNY (¥) | Apr. 26, 2019CNY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
PRC Subsidiary | ||||||
Business Acquisition [Line Items] | ||||||
Date of acquisition | Apr. 26, 2019 | |||||
Percentage of ownership interests acquired | 100.00% | |||||
Remeasurement gain of profit or loss | ¥ 5,884 | $ 923 | ¥ 7,762 | ¥ 1,127 | ||
Settlement | ¥ 19,493 | $ 3,059 | ||||
Estimated remaining useful life of identifiable intangible assets | 10 years | 10 years | ||||
Pro forma revenue | 1,098,383 | |||||
Pro forma net loss attributable to the Company | ¥ 141,745 | |||||
Purchase consideration | ¥ 2,772,317 | |||||
PRC Subsidiary | Maximum | ||||||
Business Acquisition [Line Items] | ||||||
Purchase price consideration on predetermined performance targets | ¥ 48,000 | |||||
Huailai Huizhi Construction Co. Ltd. | ||||||
Business Acquisition [Line Items] | ||||||
Date of acquisition | Nov. 1, 2020 | |||||
Percentage of ownership interests acquired | 100.00% | |||||
Purchase consideration | ¥ 39,612 |
Business Combination - Summary
Business Combination - Summary of Purchase Consideration on Acquisition Date (Details) - PRC Subsidiary ¥ in Thousands | Apr. 26, 2019CNY (¥) |
Business Acquisition [Line Items] | |
Cash consideration | ¥ 2,785,820 |
Contingent receivable | (13,503) |
Purchase consideration | ¥ 2,772,317 |
Business Combination - Summar_2
Business Combination - Summary of Fair Value of Assets Acquired and Liabilities Assumed on Acquisition Date (Details) ¥ in Thousands, $ in Thousands | Nov. 01, 2020CNY (¥) | Apr. 26, 2019CNY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Business Acquisition [Line Items] | |||||
Goodwill | ¥ 472,883 | $ 74,206 | ¥ 472,883 | ||
PRC Subsidiary | |||||
Business Acquisition [Line Items] | |||||
Total purchase consideration | ¥ 2,772,317 | ||||
Cash and cash equivalents | 892,009 | ||||
Restricted cash | 14,771 | ||||
Other current assets | 304,495 | ||||
Property and equipment, net | 1,591,412 | ||||
Customer relationships | 372,025 | ||||
Operating lease right-of-use assets | 392,286 | ||||
Other non-current assets | 113,038 | ||||
Other current liabilities | (670,648) | ||||
Deferred tax liabilities | (116,019) | ||||
Other non-current liabilities | (587,372) | ||||
Goodwill | 466,320 | ||||
Purchase consideration | ¥ 2,772,317 | ||||
Huailai Huizhi Construction Co. Ltd. | |||||
Business Acquisition [Line Items] | |||||
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 | ||||
Purchase consideration | ¥ 39,612 |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Disclosure Of Restricted Net Assets [Line Items] | |||
Appropriation of after tax profit to statutory surplus fund limit registered capital percentage | 50.00% | ||
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 | ¥ 189,700 | $ 29,768 | ¥ 82,792 |
Restricted net assets | ¥ 3,837,898 | $ 602,250 | |
VIEs | |||
Disclosure Of Restricted Net Assets [Line Items] | |||
Appropriation of after tax profit to statutory surplus fund limit registered capital percentage | 50.00% | ||
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 | 10.00% | ||
Minimum | VIEs | |||
Disclosure Of Restricted Net Assets [Line Items] | |||
Percentage of allocation of after tax profit | 10.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - 12 months ended Dec. 31, 2021 ¥ in Thousands, $ in Thousands | CNY (¥) | USD ($) | USD ($) |
Commitments And Contingencies Disclosure [Line Items] | |||
Capital expenditure commitments | ¥ 841,550 | $ 132,058 | |
Construction contract termination date | August 2020 | August 2020 | |
Others, Net | |||
Commitments And Contingencies Disclosure [Line Items] | |||
Loss contingency accrual | ¥ 31,162 | $ 4,890 | |
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, 2021Segment | |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Segment Reporting Information [Line Items] | ||||
Total net revenue | ¥ 2,852,277 | $ 447,584 | ¥ 1,831,077 | ¥ 853,010 |
PRC | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenue | 2,737,596 | 429,588 | 1,706,086 | 712,115 |
Malaysia | ||||
Segment Reporting Information [Line Items] | ||||
Total net revenue | ¥ 114,681 | $ 17,996 | ¥ 124,991 | ¥ 140,895 |
Segment Information - Summary_2
Segment Information - Summary of Long-lived Assets by Geographic Area (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | ¥ 10,367,960 | $ 1,626,960 | ¥ 7,204,128 |
PRC | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 8,829,539 | 1,385,547 | 6,016,479 |
Malaysia | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | 911,623 | 143,054 | 958,408 |
India | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Long-lived assets | ¥ 626,798 | $ 98,359 | ¥ 229,241 |
Condensed Financial Informati_3
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Current assets | |||||
Cash and cash equivalents | ¥ 4,390,293 | $ 688,933 | ¥ 6,705,612 | ¥ 1,038,897 | |
Short-term investments | 193,672 | 30,391 | 0 | ||
Total current assets | 6,347,323 | 996,033 | 7,589,976 | ||
Non-current assets | |||||
Other non-current assets | 342,573 | 53,755 | 193,145 | ||
Total non-current assets | 12,334,628 | 1,935,572 | 8,669,622 | ||
Total assets | 18,681,951 | 2,931,605 | 16,259,598 | ||
Current liabilities | |||||
Amounts due to related parties | 38,832 | 6,094 | 37,468 | ||
Total current liabilities | 4,301,347 | 674,975 | 1,832,940 | ||
Non-current liabilities | |||||
Other non-current liabilities | 196,400 | 30,819 | 260,225 | ||
Total non-current liabilities | 4,265,972 | 669,424 | 4,687,190 | ||
Total liabilities | 8,567,319 | 1,344,399 | 6,520,130 | ||
Shareholders’ equity | |||||
Ordinary shares | 46 | 7 | 46 | ||
Statutory reserves | 189,700 | 29,768 | 82,792 | ||
Accumulated other comprehensive loss | (257,977) | (40,482) | (172,586) | ¥ 40,011 | ¥ 18,044 |
Accumulated deficit | (463,465) | (72,728) | (681,300) | ||
Total shareholders’ equity | 10,114,632 | 1,587,206 | 9,739,468 | ||
Total liabilities and shareholders’ equity | 18,681,951 | 2,931,605 | 16,259,598 | ||
Parent Company | |||||
Current assets | |||||
Cash and cash equivalents | 459,522 | 72,109 | 3,514,736 | ||
Short-term investments | 63,726 | 10,000 | |||
Amounts due from subsidiaries of the Group | 2,890 | 454 | 2,894 | ||
Other current assets | 2,964 | 465 | |||
Total current assets | 529,102 | 83,028 | 3,517,630 | ||
Non-current assets | |||||
Investment in and amounts due from subsidiaries of the Group | 9,657,859 | 1,515,528 | 6,318,785 | ||
Other non-current assets | 595 | 93 | |||
Total non-current assets | 9,658,454 | 1,515,621 | 6,318,785 | ||
Total assets | 10,187,556 | 1,598,649 | 9,836,415 | ||
Current liabilities | |||||
Amounts due to related parties | 31,600 | 4,959 | 36,978 | ||
Accrued expenses and other payables | 18,721 | 2,937 | 28,410 | ||
Total current liabilities | 50,321 | 7,896 | 65,388 | ||
Non-current liabilities | |||||
Other non-current liabilities | 22,603 | 3,547 | 31,559 | ||
Total non-current liabilities | 22,603 | 3,547 | 31,559 | ||
Total liabilities | 72,924 | 11,443 | 96,947 | ||
Shareholders’ equity | |||||
Ordinary shares | 46 | 7 | 46 | ||
Additional paid-in capital | 10,646,328 | 1,670,641 | 10,510,516 | ||
Statutory reserves | 189,700 | 29,768 | 82,792 | ||
Accumulated other comprehensive loss | (257,977) | (40,482) | (172,586) | ||
Accumulated deficit | (463,465) | (72,728) | (681,300) | ||
Total shareholders’ equity | 10,114,632 | 1,587,206 | 9,739,468 | ||
Total liabilities and shareholders’ equity | ¥ 10,187,556 | $ 1,598,649 | ¥ 9,836,415 |
Condensed Financial Informati_4
Condensed Financial Information of the Parent Company - Condensed Balance Sheets (Parenthetical) (Details) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Financial Statements Captions [Line Items] | ||
Common stock, par value per share | $ 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 | 358,376,753 | 344,577,783 |
Common stock, value, outstanding | 358,376,753 | 344,577,783 |
Class B Ordinary Shares | ||
Condensed Financial Statements Captions [Line Items] | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares, issued | 368,500,979 | 380,214,434 |
Common stock, value, outstanding | 368,500,979 | 380,214,434 |
Parent Company | ||
Condensed Financial Statements Captions [Line Items] | ||
Common stock, par value per share | $ 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 | 358,376,753 | 344,577,783 |
Common stock, value, outstanding | 358,376,753 | 344,577,783 |
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 | 368,500,979 | 380,214,434 |
Common stock, value, outstanding | 368,500,979 | 380,214,434 |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Operating expenses | ||||
Sales and marketing expenses | ¥ 89,654 | $ 14,069 | ¥ 99,092 | ¥ 47,496 |
General and administrative expenses | 359,470 | 56,409 | 564,286 | 232,837 |
Total operating expenses | (524,468) | (82,301) | (704,553) | (304,843) |
Operating (loss) income | 675,145 | 105,944 | 28,228 | (62,054) |
Interest income | 58,607 | 9,197 | 27,616 | 7,161 |
Interest expense | (294,978) | (46,288) | (238,384) | (102,290) |
Foreign currency exchange (loss) gain | (4,726) | (742) | (3,548) | (2,438) |
Changes in fair value of financial instruments | 12,605 | 1,978 | (12,717) | (11,189) |
Other comprehensive income (loss) (foreign currency translation adjustments), net of tax of nil: | (85,391) | (13,400) | (212,597) | 21,967 |
Comprehensive (loss) income | 231,029 | 36,253 | (495,942) | (147,734) |
Parent Company | ||||
Operating expenses | ||||
Sales and marketing expenses | (235) | (37) | ||
General and administrative expenses | (19,900) | (3,123) | (53,945) | (33,523) |
Total operating expenses | (20,135) | (3,160) | (53,945) | (33,523) |
Operating (loss) income | (20,135) | (3,160) | (53,945) | (33,523) |
Interest income | 5,200 | 816 | 1,854 | |
Interest expense | 47 | |||
Share of (loss) income of subsidiaries and the VIEs | 318,481 | 49,977 | (232,287) | (140,967) |
Foreign currency exchange (loss) gain | 89 | 14 | (1,193) | |
Changes in fair value of financial instruments | 4,465 | 701 | ||
Others, net | 8,320 | 1,306 | 2,226 | |
Net (loss) income attributable to ordinary shareholders | 316,420 | 49,654 | (283,345) | (174,443) |
Other comprehensive income (loss) (foreign currency translation adjustments), net of tax of nil: | (85,391) | (13,400) | (212,597) | 21,967 |
Comprehensive (loss) income | ¥ 231,029 | $ 36,254 | ¥ (495,942) | ¥ (152,476) |
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, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Condensed Financial Statements Captions [Line Items] | ||||
Net cash generated from operating activities | ¥ 1,065,505 | $ 167,202 | ¥ 664,910 | ¥ 40,167 |
Net cash used in investing activities | (3,952,971) | (620,307) | (2,769,269) | (3,520,639) |
Net cash generated from (used in) financing activities | 1,293,061 | 202,909 | 8,188,802 | 4,456,328 |
Effect of exchange rate changes on cash and cash equivalents | (76,056) | (11,936) | (292,820) | (719) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,670,461) | (262,132) | 5,791,623 | 975,137 |
Parent Company | ||||
Condensed Financial Statements Captions [Line Items] | ||||
Net cash generated from operating activities | (6,049) | (949) | (22,553) | (26,093) |
Net cash used in investing activities | (2,887,209) | (453,066) | (2,893,144) | (601,174) |
Net cash generated from (used in) financing activities | (4,285) | (672) | 6,683,039 | 637,792 |
Effect of exchange rate changes on cash and cash equivalents | (157,671) | (24,743) | (263,088) | (43) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (3,055,214) | (479,430) | 3,504,254 | 10,482 |
Cash and cash equivalents at beginning of the year | 3,514,736 | 551,539 | 10,482 | |
Cash and cash equivalents at end of the year | ¥ 459,522 | $ 72,109 | ¥ 3,514,736 | ¥ 10,482 |
Condensed Financial Informati_7
Condensed Financial Information of the Parent Company - Basis of Presentation - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2021CNY (¥) | |
Parent Company | |
Condensed Financial Statements Captions [Line Items] | |
Dividend paid | ¥ 0 |