Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Current Fiscal Year End Date | --12-31 |
Entity Central Index Key | 0001838413 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-40507 |
Entity Registrant Name | Full Truck Alliance Co. Ltd. |
Entity Incorporation, State or Country Code | E9 |
Entity Address, Address Line One | No. 123 Kaifa Avenue |
Entity Address, Address Line Two | Economic and Technical Development Zone |
Entity Address, Address Line Three | Guiyang |
Entity Address, City or Town | Guizhou |
Entity Address, Postal Zip Code | 550009 |
Entity Address, Country | CN |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | No |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Auditor Name | Deloitte Touche Tohmatsu Certified Public Accountants LLP |
Auditor Firm ID | 1113 |
Auditor Location | Shanghai, the People’s Republic of China |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | Wanbo Science and Technology Park |
Entity Address, Address Line Two | 20 Fengxin Road |
Entity Address, Address Line Three | Yuhuatai District |
Entity Address, City or Town | Nanjing |
Entity Address, Postal Zip Code | 210012 |
Entity Address, Country | CN |
Contact Personnel Name | Simon Chong Cai |
City Area Code | +86 |
Local Phone Number | 25-6692-0156 |
Contact Personnel Email Address | IR@amh-group.com |
ADR [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing 20 Class A ordinary shares |
Trading Symbol | YMM |
Security Exchange Name | NYSE |
Common Stock [Member] | |
Document Information [Line Items] | |
Title of 12(b) Security | Class A ordinary shares, US$0.00001 par value per share |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Common Class A [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 18,606,582,728 |
Common Class B [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 3,507,906,759 |
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 | ¥ 4,284,291 | $ 672,299 | ¥ 10,060,391 |
Restricted cash—current (including RMB48,702 and RMB3,509 from the consolidated trusts as of December 31, 2020 and 2021, respectively) | 65,822 | 10,329 | 86,277 |
Short-term investments | 21,634,642 | 3,394,947 | 8,731,195 |
Accounts receivable, net (net of allowance for doubtful accounts of RMB63,173 and RMB3,713 as of December 31, 2020 and 2021, respectively) | 29,139 | 4,573 | 34,729 |
Amounts due from related parties | 7,075 | 1,110 | 0 |
Loans receivable, net (including RMB317,022 and RMB353,509 from the consolidated trusts as of December 31, 2020 and 2021, respectively) | 1,777,667 | 278,955 | 1,313,957 |
Prepayments and other current assets (including RMB1,009 and RMB nil from the consolidated trusts as of December 31, 2020 and 2021, respectively) | 1,099,607 | 172,550 | 456,802 |
Total current assets | 28,898,243 | 4,534,763 | 20,683,351 |
Restricted cash—non-current | 13,500 | 2,118 | 13,500 |
Property and equipment, net | 102,158 | 16,031 | 38,984 |
Investments in equity investees | 1,678,351 | 263,370 | 875,205 |
Intangible assets, net | 557,016 | 87,408 | 491,279 |
Goodwill | 3,124,828 | 490,354 | 2,865,071 |
Deferred tax assets | 20,492 | 3,216 | 18,966 |
Other non-current assets | 3,847 | 604 | 147,000 |
Total non-current assets | 5,500,192 | 863,101 | 4,450,005 |
TOTAL ASSETS | 34,398,435 | 5,397,864 | 25,133,356 |
Current liabilities | |||
Short-term loans (including nil and RMB9,000 from the consolidated VIEs as of December 31, 2020 and 2021, respectively) | 9,000 | 1,412 | 500,000 |
Accounts payable (including RMB23,839 and RMB29,077 from the consolidated VIEs as of December 31, 2020 and 2021, respectively) | 29,381 | 4,611 | 23,839 |
Amounts due to related parties | 179,859 | 28,224 | 172,779 |
Payable to investors of the consolidated trusts (including RMB31,400 and nil from the consolidated VIEs as of December 31, 2020 and 2021, respectively) | 0 | 0 | 31,400 |
Prepaid for freight listing fees and other service fees (including RMB319,156 and RMB383,153 from the consolidated VIEs as of December 31, 2020 and 2021, respectively) | 383,236 | 60,138 | 319,924 |
Income tax payable (including RMB23,554 and RMB21,573 from the consolidated VIEs as of December 31, 2020 and 2021, respectively) | 31,538 | 4,949 | 25,924 |
Other tax payable (including RMB446,610 and RMB566,479 from the consolidated VIEs as of December 31, 2020 and 2021, respectively) | 894,592 | 140,381 | 446,839 |
Accrued expenses and other current liabilities (including RMB620,828 and RMB1,045,484 from the consolidated VIEs as of December 31, 2020 and 2021, respectively) | 1,206,179 | 189,276 | 941,642 |
Total current liabilities. | 2,733,785 | 428,991 | 1,962,347 |
Deferred tax liabilities (including nil and RMB26,415 from the consolidated VIEs as of December 31, 2020 and 2021, respectively) | 135,764 | 21,304 | 118,783 |
Total non-current liabilities | 135,764 | 21,304 | 118,783 |
TOTAL LIABILITIES | 2,869,549 | 450,295 | 2,081,130 |
Commitments and contingencies (Note 25) | |||
MEZZANINE EQUITY | |||
Convertible redeemable preferred shares (US$ 0.00001 par value, 15,474,373,880 and nil shares authorized, and 15,033,856,835 and nil shares issued and outstanding as of December 31, 2020 and 2021, respectively) | 0 | 0 | 32,846,087 |
Subscription receivables | 0 | 0 | (1,310,140) |
(DEFICIT) EQUITY | |||
Additional paid-in capital | 49,245,773 | 7,727,736 | 3,809,060 |
Accumulated other comprehensive income | 538,650 | 84,526 | 1,072,307 |
Subscription receivables | (1,310,140) | (205,590) | |
Accumulated deficit | (17,020,254) | (2,670,849) | (13,365,806) |
TOTAL FULL TRUCK ALLIANCE CO. LTD. (DEFICIT) EQUITY | 31,455,445 | 4,936,045 | (8,484,143) |
Non-controlling interests | 73,441 | 11,524 | 422 |
TOTAL (DEFICIT) EQUITY | 31,528,886 | 4,947,569 | (8,483,721) |
TOTAL LIABILITIES, MEZZANINE EQUITY AND (DEFICIT) EQUITY | 34,398,435 | 5,397,864 | 25,133,356 |
Common Class A [Member] | |||
(DEFICIT) EQUITY | |||
Common Stock Value | 1,198 | 188 | 233 |
Common Class B [Member] | |||
(DEFICIT) EQUITY | |||
Common Stock Value | ¥ 218 | $ 34 | ¥ 63 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2020$ / shares |
Restricted cash current | ¥ 65,822 | $ 10,329 | ¥ 86,277 | |
Allowances for doubtful debts on accounts receivable current | 3,713 | 63,173 | ||
Loans receivable, net | 1,777,667 | 278,955 | 1,313,957 | |
Prepayments and other current assets | 1,099,607 | 172,550 | 456,802 | |
Short-term loans | 9,000 | 1,412 | 500,000 | |
Accounts payable | 29,381 | 4,611 | 23,839 | |
Prepaid for freight listing fees and other service fees | 383,236 | 60,138 | 319,924 | |
Income tax payable | 31,538 | 4,949 | 25,924 | |
Other tax payable | 894,592 | 140,381 | 446,839 | |
Accrued expenses and other current liabilities | 1,206,179 | 189,276 | 941,642 | |
Deferred tax liabilities | ¥ 135,764 | $ 21,304 | ¥ 118,783 | |
Common Class A [Member] | ||||
Common stock par or stated value per share | $ / shares | $ 0.00001 | $ 0.00001 | ||
Common stock, shares authorized | shares | 40,000,000,000 | 40,000,000,000 | 33,562,015,467 | |
Common stock, shares, issued | shares | 18,505,617,508 | 18,505,617,508 | 3,517,944,736 | |
Common stock, shares, outstanding | shares | 18,505,617,508 | 18,505,617,508 | 3,517,944,736 | |
Common Class B [Member] | ||||
Common stock par or stated value per share | $ / shares | $ 0.00001 | 0.00001 | ||
Common stock, shares authorized | shares | 10,000,000,000 | 10,000,000,000 | 963,610,653 | |
Common stock, shares, issued | shares | 3,323,790,823 | 3,323,790,823 | 963,610,653 | |
Common stock, shares, outstanding | shares | 3,323,790,823 | 3,323,790,823 | 963,610,653 | |
Redeemable Convertible Preferred Stock [Member] | ||||
Temporary equity, par or stated value per share | $ / shares | $ 0.00001 | $ 0.00001 | ||
Temporary equity, shares authorized | shares | 15,474,373,880 | |||
Temporary equity, shares issued | shares | 0 | 0 | 15,033,856,835 | |
Temporary equity, shares outstanding | shares | 0 | 0 | 15,033,856,835 | |
Consolidated Trust [Member] | ||||
Restricted cash current | ¥ 3,509 | ¥ 48,702 | ||
Loans receivable, net | 353,509 | 317,022 | ||
Prepayments and other current assets | 0 | 1,009 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Restricted cash current | 63,294 | 84,076 | ||
Loans receivable, net | 1,774,038 | 1,312,283 | ||
Prepayments and other current assets | 849,323 | 421,371 | ||
Short-term loans | 9,000 | |||
Accounts payable | 29,077 | 23,839 | ||
Payable to the investors of the consolidates trust current | 0 | 31,400 | ||
Prepaid for freight listing fees and other service fees | 383,153 | 319,156 | ||
Income tax payable | 21,573 | 23,554 | ||
Other tax payable | 566,479 | 446,610 | ||
Accrued expenses and other current liabilities | 1,045,484 | 620,828 | ||
Deferred tax liabilities | ¥ 26,415 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations And Comprehensive Loss ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Income Statement [Abstract] | ||||
Net Revenues (including value added taxes, "VAT", of RMB1,359,320, RMB1,434,015 and RMB2,620,355 for the years ended December 31, 2019, 2020 and 2021, respectively) | ¥ 4,657,019 | $ 730,788 | ¥ 2,580,820 | ¥ 2,473,061 |
Operating expenses | ||||
Cost of revenues (including VAT net of refund of VAT, of RMB953,200 RMB893,909 and RMB1,950,935 for the years ended December 31, 2019, 2020 and 2021, respectively) | (2,539,998) | (398,581) | (1,316,017) | (1,389,864) |
Sales and marketing expenses | (837,301) | (131,391) | (454,343) | (403,117) |
General and administrative expenses | (4,271,152) | (670,237) | (3,938,565) | (1,189,423) |
Research and development expenses | (729,668) | (114,501) | (413,369) | (396,692) |
Provision for loans receivable | (97,658) | (15,325) | (94,160) | (127,790) |
Total operating expenses | (8,475,777) | (1,330,035) | (6,216,454) | (3,506,886) |
Other operating income | 22,815 | 3,580 | 21,031 | 13,223 |
Loss from operations | (3,795,943) | (595,667) | (3,614,603) | (1,020,602) |
Other (expense) income | ||||
Interest income | 234,651 | 36,822 | 209,832 | 229,310 |
Interest expenses | (40) | (6) | (8,367) | (39,996) |
Foreign exchange loss | (15,468) | (2,428) | (21,276) | (4,410) |
Investment income | 28,317 | 4,444 | 3,321 | 0 |
Unrealized gains from fair value changes of trading securities and derivative assets | 23,967 | 3,761 | 18,140 | 0 |
Other expenses, net | 7,067 | 1,109 | (5,559) | (8,585) |
Impairment loss | (111,567) | (17,507) | (22,030) | (710,331) |
Share of loss in equity method investees | (11,321) | (1,777) | (11,054) | (1,729) |
Total other (loss) income | 155,606 | 24,418 | 163,007 | (535,741) |
Net loss before income tax | (3,640,337) | (571,249) | (3,451,596) | (1,556,343) |
Income tax benefit (expense) | (14,191) | (2,227) | (19,336) | 14,676 |
Net loss from continuing operations | (3,654,528) | (573,476) | (3,470,932) | (1,541,667) |
Net income from discontinued operations, net of tax | 0 | 0 | 452 | 18,010 |
Net loss | (3,654,528) | (573,476) | (3,470,480) | (1,523,657) |
Less: net loss attributable to non-controlling interests | (80) | (13) | (8) | (7) |
Net loss attributable to Full Truck Alliance Co. Ltd. | (3,654,448) | (573,463) | (3,470,472) | (1,523,650) |
Deemed dividend | (518,432) | (81,353) | (120,086) | 0 |
Net loss attributable to ordinary shareholders | ¥ (4,172,880) | $ (654,816) | ¥ (3,590,558) | ¥ (1,523,650) |
Net (loss) earning per ordinary share: | ||||
Continuing operations | (per share) | ¥ (0.31) | $ (0.05) | ¥ (1.05) | ¥ (0.47) |
Discontinued operations | (per share) | 0 | 0 | 0 | 0.01 |
Basic and diluted—ordinary shares | (per share) | ¥ (0.31) | $ (0.05) | ¥ (1.05) | ¥ (0.46) |
Basic | 13,445,972,280 | 13,445,972,280 | 3,423,687,654 | 3,299,723,079 |
Diluted | 13,445,972,280 | 13,445,972,280 | 3,423,687,654 | 3,299,723,079 |
Net loss | ¥ (3,654,528) | $ (573,476) | ¥ (3,470,480) | ¥ (1,523,657) |
Other comprehensive income (loss) [Abstract] | ||||
Foreign currency translation adjustments, net of tax of nil | (533,657) | (83,742) | (498,157) | 89,399 |
Total comprehensive loss | (4,188,185) | (657,218) | (3,968,637) | (1,434,258) |
Less: comprehensive loss attributable to non-controlling interests | (80) | (13) | (8) | (7) |
Comprehensive loss attributable to Full Truck Alliance Co. Ltd. | (4,188,105) | (657,205) | (3,968,629) | (1,434,251) |
Deemed dividend | (518,432) | (81,353) | (120,086) | 0 |
Comprehensive loss attributable to ordinary shareholders | ¥ (4,706,537) | $ (738,558) | ¥ (4,088,715) | ¥ (1,434,251) |
Consolidated Statements Of Op_2
Consolidated Statements Of Operations And Comprehensive Loss (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Value added tax on revenue | ¥ 2,620,355 | ¥ 1,434,015 | ¥ 1,359,320 |
Value added tax expenses net of refund | ¥ 1,950,935 | ¥ 893,909 | ¥ 953,200 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Deficit ¥ in Thousands, $ in Thousands | CNY (¥)shares | USD ($)shares | Common Class A [Member]shares | Common Class B [Member]shares | Common StockCommon Class A [Member]CNY (¥)shares | Common StockCommon Class B [Member]CNY (¥)shares | Additional Paid-in CapitalCNY (¥) | Accumulated deficitCNY (¥) | Subscription ReceivableCNY (¥) | Accumulated other comprehensive incomeCNY (¥) | TotalCNY (¥) | Non- controlling interestsCNY (¥) |
Beginning balance at Dec. 31, 2018 | ¥ (5,600,151) | ¥ 207 | ¥ 0 | ¥ 1,289,824 | ¥ (8,371,684) | ¥ 1,481,065 | ¥ (5,600,588) | ¥ 437 | ||||
Beginning balance (Shares) at Dec. 31, 2018 | shares | 3,150,151,437 | 0 | ||||||||||
Net income (loss) | (1,523,657) | (1,523,650) | (1,523,650) | (7) | ||||||||
Ordinary shares issued for vested restricted shares | 20,818 | ¥ 1 | 20,817 | 20,818 | ||||||||
Ordinary shares issued for vested restricted (Shares) | shares | 17,011,388 | |||||||||||
Exercise of stock options granted to employees | 101,839 | ¥ 42 | 101,797 | 101,839 | ||||||||
Exercise of stock options granted to employees (Shares) | shares | 611,384,502 | |||||||||||
Share-based compensation | 363,697 | 363,697 | 363,697 | |||||||||
Repurchase of ordinary shares | (543,211) | ¥ (24) | (543,187) | (543,211) | ||||||||
Repurchase of ordinary shares (Shares) | shares | (361,503,245) | |||||||||||
Foreign currency translation adjustments | 89,399 | 89,399 | 89,399 | |||||||||
Ending balance at Dec. 31, 2019 | (7,091,266) | ¥ 226 | ¥ 0 | 1,232,948 | (9,895,334) | 1,570,464 | (7,091,696) | 430 | ||||
Ending balance (Shares) at Dec. 31, 2019 | shares | 3,417,044,082 | 0 | ||||||||||
Net income (loss) | (3,470,480) | (3,470,472) | (3,470,472) | (8) | ||||||||
Ordinary shares issued for vested restricted shares | 57,393 | ¥ 3 | 57,390 | 57,393 | ||||||||
Ordinary shares issued for vested restricted (Shares) | shares | 51,034,162 | |||||||||||
Exercise of stock options granted to employees | 48,757 | ¥ 84 | 48,673 | 48,757 | ||||||||
Exercise of stock options granted to employees (Shares) | shares | 1,285,000,422 | |||||||||||
Accretion and modification of convertible redeemable preferred shares | (120,086) | (120,086) | (120,086) | |||||||||
Modifications to share options | 252,674 | ¥ 7 | 252,667 | 252,674 | ||||||||
Modifications to share options (Shares) | shares | 93,472,356 | |||||||||||
Share-based compensation | 3,148,596 | 3,148,596 | 3,148,596 | |||||||||
Ordinary shares reclassification | 0 | ¥ (63) | ¥ 63 | |||||||||
Ordinary shares reclassification (Shares) | shares | (963,610,653) | 963,610,653 | ||||||||||
Repurchase of ordinary shares | ¥ (811,152) | ¥ (24) | (811,128) | (811,152) | ||||||||
Repurchase of ordinary shares (Shares) | shares | 190,527,542 | 190,527,542 | (364,995,633) | |||||||||
Foreign currency translation adjustments | ¥ (498,157) | (498,157) | (498,157) | |||||||||
Ending balance at Dec. 31, 2020 | (8,483,721) | ¥ 233 | ¥ 63 | 3,809,060 | (13,365,806) | 1,072,307 | (8,484,143) | 422 | ||||
Ending balance (Shares) at Dec. 31, 2020 | shares | 3,517,944,736 | 963,610,653 | ||||||||||
Net income (loss) | (3,654,528) | (3,654,448) | (3,654,448) | (80) | ||||||||
Exercise of stock options granted to employees | ¥ 4,993 | ¥ 23 | ¥ 33 | 4,937 | 4,993 | |||||||
Exercise of stock options granted to employees (Shares) | shares | 866,230,796 | 866,230,796 | 351,972,260 | 514,258,536 | 351,972,260 | 514,258,536 | ||||||
Modifications to share options | ¥ 209,311 | 209,311 | 209,311 | |||||||||
Share-based compensation | 3,628,598 | 3,628,598 | 3,628,598 | |||||||||
Repurchase of ordinary shares | ¥ (1,665,018) | ¥ (12) | ¥ (11) | (1,664,995) | (1,665,018) | |||||||
Repurchase of ordinary shares (Shares) | shares | 177,267,715 | 177,267,715 | (177,267,715) | (169,834,500) | ||||||||
Capital contribution from non-controlling interests shareholders | ¥ 73,500 | 73,500 | ||||||||||
Foreign currency translation adjustments | (533,657) | $ (83,742) | (533,657) | (533,657) | ||||||||
Accretion of preferred shares | (518,432) | (518,432) | (518,432) | |||||||||
Repurchase of convertible redeemable preferred shares | (877,732) | (877,732) | (877,732) | |||||||||
Issuance of ordinary shares for initial public offering ("USIPO"), net of issuancecost of RMB31,785 | 11,059,043 | ¥ 120 | 11,058,923 | 11,059,043 | ||||||||
Issuance of ordinary shares for initial public offering ("USIPO"), net of issuancecost of RMB31,785 (Shares) | shares | 1,860,526,314 | |||||||||||
Ordinary shares reclassification | ¥ (133) | ¥ 133 | ||||||||||
Ordinary shares reclassification (Shares) | shares | (2,013,034,312) | 2,013,034,312 | ||||||||||
Conversion of convertible redeemable preferred shares to ordinary shares upon USIPO | 32,286,930 | ¥ 967 | 33,596,103 | ¥ (1,310,140) | 32,286,930 | |||||||
Conversion of convertible redeemable preferred shares to ordinary shares upon USIPO (Shares) | shares | 14,965,476,285 | 2,721,822 | ||||||||||
Decrease of non-controlling interest from disposal of a subsidiary | (401) | (401) | ||||||||||
Retirement of ordinary shares | 0 | ¥ 0 | 0 | |||||||||
Retirement of ordinary shares (Shares) | shares | (60) | |||||||||||
Ending balance at Dec. 31, 2021 | ¥ 31,528,886 | $ 4,947,569 | ¥ 1,198 | ¥ 218 | ¥ 49,245,773 | ¥ (17,020,254) | ¥ (1,310,140) | ¥ 538,650 | ¥ 31,455,445 | ¥ 73,441 | ||
Ending balance (Shares) at Dec. 31, 2021 | shares | 18,505,617,508 | 3,323,790,823 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Deficit (Parenthetical) ¥ in Thousands | 12 Months Ended |
Dec. 31, 2021CNY (¥) | |
Statement of Stockholders' Equity [Abstract] | |
Issuance of ordinary shares for initial public offering ("USIPO"), net of issuance cost | ¥ 31,785 |
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 | ¥ (3,654,528) | $ (573,476) | ¥ (3,470,480) | ¥ (1,523,657) |
Adjustments to reconcile net loss to net cash used in operating activities | ||||
Depreciation and amortization | 67,422 | 10,580 | 63,669 | 70,708 |
Share-based compensation | 3,628,602 | 569,407 | 3,254,335 | 455,634 |
Modification of options | 209,311 | 32,845 | 231,972 | 0 |
Allowance for doubtful accounts | 1,591 | 250 | 18,678 | 62,857 |
Provision for loans receivable | 97,658 | 15,325 | 94,160 | 127,790 |
(Gain) Loss from disposal of property and equipment | 283 | 44 | 1,425 | (228) |
Net loss from disposal of investment in equity investees | 124 | 19 | 0 | 0 |
Investment income from forward contract | (25,878) | (4,061) | 0 | 0 |
Share of loss in equity method investees | 11,321 | 1,777 | 11,054 | 1,729 |
Unrealized gains from fair value changes of trading securities and derivative assets | (23,967) | (3,761) | (18,140) | 0 |
Impairment loss and others | 96,099 | 15,080 | 22,030 | 710,331 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 18,799 | 2,950 | (16,396) | (6,446) |
Amounts due from related parties | (7,075) | (1,110) | 1,130 | 10,851 |
Loans receivable | (561,368) | (88,091) | 79,978 | (876,654) |
Prepayments and other current assets | (656,008) | (102,942) | (27,773) | 413,677 |
Deferred tax assets | (1,450) | (228) | (1,958) | (14,005) |
Accounts payable | 5,314 | 834 | 5,859 | (18,460) |
Prepaid for freight listing fees and other service fees | 41,898 | 6,575 | 58,137 | (3,424) |
Income tax payable | 5,614 | 881 | 15,465 | 3,953 |
Other tax payable | 191,621 | 30,070 | 6,404 | (209,445) |
Amounts due to related parties | (31,213) | (4,898) | 22,242 | 28,669 |
Accrued expenses and other current liabilities | 385,712 | 60,527 | 233,501 | (147,512) |
Deferred tax liabilities | (11,301) | (1,773) | (10,550) | (10,333) |
Net cash (used in) provided by operating activities | (211,419) | (33,176) | 574,742 | (923,965) |
Cash flows from investing activities: | ||||
Purchases of short-term investments | (23,340,272) | (3,662,598) | (9,377,260) | (6,341,221) |
Maturity of short-term investments | 10,069,291 | 1,580,091 | 6,613,919 | 3,177,061 |
Maturity of forward contracts | 25,878 | 4,061 | 0 | 0 |
Payments for investment in equity investees | (887,327) | (139,241) | (34,475) | (214,739) |
Acquisition of subsidiaries, net of cash acquired | (242,009) | (37,976) | (17,728) | 0 |
Prepayments for long-term investments | 0 | 0 | (100,000) | 0 |
Net cash out in relation to disposal of a subsidiary | (401) | (63) | 0 | 0 |
Return of prepayments for equity investments | 0 | 0 | 90,000 | 0 |
Return from dissolution of an equity investment | 11,929 | 1,872 | 0 | 0 |
Loans to related parties | 0 | 0 | (63,482) | (48,458) |
Repayments of loans from related parties | 0 | 0 | 109,792 | 0 |
Loans to a third party company | 0 | 0 | 0 | (295,659) |
Repayments of loans from a third party company | 0 | 0 | 120,000 | 340,167 |
Purchases of property and equipment and intangible assets | (43,220) | (6,782) | (53,064) | (10,418) |
Proceeds from disposal of property and equipment and intangible assets | 7,158 | 1,123 | 21,403 | 2,068 |
Net cash used in investing activities | (14,398,973) | (2,259,513) | (2,690,895) | (3,391,199) |
Cash flows from financing activities: | ||||
Proceeds from short-term loans | 0 | 0 | 0 | 1,216,469 |
Repayments of short-term loans | 0 | 0 | (500,000) | (1,230,879) |
Cash received from investors of the consolidated trusts | 0 | 0 | 0 | 420,100 |
Cash paid to investors of the consolidated trusts | (31,400) | (4,927) | (388,700) | 0 |
Proceeds from exercise of share options | 20 | 3 | 87 | 0 |
Cash paid for repurchase of ordinary shares and convertible redeemable preferred shares | (2,208,791) | (346,608) | (557,836) | (384,880) |
Taxes paid for employees through repurchase of ordinary shares | (376,646) | (59,104) | ||
Proceeds from initial public offering, net | 11,059,043 | 1,735,405 | 0 | 0 |
Proceeds from issuance of convertible redeemable preferred shares, net of issuance cost | 385,788 | 60,539 | 11,081,037 | 1,672,415 |
Capital received from non-controlling interests | 73,500 | 11,534 | 0 | 0 |
Loans to a shareholder pledged by preferred shares | 0 | 0 | (1,310,140) | 0 |
Net cash provided by financing activities | 8,901,514 | 1,396,842 | 8,324,448 | 1,693,225 |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (87,677) | (13,759) | (127,770) | 19,884 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (5,796,555) | (909,606) | 6,080,525 | (2,602,055) |
Cash and cash equivalents and restricted cash, beginning of the year | 10,160,168 | 1,594,352 | 4,079,643 | 6,681,698 |
Cash and cash equivalents and restricted cash, end of the year | 4,363,613 | 684,746 | 10,160,168 | 4,079,643 |
The following table provides a reconciliation of cash and cash equivalents, and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows. | ||||
Cash and cash equivalents, end of the year | 4,284,291 | 672,299 | 10,060,391 | 3,983,721 |
Restricted cash, current | 65,822 | 10,329 | 86,277 | 95,922 |
Restricted cash, non-current | 13,500 | 2,118 | 13,500 | |
Cash and cash equivalents and restricted cash, end of the year | 4,363,613 | 684,746 | 10,160,168 | 4,079,643 |
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest (excluding interest paid to investors of consolidated trusts) | 65 | 10 | 9,052 | 39,924 |
Income taxes paid | 49,612 | 7,785 | 16,379 | 5,250 |
Supplemental disclosure of non-cash investing and financing activities: | ||||
Acquisition of intangible assets through prepayments made in prior year | 43,000 | 6,748 | 20,875 | |
Investment in equity investees through prepayments made in prior year | 100,000 | 15,692 | ||
Waiver of payable to an equity investee | 771 | 121 | ||
Repurchase of ordinary shares through offsetting loans or interests receivable | 5,400 | 847 | 525 | 110,619 |
Consideration payable for repurchase of ordinary shares | 129,738 | 20,359 | 315,083 | 47,712 |
Consideration payable for repurchase of share options | ¥ 9,519 | |||
Consideration payable for purchasing equity investments | ¥ 35,083 | |||
Consideration payable for acquisition | 76,586 | 12,018 | ||
Tax payable for employees through repurchase of ordinary shares | ¥ 250,008 | $ 39,232 |
Consolidated Statements Of Ca_2
Consolidated Statements Of Cash Flows (Parenthetical) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Payments of Stock Issuance Costs | ¥ 31,785 | ||
IPO [Member] | |||
Payments of Stock Issuance Costs | 31,785 | ||
Convertible Preferred Stock [Member] | |||
Payments of Stock Issuance Costs | ¥ 0 | ¥ 3,216 | ¥ 0 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | 1. ORGANIZATION AND NATURE OF OPERATIONS Description of Business Full Truck Alliance Co. Ltd. (the “Company”) was incorporated under the laws of the Cayman Islands on December 27, 2017. The Company through its wholly-owned subsidiaries and variable interest entities (“VIEs” and VIE’s subsidiaries) (collectively, the “Group”) primarily provides comprehensive services for shippers and truckers through its mobile and website platforms. The Group’s principal operations and geographic markets are in the People’s Republic of China (“PRC”). As of December 31, 2021, the Company’s major subsidiaries and consolidated VIEs are as follows: Name of Company Place of Date of incorporation Percentage of direct Principal activities Subsidiaries Full Truck Alliance (HK) Limited (“FTA HK”) Hong Kong January 7, 2016 100 % Investment holding Lucky Logistics Information Limited (“Lucky Logistics”) Hong Kong April 8, 2014 100 % Investment holding FTA Information Consulting Co., Ltd (“FTA Information”, “WOFE”) PR April 20, 2016 100 % Providing technology development and other services Jiangsu Manyun Logistics Information Co., Limited (“Jiangsu Manyun”, “WOFE”) PR August 29, 2014 100 % Technology development and other services VIEs Guizhou FTA Logistics Technology Co., Ltd. (“Guizhou FTA”) PR January 14, 2021 100 % Research and development Guiyang Shan’en Technology Co., Ltd. (“Shan’en Technology”) PR September 19, 2016 100 % Freight matching services Jiangsu Manyun Software Technology Co. Ltd. (“Manyun Software”) PR October 20, 2016 100 % Freight matching services and value added services VIEs’ subsidiaries Shanghai Xiwei Information Consulting Co., Limited (“Shanghai Xiwei”) PR August 1, 2013 100 % Technology development and other services Beijing Yunmanman Technology Co., Limited (“Beijing Yunmanman”) PR March 21, 2014 100 % Technology development and other services Chengdu Yunli Technology Co., Ltd. (“Chengdu Yunli”) PR January 21, 2011 100 % Credit solution services Guiyang Shan’en Insurance Brokerage Co., Ltd (“Shan’en Insurance”) PR May 9, 2017 100 % Insurance services Nanjing Manyun Software Information Consulting Co., Ltd. (“Nanjing Manyun”) PR October 12, 2021 100 % Investment holding Hainan Manyun Software Technology Co., Ltd. (“Hainan Manyun”) PR May 9, 2020 100 % Freight matching services Name of Company Place of Date of incorporation Percentage of direct Principal activities Guiyang Huochebang Technology Co., Limited (“Guiyang Huochebang”) PR March 11, 2014 100 % Value added services Guizhou Huochebang Micro-finance Co., Ltd. (“Huochebang Microfinance”) PR December 20, 2016 100 % Credit solution services Guizhou Huochebang Network Information Service Co., Ltd. (“Huochebang Network”) PR March 18, 2016 100 % Investment holding |
Principal Accounting Policies
Principal Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principal Accounting Policies | 2. PRINCIPAL ACCOUNTING POLICIES 2.1 Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the years presented. 2.2 Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and VIEs’ subsidiaries in which it has a controlling financial interest. The results of the subsidiaries, VIEs and VIEs’ subsidiaries are consolidated from the date on which the Company obtained control and continue to be consolidated until the date that such control ceases. The Group has adopted the guidance codified in Accounting Standards Codification (“ASC”) 810, Consolidation, on accounting for VIE, which requires certain variable interest entity to be consolidated by the primary beneficiary in which it has a controlling financial interest. A VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (b) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation to absorb expected losses or the right to receive expected residual returns, or (c) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity’s activities are on behalf of the investor. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affect the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE. All intercompany balances and transactions between the Group, its subsidiaries, VIEs and VIEs’ subsidiaries have been eliminated in consolidation. VIE Arrangements Due to PRC laws and regulations that impose certain restrictions or prohibitions on foreign equity ownership of entities providing value-added telecommunications services and certain financial services, the Group operates its websites and other restricted businesses in the PRC through certain PRC domestic companies, whose equity interests are held by certain shareholders or affiliates of the Company or other group entities (“Nominee Shareholders”). Since the Company does not have any equity interests in VIEs, in order to exercise effective control over their operations, the Company, through its wholly owned subsidiaries, Jiangsu Manyun and FTA Information (collectively, the “WFOE”), entered into a series of contractual arrangements with its VIEs and their shareholders, pursuant to which the Company is entitled to receive effectively all economic benefits generated from the VIEs and their shareholders’ equity interests in them. Prior to March 2021, a series of contractual arrangements were entered among (i) Jiangsu Manyun, Shanghai Xiwei and its shareholders, (ii) Jiangsu Manyun, Beijing Yunmanman and its shareholders, and (iii) FTA Information, Guiyang Huochebang and its shareholders. Shanghai Xiwei and its subsidiaries were primarily involved in operating the Group’s Yunmanman apps and providing freight matching services and value-added services, Guiyang Huochebang and its subsidiaries were primarily involved in operating the Group’s Huochebang apps, providing freight matching, value-added, insurance, credit solution and guarantee insurance, credit solution and guarantee services; and Beijing Yunmanman was not engaged in any material business operation. In March 2021, the Group changed the VIE directly controlled by the WFOE, FTA Information, from Guiyang Huochebang to a newly established PRC entity, Guizhou FTA, which is founded by certain senior officers of the Group. As directed by FTA Information, Guizhou FTA acquired 100% of equity interest in Guiyang Huochebang for a nominal price from the shareholders of Guiyang Huochebang pursuant to the contractual arrangements between FTA Information and the shareholders of Guiyang Huochebang, and FTA Information gained control over Guizhou FTA through a series of VIE contractual arrangements. Guiyang Huochebang, as a wholly owned subsidiary of Guizhou FTA, continues to hold the licenses required to operate its business following such transactions. The reorganization under common control has no impact on the Company’s consolidated financial statements. During the fourth quarter of 2021, to remove certain businesses that are not subject to the restriction or prohibition on foreign ownership from the VIE entities, the Group further underwent a reorganization of its VIE structure which was completed in January 2022 (see note 26). By the end of 2021, the Group changed two VIEs directly controlled by the WFOEs, from Beijing Yunmanman and Shanghai Xiwei to Shan’en Technology and Manyun Software, which were former VIEs’ subsidiaries. Beijing Yunmanman and Shanghai Xiwei became wholly owned subsidiaries of VIEs after these changes. The WFOEs gained control over the VIEs through a series of contractual arrangements entered among (i) Jiangsu Manyun, Shan’en Technology and its shareholders, (ii) Jiangsu Manyun, Manyun Software and its shareholders, and (iii) FTA Information, Guizhou FTA and its shareholders. The reorganization under common control has no impact on the Company’s consolidated financial information. The changes on the VIE entities have no impact on the financial information of the consolidated VIEs presented below as no entities were added to or removed from the VIE structure. The major clauses in VIE agreements are as follows: Equity Interest Pledge Agreement Under the equity interest pledge agreements entered between the WFOE and the shareholders of the VIE, the shareholders pledged all of their equity interests in the VIE to guarantee their performance of their obligations under the exclusive option agreement, exclusive service agreement and power of attorney. If the shareholders of the VIE breach their contractual obligations under the VIE arrangement, the WFOE, as the pledgee, will have the right to dispose the pledged equity interest pursuant to the PRC law. The shareholders of the VIE have not placed any security interests or allowed any encumbrance on the pledged equity interests. The equity interest pledge agreement remains effective until the shareholders of the VIE have fully performed their obligations and repaid their consulting and service fees under the relevant contractual agreements. During the equity pledge period, the WFOE is entitled to all dividends and other distributions generated by the VIE. Exclusive Option Agreement Pursuant to the exclusive option agreements entered into among the WFOE, the VIE and the VIE’s shareholders, the VIE’s shareholders irrevocably grant the WFOE or its designated representatives an exclusive option to purchase, to the extent permitted under the PRC law, all or part of the equity interest of the VIE. The exercise price shall be the lowest price as permitted by the applicable PRC law at the time of the transfer of the optioned interest. Without the WFOE’s written consent, the VIE and its shareholders may not sell, transfer, mortgage, or otherwise dispose of in any manner any assets, or legal or beneficial interest in the business or revenues, or allow the encumbrance thereon of any security interest. These agreements will remain effective until all equity interests of the VIE held by its shareholders and all of the VIE’s assets have been transferred or assigned to the WFOE or its designated entities or persons. Exclusive Service Agreement Under the exclusive service agreement entered between the WFOE and the VIE, the VIE appoints the WFOE as its exclusive services provider with business support and technical and consulting services. The VIE shall not accept any consultations or services provided by any third party, and shall not cooperate with any third party. The VIE agrees to pay the WFOE a service fee for services performed, which shall be substantially all of the VIE’s profit before tax. The exclusive service agreement remains effective unless terminated by the WFOE. Power of Attorney Pursuant to the power of attorney, each shareholder of the VIE has irrevocably authorized the WFOE to exercise the following rights relating to all equity interests held by such shareholder in the VIE during the term of the power of attorney: to act on behalf of such shareholder as its exclusive agent and attorney with respect to all matters concerning its shareholding in the VIE according to the applicable PRC laws and the VIE’s articles of association, including without limitation to: (i) exercising all the shareholder’s voting rights, including but not limited to designating and appointing the directors of the VIE; (ii) asset transfer, capital reduction and capital increase of the VIE; and (iii) other decisions that would have a material effect on the VIE’s assets and operations. Spousal Consent Letters Pursuant to the respective spousal consent letters, each of the spouses of the applicable individual shareholders of the VIE acknowledge and confirm the execution of the relevant exclusive service agreement, equity pledge agreement, power of attorney, and exclusive option agreement and irrevocably agrees that they have rights or obligations under these agreements. In addition, each of them agrees not to assert any rights over the equity interest in the VIE held by their respective spouses or over the management of the VIE. In addition, in the event that any of them is required to enter into any agreements related to the equity interest in the VIE held by their respective spouses or the performance of the above mentioned VIE agreements for any reason, such spouses agree to authorize their respective spouses to enter into such agreements. Risks in relation to the VIE structure The Company believes that the contractual arrangements amongst the WFOEs, the VIEs and their respective shareholders are in compliance with the PRC law and are legally enforceable. The shareholders of the VIEs are also shareholders or affiliates of shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, the VIEs and their shareholders may fail to take certain actions required for the Company’s business or to follow the Company’s instructions despite their contractual obligations to do so. Furthermore, if the VIEs or their shareholders do not act in the best interests of the Company under the contractual arrangements and any dispute relating to these contractual arrangements remains unresolved, the Company will have to enforce its rights under these contractual arrangements through the operations of PRC law and courts and therefore will be subject to uncertainties in the PRC legal system. All of these contractual arrangements are governed by PRC law and provided for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. As a result, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements, which may make it difficult to exert effective control over The following amounts and balances of the consolidated VIEs were included in the Group’s consolidated financial statements after the elimination of intercompany balances and transactions. As of December 31, 2020 2021 RMB RMB ASSETS Cash and cash equivalents 2,226,218 2,948,946 Restricted cash—current 84,076 63,294 Short-term investments 238,000 550,000 Accounts receivable, net of allowance for doubtful accounts 33,751 28,734 Amounts due from related parties — 7,075 Loans receivable, net 1,312,283 1,774,038 Prepayments and other current assets 421,371 849,323 Restricted cash—non-current 13,500 13,500 Property and equipment, net 36,922 100,931 Investments in equity investees 297,628 670,110 Intangible assets, net 15,275 119,298 Goodwill — 283,256 Deferred tax assets 18,966 20,492 Other non-current 147,000 3,836 TOTAL ASSETS 4,844,990 7,432,833 LIABILITIES Short-term loans — 9,000 Accounts payable 23,839 29,077 Payable to investors of the consolidated trusts 31,400 — Prepaid freight listing fees and other service fees 319,156 383,153 Income tax payable 23,554 21,573 Other tax payable 446,610 566,479 Accrued expenses and other current liabilities 620,828 1,045,484 Deferred tax liabilities — 26,415 TOTAL LIABILITIES 1,465,387 2,081,181 Years ended December 31, 2019 2020 2021 RMB RMB RMB Net Revenues 2,457,922 2,553,535 4,611,044 Net (loss) income (716,003 ) 223,957 (920,960 ) Net cash (used in) provided by operating activities (185,829 ) 682,745 (286,501 ) Net cash used in investing activities (122,872 ) (72,390 ) (815,721 ) Net cash provided by (used in) financing activities 405,690 (888,700 ) 42,100 The VIEs contributed 99 % There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Group or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. The Group believes that there are no assets held in the consolidated VIEs that can be used only to settle obligations of the VIEs, except for the assets of the consolidated trusts presented below. As the consolidated VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Group for any of the liabilities of the consolidated VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of their paid-in paid-in 2.3 Consolidated Trusts Loans funded by the institutional funding partners in the Group’s loan facilitation business are typically disbursed to the borrowers directly from such partners. However, due to the need of certain institutional funding partners, loans from such funding partners are funded and disbursed indirectly through trusts. Since 2018, several trusts were formed by the Group and third-party trust companies who administer the trusts. The trusts were invested by the Group and third-party trust companies. The trusts, using the funds received from the trusts’ beneficiaries, fund the loans to the borrowers facilitated by the Group. The trusts provide the returns to their beneficiaries through interest payments made by the borrowers. The borrowers are charged interests by the trusts. The Group is entitled to the residual profit in the trusts and provides guarantee to the trusts by agreeing to repurchase any loans that are delinquent for more than 60 days whereby the Group absorbs the credit risk of the trusts resulting from borrowers’ delinquencies. The Group determine s As of December 31, 2020 and 2021, all the loans held by the trusts are personal loans made to the shippers and truckers on the Group’s platforms with an original term up to 12 months. The interest rates of these loans mainly ranged from 20% to 36 % annually. The loans receivable balance associated with the trusts represents the outstanding loans made to the borrowers from the trusts and accrued interests related to those loans. As of December 31, 2020 and 2021, the cumulative delinquent loans repurchased by the Group from the consolidated trusts are in total of RMB51 million and RMB69 million, respectively. For the years ended December 31, 2019, 2020 and 2021, the provision for loan losses of RMB25 million, RMB29 million and RMB21 million was charged to the consolidated statements of operations and comprehensive loss, respectively. Interest on loans is accrued and recognized as revenue. The Group determines a loan’s past due status by the number of days that have elapsed since a borrower has failed to make a contractual loan payment. Accrual of interest is discontinued for loans that are past due for more than 90 days. In general, loans receivable is identified as uncollectible when it is determined to be not probable that the balance can be collected. The following financial statement amounts and balances of the consolidated trusts were included in the consolidated information of VIEs presented above and in the accompanying consolidated financial statements after elimination of intercompany transactions and balances: As of December 31, 2020 2021 RMB RMB ASSETS Restricted cash 48,702 3,509 Loans receivable, net 317,022 353,509 Prepaid expenses and other assets 1,009 — Total Assets 366,733 357,018 As of December 31, 2020 2021 RMB RMB LIABILITIES Payable to investors of the consolidated trusts 31,400 — Other tax payable 436 839 Total Liabilities 31,836 839 Years ended December 31, 2019 2020 2021 RMB RMB RMB Net revenues 68,259 130,380 104,061 Net income 31,335 63,146 22,838 Years ended December 31, 2019 2020 2021 RMB RMB RMB Net cash (used in) provided by operating activities (371,548 ) 374,679 (13,793 ) Net cash provided by (used in) financing activities 420,100 (388,700 ) (31,400 ) The consolidated trusts contributed 3%, 5% and 2% of the Group’s consolidated revenue for the years ended 2019, 2020 and 2021 respectively. As of December 31, 2020 and 2021, the consolidated trusts accounted for an aggregate of 1% and 1% of the consolidated total assets, and 2% and 0.0% of the consolidated total liabilities, respectively. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company to provide financial support to the consolidated trusts. The assets of the consolidated trusts can only be used to settle the obligations of the consolidated trusts. 2.4 Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Group’s management reviews these estimates based on information that is currently available. Changes in facts and circumstances may cause the Group to revise its estimates. Significant accounting estimates reflected in the Group’s financial statements include the useful lives of intangible assets, impairment of goodwill and intangible assets, valuation of ordinary shares and share options, allowance for loans receivable, and purchase price allocations. 2.5 Functional currency and foreign currency translation The Group uses Renminbi as its reporting currency. The functional currency of the Company is the United States dollar (“US$” or “USD”). The functional currency of the Company’s subsidiaries, VIEs and VIEs’ subsidiaries is RMB or USD as determined based on the economic facts and circumstances. Transactions denominated in other than the functional currencies are re-measured re-measured Assets and liabilities of the Company and its subsidiaries with functional currency other than RMB are translated into RMB at fiscal year-end 2.6 Cash and cash equivalents Cash and cash equivalents primarily consist of cash on hand and cash in bank which is highly liquid and unrestricted as to withdrawal and use. 2.7 Restricted cash The Group’s restricted cash mainly consists of cash held by the consolidated trusts through segregated bank accounts which can only be used to invest in loans or other securities as stipulated in the trust agreements, deposits pledged for bank loans and deposit pledged to a commercial bank for ETC service for a term over one year which is recorded in non-current 2.8 Short-term investments Short-term investments include (i) wealth management products issued by investing banks with guaranteed principal and variable interest rates indexed to the performance of underlying assets and with maturities within one year; (ii) exchange traded fund products; (iii) time deposits with original maturities longer than three months but less than one year. The Group records exchange traded fund products and wealth management products at fair value at each reporting period end. Changes in fair values are included in unrealized gains (losses) from fair value changes of trading securities and derivative assets in the consolidated statements of operations and comprehensive loss. The unrealized gains (losses) will be recorded as investment incomes (losses) when the investments are disposed. 2.9 Accounts receivable, net Accounts receivable mainly consists of amount due from the Group’s customers, which are recorded net of allowance for doubtful accounts. The Group performs ongoing credit evaluation of its customers, and assesses allowance for doubtful accounts based on the age of the receivables and factors surrounding the credit risk of specific customers. 2.10 Loans receivable, net Loans receivable represents loans provided directly by the Group or through the consolidated trusts and the related accrued interests. Loans receivable is reduced by a valuation allowance estimated as of the balance sheet date. The allowance for loan losses is determined at a level believed to be reasonable to absorb probable losses inherent in each of the portfolios as of the balance sheet date. The portfolios are determined based on the loan type, the term of the loan, and the repayment schedule. The allowance is estimated for each portfolio based on an assessment of various factors such as historical delinquency rate, size, and other risk characteristics of the portfolio. The Group writes off loans receivable with a corresponding reduction of the allowance for loans receivable when the loan principal and interest are deemed to be uncollectible. 2.11 Property and equipment, net Property and equipment is stated at cost less accumulated depreciation and impairment. Property and equipment is depreciated at rates sufficient to write off its costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows: Category Estimated useful lives Furniture, fixtures and equipment 3-5 Motor vehicles 4 years Leasehold improvement Over the shorter of the expected useful life or the lease term Repairs and maintenance costs are charged to operating expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the other operating income or expenses of the consolidated statements of operations and comprehensive loss. 2.12 Business combinations U.S. GAAP requires that all business combinations to be accounted for under the acquisition method. Since its incorporation, the Group adopted ASC 805, Business Combinations. Following the acquisition method, the cost of an acquisition is measured as the aggregate of the fair value at the date of exchange of the assets given, liabilities incurred, and equity instruments issued. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling non-controlling The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgments. 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. Management determines 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 and forecasted life cycle and forecasted cash flows over that period. Although the Group believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts and the difference could be material. 2.13 Intangible assets, net Intangible assets purchased are recognized and measured at cost upon acquisition. Following the initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The identifiable intangible assets acquired are amortized on a straight-line basis over the respective useful lives as follows: The identifiable intangible assets Amortization Years Software 5 to 8 Trademarks 10 to 15 Platform 5 Customer relationship 10 Non-compete 8 2.14 Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Group’s acquisitions. The Goodwill is not amortized but is reviewed at least annually for impairment or earlier, if any indication of impairment exists. Under U.S. GAAP, the Group has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. If the Group chooses to apply a qualitative assessment first, it starts the goodwill impairment test by assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Group determines that it is more likely than not the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The Group performs its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. Application of a goodwill impairment test requires significant management judgments, including the identification of reporting units, assigning assets and liabilities to reporting units, assigning goodwill to reporting units, and determining the fair value of each reporting unit. The judgment in estimating the fair value of reporting units includes estimating future cash flows, determining appropriate discount rates and making other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit. 2.15 Investments in equity investees The Group’s investments in equity investees consist of investments in equity securities without readily determinable fair values and equity method investments in privately-held companies. The Group has elected to measure the investments in equity securities without readily determinable fair values at cost minus impairment, if any, adjusted up or down for observable price changes (i.e., prices in orderly transactions for the identical or similar investment of the same issuer). Any adjustment to the carrying amount is recorded in net income. At each reporting period end, the Group will make a qualitative assessment considering impairment indicators to evaluate whether any of these investments is impaired. If the assessment indicates that the fair value of an investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss. The Group accounts for common stock or common-stock-equivalent equity investments in entities over which it has significant influence but does not own a majority voting interest or otherwise control using the equity method. The Group generally considers an ownership interest of 20% or higher represents significant influence. Under the equity method, the Group’s shares of the post-acquisition profits or losses of the investees are recognized in the consolidated statements of operations and comprehensive loss and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. When the Group’s shares of losses in an investee equals or exceeds its carrying amount of the investment in the investee, the Group does not recognize further losses, unless the Group has guaranteed the obligations of the investee or is otherwise committed to provide further financial support to the investee. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. The Group recorded impairment loss amounting to nil, RMB22,030 and RMB111,567 for investments in equity investees for the years ended December 31, 2019, 2020 and 2021, respectively (note 1 1 2.16 Other non-current Other non-current 2.17 Fair value measurement Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it transacts and considers assumptions that market participants use when pricing the asset or liability. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: market approach, income approach and cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. 2.18 Revenue recognition The Group derives its revenues principally from shippers’ and truckers’ use of the Group’s platforms in connection with freight matching services and value-added services. The Group adopted ASC 606, Revenue from Contracts with Customers, for all periods. According to ASC 606, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, after considering reductions by estimates for refund allowances and discount. VAT is included in revenue on a gross basis as the Group determines that it is the principal of VAT in the PRC, based on the fact that the Group, as a seller of services, is primarily r |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 3. DISCONTINUED OPERATIONS In 2019, management decided to permanently terminate the oil commodity division, which carried out normal purchases and normal sales of oil, due to a strategic shift. As of June 30, 2020 all the contracts had been executed and the division had ceased operation. The assets held by the division were immaterial and have been used for other businesses of the Group. Years ended December 31, 2019 2020 2021 RMB RMB RMB Gross revenues 2,377,610 55,476 — Cost of revenues and other operating expenses (2,359,600 ) (55,024 ) — Net income from discontinued operations, net of tax of nil 18,010 452 — |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS The Group’s financial instruments include cash and cash equivalent, restricted cash, receivables, short-term investments, prepayments and other current assets, payables, short-term loans, amounts due from and due to related parties, liability award in accrued expenses and other current liabilities. The carrying amounts of the short-term financial instruments, except for those subject to fair value measurement, approximate their fair value due to their short-term nature and the interest rates of short-term time deposits and loans are comparable to prevailing interest rates in the market. As of December 31, 2020 and 2021, the time deposits included in the short-term investments are with original maturities of longer than three months but less than one year. The carrying amount of the time deposits was approximately the fair value as their interest rates are comparable to the prevailing interest rates in the market. As of December 31, 2020 and 2021, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured at a fair value on a recurring basis in periods subsequent to their initial recognition is as follows: As of December 31, 2020 Fair Value Measurement at Reporting Date Using Description Fair Value as of December 31 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level2) Significant Unobservable Inputs (Level3) RMB RMB RMB RMB Exchange traded fund products 331,092 331,092 — — Wealth management products 18,000 — 18,000 — Foreign currency forward contracts 11,798 — 11,798 — As of December 31, 2021 Fair Value Measurement at Reporting Date Using Description Fair Value as of December 31 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level2) Significant Unobservable Inputs (Level3) RMB RMB RMB RMB Exchange traded fund products 2,013,340 2,013,340 — — Wealth management products 30,000 — 30,000 — Foreign currency forward contracts 914 — 914 — The fair value of wealth management products are the suggested redemption price provided by the investment bank that sells such financial products. The fair value of foreign currency forward contracts, which are accounted for as derivatives and included in other current assets, is estimated based on risk-free interest rate (per annum) and market forward exchange rate. They are observable and market-based inputs but not quoted prices in active markets for identical assets. The total gain recognized for change in fair values is nil, RMB18,140 and RMB23,967 for the year ended December 31, 2019, 2020 and 2021, respectively. During the second quarter of 2019, the Group recorded an impairment loss of RMB710 million in relation to loans provided to a private company based on an analysis of the financial condition of the entity. The Group estimated the fair value of the loans based on estimated future cash flows and recorded the impairment accordingly. The Group determines the fair values of stock options classified as liabilities with the assistance of a third party valuation firm. Key assumptions used in determining the fair values of stock options include expected volatility, risk-free interest rate (per annum), exercise multiples, and fair values of underlying ordinary shares. ( see 20 The Group measures equity method investments at fair value on a nonrecurring basis when they are deemed to be impaired. The fair values of these investments are determined based on valuation techniques using the best information available, and may include future performance projections, discount rate and other assumptions that are significant to the measurement of fair value. An impairment charge to these investments is recorded when the carry amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary. The Group’s equity investments without readily determinable fair values, which do not qualify for NAV practical expedient and over which the Group does not have the ability to exercise significant influence through the investments in common stock or in substance common stock, are accounted for under the measurement alternative under ASU 2016-01, Certain non-financial |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combination | 5. BUSINESS COMBINATION Acquisition of Guangzhou Huitouche Information Technology Co., Ltd. (“Huitouche”) in 2020 Huitouche mainly provides the intra-city logistic services. In June 2019, the Group acquired preferred shares of Huitouche with an aggregate cash consideration of RMB99 million. The preferred shares acquired represented 35% equity interest of Huitouche. As the preferred shares were not in substance common stock due to the liquidation preference and other preferential rights and had no readily determinable fair value, the Group accounted for it as an equity investment without readily determinable fair value. In the second quarter of 2020, an impairment loss of RMB22 million was recorded due to the lower projected cash flows caused by the fierce competition in the intra-city logistic industry, based on a valuation performed with the assistance of an independent valuation firm. In August 2020, the Group acquired the remaining equity interest of Huitouche with a cash consideration of RMB32,500. Huitouche has become a 100% owned subsidiary of the Group since then. The acquisition was accounted for as a business combination. The Group determined the total purchase price and the allocation of the purchase price as of the date of acquisition as follows, with the assistance of an independent valuation firm: Amount RMB Net assets acquired (including cash and cash equivalents of RMB14,772) 6,589 Intangible assets: Trademark with an estimated useful life of 10 years 22,000 Platform with an estimated useful life of 5 years 2,000 Goodwill 84,881 Deferred tax liabilities (6,000 ) Total 109,470 Amount RMB Total purchase price is comprised of: Additional cash consideration paid in 2020 32,500 Fair value of equity interest in preferred shares previously acquired 76,970 109,470 Acquisition of Guangzhou Lanqiao Software Technology Co., Ltd. (“Lanqiao”) in 2021 The Group invested RMB15,000 in Lanqiao’s preferred shares in 2015, representing 20% equity interest of Lanqiao. As the preferred shares were not in substance common stock due to the liquidation preference and other preferential rights and had no readily determinable fair value, the Group accounted for its preferred share investment in Lanqiao as an equity investment without readily determinable fair value. In July 2021, the Group acquired the remaining 80% equity interest of Lanqiao at a cash consideration of RMB71,733. Lanqiao has become a 100% owned subsidiary of the Group since then. The acquisition was accounted for as a business combination. In addition, approximately RMB71,553 of cash, will be paid to four selling shareholders upon satisfaction of certain business performance conditions and subject to their continuing services over three years. The management estimated the total compensation cost based on probability weighting and will record such payments as compensation cost over the sellers’ service period. The acquisition consideration was fully paid as of December 31, 2021 and the Company recorded a compensation cost of RMB23,951 for the year ended December 31, 2021. The Group determined the total purchase price and the allocation of the purchase price as of the date of acquisition as follows, with the assistance of an independent valuation firm: Amount RMB Net assets acquired (including cash and cash equivalents of RMB3,982) 4,605 Intangible assets: Customer relationship with an estimated useful life of 10 years 18,000 Software with an estimated useful life of 8 years 10,000 Goodwill 61,383 Deferred tax liabilities (7,000 ) Total 86,988 Amount RMB Total purchase price is comprised of: Cash consideration paid in 2021 71,733 Fair value of equity interest in preferred shares previously acquired 15,255 86,988 Acquisition of Beijing Bang Li De Network Technology Co., Ltd. (“TYT”) in 2021 In November 2021, the Group entered into a series of share purchase agreements with selling shareholders of TYT to acquire all equity interest in TYT at RMB287.5 million, and an additional RMB20 million contingent upon management’s continuous services and certain performance targets. TYT is engaged in logistic services in northern China with specialized transportation matching service. The acquisition was accounted for as a business combination and TYT has become a wholly owned subsidiary of the Group since December 2021 when the Group obtained control over TYT. The Group determined the total purchase price and the allocation of the purchase price as of the date of acquisition as follows, with the assistance of an independent valuation firm: Amount RMB Net assets acquired (including cash and cash equivalents of RMB36,657) 25,409 Intangible assets: Trademark with an estimated useful life of 10 years 45,000 Non-compete commitment with an estimated useful life of 8 years 40,000 Goodwill 198,374 Deferred tax liabilities (21,282 ) Total 287,501 Amount RMB Total purchase price is comprised of: Cash consideration paid in 2021 210,915 Consideration payable 76,586 287,501 The transaction costs related to the above acquisitions were immaterial. The financial results of the acquired businesses, which are not material, have been included in the Company’s consolidated financial statements for the period subsequent to their acquisitions. Pro forma information is not presented for the acquisitions as the impact to the consolidated financial statements is not material. Goodwill was recognized as a result of expected synergies from combining operations of the Group and acquired business and other intangible assets that don’t qualify for separate recognition. Goodwill is not amortized and is not deductible for tax purposes. |
Short-Term Investments
Short-Term Investments | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Short-Term Investments | 6. SHORT-TERM INVESTMENTS Short-term investments as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 RMB RMB Time deposits 8,382,103 19,591,302 Trading securities 349,092 2,043,340 Total Short-term investments 8,731,195 21,634,642 |
Accounts Receivable, Net
Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable, Net | 7 ACCOUNTS RECEIVABLE, NET Accounts receivable and the related bad debt provision as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 RMB RMB Trade Receivable 97,902 32,852 Less: bad debt provision (63,173 ) (3,713 ) Total Accounts receivable, net 34,729 29,139 Movement of bad debt provision for accounts receivable is as follows: Years ended December 31, 2019 2020 2021 RMB RMB RMB Balance at beginning of year (10,397 ) (62,087 ) (63,173 ) Provisions for doubtful accounts (53,312 ) (7,504 ) 5,213 Write-off 1,622 6,418 54,247 Balance at end of year (62,087 ) (63,173 ) (3,713 ) In the years ended December 31, 2019, 2020 and 2021, the Group recorded RMB53 million, RMB8 million and a reversal of RMB5 million of allowance for doubtful accounts, respectively, including a one-off million for a value added service customer made in 2019 and written off in 2021, due to the payment dispute caused by the customer’s change of management. The Group performs ongoing credit evaluation of its customers, and assesses allowance for doubtful accounts based on the aging of receivables and factors surrounding the credit risk of specific customers. |
Loans Receivable, Net
Loans Receivable, Net | 12 Months Ended |
Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Loans Receivable, Net | 8 LOANS RECEIVABLE, NET The Group provides loans using its own fund or through the consolidated trusts to the shippers and truckers through its mobile and website platforms. The annual interest rate ranges from 20%~36% and the credit period is less than one year. Interest on loans receivable is accrued and credited to revenue as earned. In general, loans receivable is identified as uncollectible when it is determined to be not probable that the balance can be collected. The following table presents loan principal and accrued interests as of December 31, 2020 and 2021: As of December 31, 2020 2021 RMB RMB Loans receivable 1,354,358 1,842,784 Less: allowance for loan losses (40,401 ) (65,117 ) Loans receivable, net 1,313,957 1,777,667 The following table presents the aging of loans as of December 31, 2020 and 2021: 0-30 31-60 Over 60 Total Current Total loans December 31, 2020 (RMB) 16,137 6,755 24,182 47,074 1,307,284 1,354,358 December 31, 2021 (RMB) 22,522 14,518 47,386 84,426 1,758,358 1,842,784 Movement of allowance for loan losses is as follows: Years ended December 31, 2019 2020 2021 RMB RMB RMB Balance at beginning of year (19,998 ) (92,641 ) (40,401 ) Provisions for doubtful accounts (127,790 ) (94,160 ) (97,658 ) Write-off 55,147 146,400 72,942 Balance at end of year (92,641 ) (40,401 ) (65,117 ) Loans receivable is recorded as receivable, reduced by an allowance for estimated losses as of the balance sheet date. The Group does not record any interest revenue on an accrual basis for the loans that are past due for more than 90 days. As of December 31, 2020 and 2021, the nonaccrual loan principal (those over 90 calendar days past due excluding loans that were over 180 days past due and therefore charged off) was RMB14.8 million and RMB33.9 million, respectively and the net nonaccrual loan princip a non-delinquent In the years ended December 31, 2019, 2020 and 2021, the Group recorded RMB128 , The Group writes off the loans receivables that are past due for more than 180 days as they are not considered collectible based on the Group’s historical experiences. |
Prepayments And Other Current A
Prepayments And Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepayments And Other Current Assets | 9. PREPAYMENTS AND OTHER CURRENT ASSETS As of December 31, 2020 2021 RMB RMB VAT refund receivable (1) 241,814 558,099 Funds receivable from third party payment channels 115,241 141,692 Advance to suppliers 37,850 168,117 Interest receivable 29,820 105,027 Deposits mainly for value added services 8,585 4,276 VAT recoverable and prepaid income taxes — 63,354 Others 23,492 59,042 Total 456,802 1,099,607 (1) VAT refund receivable represents the VAT refund from local governments to incentivize the freight brokerage service. |
Property And Equipment, Net
Property And Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment, Net | 10 PROPERTY AND EQUIPMENT, NET As of December 31, 2020 2021 RMB RMB Furniture, fixtures and equipment 51,101 65,814 Motor vehicles 7,603 5,057 Leasehold improvement 42,523 52,266 Construction in progress 3,464 63,000 Total cost 104,691 186,137 Less: Accumulated depreciation (65,707 ) (83,979 ) Property and equipment, net 38,984 102,158 Depreciation expenses related to property and equipment were RMB26,234, RMB16,622 and RMB17,465 for the years ended December 31, 2019, 2020 and 2021, respectively. |
Investments in Equity Investees
Investments in Equity Investees | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments in Equity Investees | 11 INVESTMENTS IN EQUITY INVESTEES The following table summarizes the Group’s balances of investment in equity investees: As of December 31, 2020 2021 RMB RMB Equity Investments without Readily Determinable Fair Value Plus Corp (“Plus”) (1) 460,959 1,007,361 Jiayibingding (Beijing) E-commerce (2) 280,000 350,000 Others (3) 69,906 879 Equity Method Investments Guizhou Fubao Digital Venture Capital Partnership (“Fubao Fund”) (4) — 318,588 Others (5) 64,340 1,523 Total Investment 875,205 1,678,351 (1) Plus is a technology company devoted to autonomous vehicle development. In 2018, the Group acquired 322,768,350 preferred shares of Plus and a warrant to purchase 69,787,575 preferred shares at US$0.2866 per share for a three-year period, with an aggregate cash consideration of RMB460,959. The preferred shares acquired represented 30% equity interest of Plus as of then. In November 2020, the Group’s shareholding was diluted to as a result of the financing activities of Plus. According to the amended Article of the Associate of Plus, certain preferred shares held by the Group are entitled to voting rights as of December 31, 2020. During the year ended December 31, 2021, after a series of financing transactions of Plus, including the Group’s exercise of its warrant acquired in 2018 with a cash consideration of RM B preferred shares with a cash consideration of RMB451,822, as of December 31, 2021, the Group had voting rights. However, the Group has no control over Plus as it has no control over the board of directors that makes all significant decisions in relation to the operating and financing activities of Plus. As the preferred shares are not in substance common stock due to the liquidation preference and other preferential rights and have no readily determinable fair value, the Group has accounted for its investment in Plus as an equity investment without readily determinable fair value. (2) JYBD is an E-commerce million in JYBD’s preferred shares. As of December 31, 2020, the preferred shares held by the Group represented 23.7% equity interest of JYBD. In the third quarter of 2021, the Company further amounting to (3) During the year ended December 31, 2021, the Group recorded a full impairment loss of RMB54,906 based on estimated future cash flows considering the financial condition of Zhaoyou Limited, which was recorded as an (4) Fubao fund is a private equity fund incorporated in Guizhou, the PRC. The Group, as a limited partner, acquired 72.58% equity interest of the fund with a cash consideration of RMB323 million in 2021. The Group accounts for the investment as an equity method investment as it does not have a controlling financial interest in the fund and the fund is not a VIE due to the substantive participating rights held by limited partners. (5) The Group also held an equity method investment in a holding company incorporated in Cayman Island, which invested in a logistic company in Brazil. In the fourth quarter of 2021, the Group recorded a full impairment loss of RMB55,756 based on estimated future cash flows considering the financial conditions of the investee. During the third quarter of 2021, one of the Group’s equity method investees was dissolved and the Group received RMB11,929 in cash. The difference between the carrying amount and the cash received is recorded as an investment loss of RMB379 . |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 1 2 INTANGIBLE ASSETS, NET Gross carrying amount, accumulated amortization and net book value of the intangible assets are as follows: As of December 31, 2020 2021 RMB RMB Software 27,723 40,570 Trademarks 576,000 621,000 Platform 24,000 24,000 Customer relationship — 18,000 Non-compete — 40,000 Less: Accumulated amortization (136,444 ) (186,554 ) Intangible assets, net 491,279 557,016 Amortization expenses related to intangible assets were RMB44,474, RMB47,047 and RMB49,957 for the years ended December 31, 2019, 2020 and 2021, respectively. The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows: Future amortization expenses RMB 2022 61,246 2023 56,243 2024 55,360 2025 53,500 2026 52,001 Thereafter 278,666 Total 557,016 |
Other Non-Current Assets
Other Non-Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Other Non-Current Assets | 13. OTHER NON-CURRENT Other non-current As of December 31, 2020 2021 RMB RMB Prepayment for a new equity method investment 100,000 — Prepayment for an office building 43,000 — Deposits 4,000 — Prepayment for furniture, fixtures and equipment — 3,847 Total 147,000 3,847 |
Short-Term Loans
Short-Term Loans | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Short-Term Loans | 14. SHORT-TERM LOANS As of December 31, 2020 2021 RMB RMB Short-term borrowing—banks — 9,000 Total — 9,000 In 2020, the Group entered into an aggregate RMB 500,000 of bank loan contracts with several banks and the loans were repaid in 2020. The weighted average interest rates of the short-term borrowings were 4.55% and 4.39%, respectively, resulting in interest expenses of RMB 39,996, RMB8,367 for the years ended December 31, 2019 and 2020, respectively. In 2021, the Group acquired TYT (see in note 5) and assumed its RMB 9 million of bank loans with several banks. The loans are repayable within one year with a weighted average interest rates of 5.03% and the related interest expense was immaterial for the years ended December 31, 2021. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 15. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As of December 31, 2020 2021 RMB RMB Advance from shippers and truckers(1) 411,577 687,971 Payables for repurchase of ordinary shares and share options from employees 273,790 — Salaries and welfare payables 174,142 272,702 Consideration payable for acquisition of TYT — 70,760 Deposit from truckers for value added service 47,251 53,820 Accrued rental and other service fees 20,388 56,095 Others 14,494 64,831 Total 941,642 1,206,179 (1) Representing the refundable prepayments from shippers and truckers for future shipping arrangements under freight brokerage services and value-added services. |
Mezzanine Equity
Mezzanine Equity | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Temporary Equity | 16. MEZZANINE EQUITY Prior to the completion of USIPO in June 2021, the Group issued redeemable convertible preferred shares as presented in the following table. Series Average Price Share Issuance Date Shares Issued at issuance date Issued and shares before conversion Proceeds from Issuance, net of issuance cost Accretion of interest Modification of Mezzanine equity Repurchase of preferred shares Conversion of Amount Carrying Amount USD USD USD USD USD USD USD A-1 0.03386 06 1,139,355,179 949,479,433 119,697 — — (19,948 ) (99,749 ) — A-2 0.09305 07 214,928,417 204,934,452 29,062 — — (1,351 ) (27,711 ) — A-3 0.09305 20 376,124,692 358,930,419 50,859 — — (2,325 ) (48,534 ) — A-4 0.16048 27 1,431,243,120 1,425,011,610 243,899 54,684 — (1,300 ) (297,283 ) — A-5 0.00009 27 724,612,240 687,241,088 65 20 — (5 ) (80 ) — A-5 0.00001 15 48,936,447 48,936,447 9,616 — — — (9,616 ) — A-6 0.00578 09 397,653,060 397,653,060 2,300 690 — — (2,990 ) — A-7 0.02608 27 695,016,200 695,016,200 18,128 5,438 — — (23,566 ) — A-8 0.07651 21 392,106,200 392,106,200 30,000 9,000 — — (39,000 ) — A-9 0.10862 23 07/2016 303,819,062 133,697,101 33,000 9,900 — (24,022 ) (18,878 ) — A-10 0.13207 23 272,591,789 272,591,789 36,000 10,800 — — (46,800 ) — A-10 0.15550 27 3,154,996 3,154,996 491 51 — — (542 ) — A-11 0.16015 17 249,759,201 249,759,201 40,000 12,000 — — (52,000 ) — A-12 0.16588 19 429,972,942 429,972,942 71,325 21,398 — — (92,723 ) — A-13 0.16048 30 186,944,757 186,944,757 30,000 9,000 — — (39,000 ) — A-14 0.16048 04 281,297,804 281,297,804 45,141 13,542 — — (58,683 ) — A-15 0.36740 15 5,204,626,301 5,204,626,301 1,900,668 573,655 8,346 — (2,482,669 ) — A-16 0.57436 19 2,942,381,074 2,942,381,074 1,689,511 90,064 — — (1,779,575 ) — A-16 0.57436 17 104,463,233 104,463,233 60,000 — — — (60,000 ) — Total 15,398,986,714 14,968,198,107 4,409,762 810,242 8,346 (48,951 ) (5,179,399 ) — In November 2020, the Group issued 2,942,381,074 Series A-16 Preferred Shares (with par value of US$0.00001) at US$0.5744 per share for an aggregate In connection with the issuance of Series A-16 Preferred Shares, the Company and other Series A date and the increased equity value threshold that would trigger the loss of preferred shareholders’ liquidation preference. As these changes in terms related to the preferred shareholders’ rights represented a modification as opposed to an extinguishment of preferred shares, the Company recorded the increase of RMB 54,887 The Group did not identify any derivatives embedded in the preferred shares that were subject to bifurcation and fair value accounting. The Group also determined that there was no beneficial conversion feature attributable to the preferred shares, as In May 2021, the Company repurchased 170,121,961 preferred shares from certain shareholders at US$0.9864 per share. These repurchases resulted in a reduction of mezzanine equity by RMB153,237, a reduction of APIC by RMB877,732, and compensation expenses of RMB39,549. The compensation expenses were computed as the excess of the repurchase prices over the fair values of the preferred shares repurchased as of respective repurchase dates. In June 2021, the Group issued 104,463,233 Series A-16 to Sinopec Capital Co., Ltd. in accordance with an share purchase agreement negotiated in November 2020. The Group recorded A-16 Upon the completion of USIPO on June 22, 2021, 14,968,198,107 Preferred Shares were automatically converted into 2,721,822 Class B ordinary shares and 14,965,476,285 Class A ordinary shares on a one-on-one respectively. |
Ordinary Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |
Ordinary Share | 17. ORDINARY SHARES To facilitate the exit of certain key employees of Truck Alliance, in 2020, the Company repurchased in total of ordinary shares from these employees with an aggregate consideration of . These repurchases resulted in a reduction of ordinary shares by RMB , a reduction of APIC by RMB376,820 and compensation expenses of RMB112,558 . The compensation expenses were computed as the excess of the repurchase prices over the fair values of the ordinary shares repurchased from the management members as of respective repurchase dates. In 2020, 106,422,541 ordinary shares of employees obtained through exercise of options were repurchased by the Company for tax purposes with an aggregate consideration of RMB385,270 . The repurchase resulted in a reduction of ordinary shares by and compensation expenses of . The compensation expenses were computed as the excess of the repurchase price over the fair value of the ordinary shares repurchased as of the respective repurchase dates. In November 2020, the shareholders and board of directors of the Company passed unanimously written resolutions to reclassify and re-designate the Company’s authorized ordinary shares into: (i) Class B Ordinary Shares. Each ordinary share directly or indirectly held by Full Load Logistics Information Co. Ltd has been re-designated to one Class B ordinary Share with a par value of US and each ordinary share held by other shareholders has been re-designated into one Class A ordinary Share with a par value of US Both Class A ordinary shares and Class B ordinary shares are entitled to the same dividend right, however, each Class A ordinary share is entitled to one vote and each Class B ordinary share is entitled to thirty votes on an as-converted basis held by shareholders at general meeting. Subsequently, 2,013,034,312 Class A ordinary shares were re-classified into the same number of Class B ordinary shares upon shareholders resolutions in 2021. In 2021, prior to the completion of USIPO, the Company repurchased Class A ordinary shares from certain shareholders of the Group with an aggregate consideration of RMB . The repurchases resulted in a reduction of ordinary shares by RMB12, a reduction of APIC by RMB and compensation expenses of RMB38,929 for the excess of the repurchase prices over the fair values of the ordinary shares repurchased as of the respective repurchase dates. On June 22, 2021, upon the completion of USIPO, 1,650,000,000 Class A ordinary shares were issued to the public investors and 210,526,314 Class A ordinary shares were issued in the concurrent private placement. Total proceeds of the issuance was RMB , net of the issuance cost. On the same date, all redeemable convertible preferred shares were converted to ordinary shares. During the year ended December 31, 2021, stock options were exercised in ordinary shares by employees, of which 351,972,260 were Class A ordinary shares and 514,258,536 were Class B ordinary shares. The Company repurchased 169,834,500 Class B ordinary shares for tax purpose upon the exercise of options, which resulted in a decrease of ordinary shares b y RMB11 and a reduction of APIC by |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. INCOME TAXES Cayman Islands Under the current laws of the Cayman Islands, the Companies incorporated in the Cayman Islands are not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders. Hong Kong Entities incorporated in Hong Kong are subject to Hong Kong profits tax. Under the current Hong Kong Inland Revenue Ordinance, the profits tax rate for the first HK dollar 2,000 of profits of corporations is are China On March 16, 2007, the National People’s Congress of the PRC introduced a Corporate Income Tax Law (“CIT Law”), under which Foreign Investment Enterprises (“FIEs”) and domestic companies are subject to corporate income tax at a uniform rate of Certain enterprises benefit from a preferential tax rate of under the CIT Law if they qualify as high and new technology enterprises (“HNTE”). Withholding tax on undistributed dividends The CIT Law also provides that an enterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The implementing rules of the CIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, property, etc., of a non-PRC The CIT law also imposes a withholding income tax of 10% on dividends distributed by an FIE to its immediate holding company outside of China, if such immediate holding company is considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. According to the arrangement between the Mainland China and Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by an FIE in China to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% (if the foreign investor owns directly at least 25% of the shares of the FIE).The Group did not record any dividend withholding tax, as its FIEs have not had any retained earnings. According to a policy promulgated by the State Tax Bureau of the PRC and effective from 2008 onwards, enterprises engaged in research and development activities are entitled to claim an additional tax deduction amounting to 50 2023 . Loss by tax jurisdictions: Years ended December 31, 2019 2020 2021 RMB RMB RMB Net loss (income) from PRC operations 995,145 (145,611 ) (56,957 ) Net loss from non-PRC 561,198 3,597,207 3,697,294 Total net loss before tax 1,556,343 3,451,596 3,640,337 The current and deferred portion of income tax expenses included in the consolidated statements of operations and comprehensive loss are as follows: For the years ended December 31, 2019 2020 2021 RMB RMB RMB Current tax expenses 9,663 31,844 27,018 Deferred tax benefits (24,339 ) (12,508 ) (12,827 ) Income tax (benefit) expense (14,676 ) 19,336 14,191 Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2019, 2020 and 2021 are as follows: For the years ended December 31, 2019 2020 2021 RMB RMB RMB PRC statutory tax rate 25.00% 25.00% 25.00% Effect of different tax rates of subsidiaries operating in other jurisdictions 2.31% 0.89% 0.96% Preferential tax rates and local tax exemptions (0.45% ) (0.22% ) (0.44% ) Expenses/losses not deductible for tax purposes (9.63% ) (0.71% ) (0.91% ) Research and development expenses super deduction 3.30% 2.00% 2.65% Compensation cost in relation to ordinary shares and options (11.37% ) (26.95% ) (26.36% ) True up (0.00% ) (0.00% ) (0.04% ) Effect of change of valuation allowance (8.22% ) (0.57% ) (1.25% ) Effective tax rate 0.94% (0.56% ) (0.39% ) As of December 31, 2020 2021 RMB RMB Deferred tax assets —Advertising and business promotion expenditure 11,676 5,997 —Impairment loss 182,876 177,368 —Allowance for doubtful accounts 24,026 15,431 —Loan loss provision 23,207 23,985 —Accrued expense 2,309 5,792 —Net operating loss carry forwards 521,022 598,975 —Others 1,204 4,268 Less: valuation allowance (747,354 ) (811,324 ) Net deferred tax assets 18,966 20,492 Deferred tax liabilities —Identifiable intangible assets from business combination 118,783 135,764 Total deferred tax liabilities 118,783 135,764 Movement of valuation allowance For the years ended December 31, 2019 2020 2021 RMB RMB RMB Balance at beginning of the year 599,633 727,508 747,354 Addition 127,875 19,846 63,970 Total 727,508 747,354 811,324 As of December 31, 2020 and 2021, the Group had net operating loss carry forwards of approximately million and RMB2,432 million, which arose from the subsidiaries, VIEs and VIEs’ subsidiaries established in the PRC, respectively. The loss expired of approximately million during the years ended December 31, 2020 and 2021, respectively, and were provided full valuation allowances in prior years. The remaining loss carry forwards will expire during the period from The Group believes that for most of its entities, it is more likely than not that the net accumulated operating losses and other deferred tax assets will not be utilized in the future based on an evaluation of a variety of factors including the Group’s operating history, accumulated deficit, existence of taxable temporary differences and reversal periods. Therefore, the Group provided a valuation allowances of |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 19. RELATED PARTY TRANSACTIONS The table below sets forth the major related parties and their relationships with the Group: Related Party Relationship with the Group JYBD An affiliate of the Group Euclidean An entity controlled by management founder of an affiliate of the Group Sigma An entity controlled by management founder of an affiliate of the Group Plus An affiliate of the Group Hangzhou Yinghuo Internet Technology Limited (Yinghuo) An entity over which management has a significant influence Horgos Yinghuo Management Consulting Co., Ltd. (Horgos) An entity over which management has a significant influence Truck Limited (Champion) An affiliate of the Group Dai WJ Holding limited (DWJ) An entity controlled by a management shareholder of the Group Capital Champion Holdings Limited (Capital) An entity controlled by a shareholder of the Group DWJ Partners Limited (DWJ Partners) An entity controlled by a management shareholder of the Group Liu XF Holdings Limited (LXF) An entity controlled by a shareholder of the Group Tang TG Holdings Limited (TTG) An entity controlled by a shareholder of the Group Luo P Holdings Limited (LP) An entity controlled by a shareholder of the Group Geng XF Holding Limited (GXF) An entity controlled by a shareholder of the Group SVF Bumble (Cayman) Limited (SVF) A shareholder of Champion Others Executives of the Group For the years ended December 31, 2019, 2020 and 2021, services provided to the related parties were RMB2,235, RMB10,333 and nil, respectively: For the years ended December 31, 2019 2020 2021 RMB RMB RMB Value-added service revenue from JYBD — 9,434 — Value-added service revenue from Horgos — 899 — Value-added service revenue from Yinghuo 2,235 — — Total 2,235 10,333 — For the years ended December 31, 2019, 2020 and 2021, services provided from the related parties were nil, nil and RMB12,500, respectively: For the years ended December 31, 2019 2020 2021 RMB RMB RMB Service fee to JYBD — — 12,500 Total — — 12,500 The Group had the following balances with the major related parties: As of December 31, 2020 2021 RMB RMB Current assets: Service fee prepaid to JYBD — 7,075 Total — 7,075 As of December 31, 2020 and 2021, amounts due to related parties were RMB172,779 and RMB179,859, respectively, and details are as follows: As of December 31, 2020 2021 RMB RMB Current liabilities: Consideration payable for repurchase of ordinary shares and options from executives of the Group 77,556 — Consideration payable for repurchase of ordinary shares from DWJ . 61,726 80,501 Consideration payable for repurchase of ordinary shares from LXF 16,414 15,939 Consideration payable for repurchase of ordinary shares from Euclidean 8,156 7,970 Consideration payable for repurchase of ordinary shares from Sigma 8,156 7,970 Consideration payable for equity investment in Plus 771 — Consideration payable for repurchase of ordinary shares from TTG — 25,503 Consideration payable for repurchase of ordinary shares from DWJ Partners — 1,847 Consideration payable for repurchase of ordinary shares from GXF — 12,751 Consideration payable for repurchase of ordinary shares from C apital — 27,378 Total 172,779 179,859 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | 20 SHARE-BASED COMPENSATION The Company authorized 2,636,675,056 ordinary shares for issuance under the 2018 Incentive Compensation Plan (“2018 Plan”) and as of December 31, 2021, 2,300,588,991 share options were granted under 2018 plan. In April 2021, the board approved the 2021 Incentive Compensation Plan (“2021 Plan”) and authorized 466,685,092 ordinary shares for issuance which was amended in November 2021 that if the share authorized under the 2021 Plan falls below 3.0% of total outstanding shares on the last day of a calendar year, it shall automatically be increased to 3.0% of total outstanding shares on the January 1 immediately thereafter . As of December 31, 2021, 528,463,580 share options were granted under 2021 Plan. The options granted expire in ten years from the date of grant. Employee options: • Options classified as liability Prior to the acquisition of Truck Alliance, under the 2015 Plan, options to purchase up to 228,034,872 ordinary shares of the Company were issued to the Company’s directors and employees. Generally, these options vested over a four-year service period and the grantees are entitled to sell to the Company ordinary shares received upon the exercise of vested options, for a price equal to 80% of the placing price per share of the latest private placement upon termination of employment. As the Company can be required to settle the options by transferring cash upon a contingent event within the control of grantees, the options are classified as liability and are accounted for at fair value until the settlement of such options. Upon exercising of vested options, the unsettled liabilities of the vested options immediately prior to exercising was reclassified to ordinary shares and APIC. In December 2018, the exercise price of all the options classified as liability changed from US$0.01 per share to US$0.00001 per share. The modification of exercise price was reflected in the subsequent valuation of liabilities. In September 2020, the Company modified the repurchase term of the options classified as liability. After the modification, the grantees’ right to require the Company to repurchase the options was removed and instead, the Company has the right to repurchase the options upon termination of employment at the price equal to 80% of the placing price per share of the latest private placement or 5% of net assets based on the latest audited financial statements, whichever is lower. Considering it is not probable that the Company will exercise the right and prevent the grantees from bearing the risks and rewards for a reasonable period of time from the date the option is exercised or the share is issued, the modified awards are accounted for as equity awards from the date of the modification. The fair value measured after the modification is recognized on a straight-line basis over the remaining requisite service period for unvested options and the unsettled liability of RMB20,695 as of the modification date was reclassed to APIC. The following table summarized the activities of the Group’s share options classified as liability with no movement for 2021: Number of options Weighted average exercise price Aggregate intrinsic value US$ US$ Outstanding at January 1, 2019 89,840,646 0.00001 18,812 Exercised (49,814,073 ) 0.00001 — Outstanding at December 31, 2019 40,026,573 0.00001 10,350 Exercised (23,391,140 ) 0.00001 — Reclassified as equity (16,635,433 ) 0.00001 5,110 Outstanding at December 31, 2020 — — — Exercisable at December 31, 2020 — — — • Options classified as equity Options classified as equity generally vest over four-year service period. In December 2017, upon the acquisition of Truck Alliance, the Company issued 291,277,872 options to prior employees of Truck Alliance. These options vest over a service period of one During the year s options granted, respectively, including removal of the public listing performance condition, acceleration of vesting schedule or changes in number of options vested. The compensation expenses are recognized based on the fair value of the modified awards on the modification date. The fair value of unvested options will be recognized on a straight-line basis over the remaining requisite service period. The fair values of vested options totaled RMB231,972 and RMB209,311 were recognized as compensation expenses upon the modification in the year s In December 2020, the Group repurchased 3,694,402 unvested share options with a total consideration of RMB13,863 for tax purposes. The repurchase resulted in compensation costs in general and administrative expenses with an amount of RMB6,251, which included both the remaining unrecognized compensation based on the grant date fair value and additional compensation as a result of the repurchase price in excess of the fair value of the early vested option on the repurchase date. During the year ended December 31, 2020, the Group granted 1,280,318,400 options to employees under the 2018 plan, subject to a three During the year ended December 31, 2021, options were granted to employees under the 2018 plan and 2021 plan, of which options vested immediately upon grant while and options were subject to a four-year and one-year service conditions, respectively. The following table summarized the activities of the Group’s share options classified as equity: Number of options Weighted average exercise price Weighted average remaining contract life Weighted average grant date fair Aggregate intrinsic value US$ US$ Outstanding at December 31, 2020 418,452,697 0.000007 8.56 0.2569 165,035 Granted 894,515,686 0.000010 0.7195 Exercised (866,230,796 ) 0.000010 0.6822 Forfeited (18,159,814 ) 0.000008 0.4491 Outstanding at December 31, 2021 428,577,773 0.000010 8.75 0.4547 179,544 Vested and expected to vest 428,577,773 0.000010 8.75 0.4547 179,544 Exercisable at December 31, 2021 93,474,222 0.000008 6.93 0.2414 39,118 The unrecognized compensation costs related to unvested options is RMB905 million for 2021. It is expected to be recognized over a weighted-average period of 3.3 years. In determining the fair value of the stock options, the Company applied the binomial option pricing model before the completion of its USIPO in and the Black-Scholes model for the options granted thereafter. The change of valuation model does not result in any difference in valuation results as the exercise price of the options granted is significantly below the spot price (deemed as “deep in the money”) and the fair value of the options approximates the closing price of the ordinary shares on the grant date. For the years ended December 31, 2019 2020 2021 RMB RMB RMB Expected volatility 34.2%~35.9% 35.9%~39.3% 37.2%~38.1% Risk-free interest rate (per annum) 1.67%~2.46% 0.30%~1.04% 1.00%~1.96% Exercise multiples 2.8 2.8 2.8 (1) Expected dividend yield 0.00% 0.00% 0.00% Fair value of underlying ordinary shares $ 0.216~0.259 $ 0.261~0.395 $ 0.370~1.050 Fair value of share option $ 0.293~0.305 $ 0.294~0.395 $ 0.370~1.050 (1) Exercise multiples defines the early exercise strategy of the grantees and only applies to binomial option pricing model. The Group estimated expected volatility by reference to the historical price volatilities of ordinary shares of comparable companies over a period close to the contract term of the options. The Group estimated the risk-free interest rate based on the yield to maturity of U.S. government bonds as at each valuation date with a maturity period close to the contract term of options. The exercise multiple was estimated based on empirical research on typical employee stock option exercising behavior. The dividend yield was estimated as zero based on the plan to retain profit for corporate expansion and no dividend will be distributed in the near future. Prior to the completion of USIPO, the Group determined the fair value of ordinary shares underlying each share option grant based on estimated equity value and allocation of it to each element of its capital structure. After the completion of USIPO in June 2021, the Group uses the stock market closing price as the fair value of the ordinary shares. The assumptions used in share-based compensation expenses recognition represent the Group’s best estimates, but these estimates involve inherent uncertainties and the application of judgment. If factors change or different assumptions are used, the share-based compensation expenses could be materially different for any period. For the years ended December 31, 2019, 2020 and 2021, share-based compensation expenses of RMB434,817, RMB3,428,914 and RMB3,837,913 were recognized in connection with options granted, respectively. Restricted share On October 19, 2018, the Group granted 34,022,775 restricted shares to each of the two founder of an equity investee, Plus. The restricted shares vest over the following four years. The estimated fair value on the grant date of each restricted share was US$ 0.1965. Restricted shares granted are measured based on the fair value of the Company’s ordinary share on the grant date. Compensation expenses are recognized on a straight-line basis over the requisite service period. In November 2020, the Group modified the term and the grantee was entitled to early vest all the restricted shares. The unrecognized compensation expenses amounting to RMB40,040 related to the previously unvested restricted shares as of the modification date was recognized immediately upon the modification. In , the Company repurchased all the vested ordinary shares at US$ per share with a total consideration of RMB . As the repurchase price was lower than the fair value of ordinary share as of the repurchase date, no additional compensation expenses were resulted from this repurchase. The following table summarized the Group’s restricted share activities: Number of restricted units Weighted average USD Unvested at January 1, 2019 68,045,550 0.1965 Vested (17,011,388 ) 0.1965 Unvested at December 31, 2019 51,034,162 0.1965 Vested (51,034,162 ) 0.1965 Unvested at December 31, 2020 — — Total share- based compensation expenses recognized for these restricted shares in 2019, 2020 and 2021 were RMB21 million, RMB57 million and nil, respectively. Subsidiary’s Plan The Group acquired TYT, a private company, in December 2021. Upon the completion of the acquisition, ordinary shares held by non-controlling interest holders, who are also management of the TYT, are restricted and subject to a four-year vesting period. (see note 5) Number of restricted s Weighted average USD At January 1, 2021 — — Grant 968,198 15.68 Unvested at December 31, 2021 968,198 15.68 Share-based compensation for all share options and restricted shares The Group recorded share based compensation expense of RMB455,634, RMB3,486,307 and RMB3,837,913 for the years ended December 31, 2019, 2020 and 2021, respectively, which were classified in the accompanying consolidated statements of operations and comprehensive loss as follows: For the years ended December 31, 2019 2020 2021 RMB RMB RMB General and administrative expenses 455,634 3,341,145 3,728,421 Selling and marketing expense — 94,640 56,975 Research and development expense — 42,680 48,777 Cost of revenues — 7,842 3,740 Total 455,634 3,486,307 3,837,913 |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 21. LOSS PER SHARE Loss per share is computed by dividing net loss available to ordinary shareholders by the weighted average number of ordinary shares outstanding for the years ended December 31, 2019, 2020 and 2021: For the years ended December 31, 2019 2020 2021 RMB RMB RMB Numerator Net loss available to Full Truck Alliance Co. Ltd. from continuing operations (1,541,660 ) (3,470,924 ) (3,654,448 ) Net income available to Full Truck Alliance Co. Ltd. from discontinued operations 18,010 452 — Net loss available to Full Truck Alliance Co. Ltd (1,523,650 ) (3,470,472 ) (3,654,448 ) Deemed dividend — (120,086 ) (518,432 ) Net loss available to ordinary shareholders—basic and diluted (1,523,650 ) (3,590,558 ) (4,172,880 ) Denominator Weighted average number of ordinary shares outstanding—basic and diluted 3,299,723,079 3,423,687,654 13,445,972,280 Basic and diluted loss per share-continuing operations (0.47 ) (1.05 ) (0.31 ) Basic and diluted earnings per share-discontinued operations 0.01 0.00 — Basic and diluted loss per share (0.46 ) (1.05 ) (0.31 ) As a result of the Group’s net loss for the years ended December 31, 2020 and 2021, the numbers of the Company’s preferred shares, share options and restricted shares outstanding were excluded from the calculation of diluted loss per share as their inclusion would have been anti-dilutive. As of December 31, 2020 2021 RMB RMB Convertible redeemable preferred shares 15,033,856,835 — Share options 418,452,697 428,577,773 Both Class A ordinary shares and Class B ordinary shares are entitled to the same dividend right, as such, this dual class share structure has no impacts to the earnings per share calculation. Basic earnings per share and diluted earnings per share are the same for each Class A ordinary share and Class B ordinary share. |
Employee Benefit
Employee Benefit | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit | 22. EMPLOYEE BENEFIT As stipulated by the regulations of the PRC, full-time employees of the Group are entitled to various government statutory employee benefit plans, including medical insurance, maternity insurance, workplace injury insurance, unemployment insurance and pension benefits through a PRC government-mandated multi-employer defined contribution plan. The Group is required to make contributions to the plan based on certain percentages of employees’ salaries. The total expenses the Group incurred for the plan were RMB158,181, RMB80,152 and RMB217,783 for the years ended December 31, 2019, 2020 and 2021, respectively, which are recorded in expenses based on the function of employees. |
Risks And Concentrations
Risks And Concentrations | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Risks And Concentrations | 23. RISKS AND CONCENTRATIONS Financial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash and cash equivalents, restricted cash and short-term investments. The Group places its cash and cash equivalents, restricted cash and short-term investments with financial institutions with high-credit ratings and quality. Foreign currency risk RMB is not a freely convertible currency. The State Administration of Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. The cash and cash equivalents, restricted cash and short-term investments of the Group included an aggregated amounts of RMB2,789,813 and RMB3,806,418 as of December 31, 2020 and 2021, respectively. |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2021 | |
Restricted Assets Disclosure [Abstract] | |
Restricted Net Assets | 24. RESTRICTED NET ASSETS Pursuant to the laws applicable to the PRC’s Foreign Investment Enterprises and local enterprises, the Group’s entities in the PRC must make appropriation from after-tax non-distributable PRC laws and regulations permit payments of dividends by the Company’s subsidiaries and VIE incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with the PRC accounting standards and regulations. In addition, the Company’s subsidiaries, VIEs and VIEs’ subsidiaries incorporated in the PRC are required to annually appropriate 10% of their net income to the statutory reserve prior to payment of any dividends, unless such reserve has reached 50% of their respective registered capital. In addition, registered share capital and capital reserve accounts are also restricted from withdrawal in the PRC. As a result of these PRC laws and regulations and the requirement that distributions by the PRC entities can only be paid out of distributable profits computed in accordance with the PRC accounting standards and regulations, the PRC entities are restricted from transferring a portion of their net assets to the Group. Amounts restricted include paid-in respectively. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 25. COMMITMENTS AND CONTINGENCIES Operating lease commitments The Group has leased office premises under operating lease agreements for the periods from 2022 to 202 5 non-cancellable As of December 31, 2021 RMB 2022 18,746 2023 13,922 2024 7,167 2025 4,320 2026 — 44,155 Rental expenses amounted to RMB24,766, RMB28,997 and RMB20,419 for the years ended December 31, 2019, 2020 and 2021, respectively. Rental expenses are charged to the consolidated statements of operations and comprehensive loss when incurred. The lease agreement for the Group’s headquarter office, with a total future minimum lease payment of RMB43,301 from January 2022 to June 2023, is not included in the above table as the lease payments are subsidized and paid by a local government authority subject to certain performance targets including tax paid and foreign investment obtained which the Group met for the past years and believes it will meet for the remaining lease period. Contingencies Pursuant to an announcement issued by the Cybersecurity Review Office (“CRO”) of the Cyberspace Administration of China on July 5, 2021, CRO has initiated a cybersecurity review of Group’s apps. In order to facilitate the review and prevent the expansion of potential risks, the Group’s mobile apps are required to suspend new user registration in the PRC during the review period, starting from July 5, 2021. The Group is currently not in a position to estimate whether any penalty would be resulted from this review or the possible loss or possible range of loss. On July 7, 2021, the Group, together with certain of its current and former directors and officers and others, were named as defendants in a putative shareholder class action lawsuit filed in the Supreme Court of the State of New York. Since then, two additional class actions have been filed in the Eastern District of New York and the Supreme Court of the State of New York. The class actions are brought on behalf of a putative class of persons who purchased or acquired the Group’s securities pursuant or traceable to the Group’s US IPO. All the complaints allege violations of Sections 11 and 15 of the Securities Act of 1933 based on allegedly false and misleading statements or omissions in the Group’s Registration Statement issued in connection with the US IPO for the disclosure of CRO’s review. In November 2021, the consolidated amended complaint was filed in the Supreme Court of the State of New York, which the Group moved to dismiss in January 2022. The federal complaint also alleges violations of Section 12(a)(2) of the Securities Act. The Group is currently not in a position to estimate the possible loss or possible range of loss, if any, associated with the resolution of the lawsuits. The Group is subject to a number of legal or administrative proceedings that generally arise in the ordinary course of its business. The Group does not believe that any currently pending legal or administrative proceeding to which the Group is a party will have a material adverse effect on the financial statements. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 26. SUBSEQUENT EVENT From January to February, 2022, the Group granted Class B ordinary Shares to Full Load Logistics Information Co. Ltd, which was owned by an executive of the Group. The fair value of the shares granted is US$ ~US$0.46 per share and vested immediately. The total compensation expenses to be recognized are RMB . The Group completed its reorganization of VIE structure to remove the businesses that are not subject to the restriction or prohibition on foreign ownership from the VIE structure on January 1, 2022. Effective on January 1, 2022, Shanghai Xiwei, Guizhou FTA and Beijing Yunmanman, which were former VIE entities, were acquired by the WFOEs at nominal prices and become WFOE’s wholly owned subsidiaries. Since this reorganization under common control does not result in any change in the beneficiary ownership immediately before and after the reorganization, it has no impact on the Company’s consolidated financial statements. On April 14, 2022, the Group entered into a share surrender and loan repayment agreement with a shareholder and his certain affiliates. Pursuant to such agreement, the Group will settle the US$200 million of subscription receivable from the shareholder by accepting the surrender of a certain number of Class A ordinary shares beneficially owned by such shareholder. The number of surrender shares will depend on the repayment price per share as determined based on the trading price of the Company’s ADS at the time of settlement. If the shareholder delivers the settlement notice on or prior to July 31, 2022, the repayment price per share will be equal to the price per Class A ordinary share implied by the highest closing price of the Company’s ADS during the three-trading day period starting from the trading day immediately preceding the date of the settlement notice. Otherwise, the repayment price per share will be equal to the price per Class A ordinary share during the three-trading day period starting from August 1, 2022. If the repayment price per share is lower than US$0.2717, the number of surrender shares will be 736,177,535, the total number of Class A ordinary shares beneficially owned by the shareholder. The short-fall from US$200 million will be the remaining subscription receivable. |
Additional Financial Informatio
Additional Financial Information of Parent Company | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Additional Financial Information of Parent Company | ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY FINANCIAL STATEMENTS SCHEDULE I FULL TRUCK ALLIANCE CO. LTD. FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED BALANCE SHEETS (Amounts in thousands, except share and per share data) As of December 31, 2020 2021 2021 RMB RMB USD (Note 2) ASSETS Current assets: Cash and cash equivalents 7,025,967 1,032,540 162,028 Short-term investments 6,270,302 17,866,528 2,803,648 Prepayments and other current assets 13,762 113,595 17,826 Total current assets 13,310,031 19,012,663 2,983,502 Investment in and amount due from subsidiaries/VIEs 9,675,404 11,885,179 1,865,044 Long-term investments 522,672 1,007,361 158,077 Total non-current 10,198,076 12,892,540 2,023,121 TOTAL ASSETS 23,508,107 31,905,203 5,006,623 LIABILITIES Accounts payable — 42 7 Amounts due to related parties 172,779 179,859 28,224 Income tax payable — 9,084 1,425 Other tax payable — 250,008 39,232 Accrued expenses and other current liabilities 283,524 10,765 1,690 TOTAL LIABILITIES 456,303 449,758 70,578 MEZZANINE EQUITY 31,535,947 — — SHAREHOLDERS’ (DEFICIT) EQUITY Class A Ordinary shares (US$0.00001 par value, 33,562,015,467 and 40,000,000,000 shares authorized, 3,517,944,736 and 18,559,858,605shares 233 1,201 188 Class B Ordinary shares (US$0.00001 par value, 963,610,653 and10,000,000,000 63 215 34 Additional paid-in 3,809,060 49,245,773 7,727,736 Accumulated other comprehensive income 1,072,307 538,650 84,526 Subscription receivable — (1,310,140 ) (205,590 ) Accumulated deficit (13,365,806 ) (17,020,254 ) (2,670,849 ) TOTAL SHAREHOLDERS’ (DEFICIT) EQUITY (8,484,143 ) 31,455,445 4,936,045 TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT) 23,508,107 31,905,203 5,006,623 ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY FINANCIAL STATEMENTS SCHEDULE I FULL TRUCK ALLIANCE CO. LTD. FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Amounts in thousands, except share and per share data) Years ended December 31, 2019 2020 2021 RMB RMB RMB USD (Note 2) Cost and operating expenses (712,108 ) (3,729,055 ) (3,959,299 ) (621,300 ) Interest income 176,925 93,897 153,749 24,127 Investment income — — (379 ) (59 ) Fair value change in trading securities — — 18,333 2,877 Impairment loss and others — — (44,348 ) (6,960 ) Equity in losses of equity investees (1,444 ) (10,975 ) (5,696 ) (894 ) Income tax expenses — — (14,090 ) (2,211 ) Equity in (loss) profit income of subsidiaries, VIEs and VIEs’ subsidiaries (987,023 ) 175,661 197,282 30,957 Net loss attributable to Full Truck Alliance Co. Ltd. (1,523,650 ) (3,470,472 ) (3,654,448 ) (573,463 ) Other comprehensive income (loss) Foreign currency translation adjustments, net of tax of nil 89,399 (498,157 ) (533,657 ) (83,742 ) Total comprehensive loss attributable to Full Truck Alliance Co. Ltd. (1,434,251 ) (3,968,629 ) (4,188,105 ) (657,205 ) ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY FINANCIAL STATEMENTS SCHEDULE I FULL TRUCK ALLIANCE CO. LTD. FINANCIAL INFORMATION OF PARENT COMPANY CONDENSED STATEMENTS OF CASH FLOWS (Amounts in thousands, except for share and per share data) Years ended December 31, 2019 2020 2021 2021 RMB RMB RMB USD Cash flows from operating activities: (Note 2) Net loss attribute to ordinary shareholders (1,523,650 ) (3,470,472 ) (3,654,448 ) (573,463 ) Adjustments to reconcile net loss to net cash used in operating activities Equity in income (loss) of subsidiaries, VIEs and VIEs’ subsidiaries 987,023 (175,661 ) (197,282 ) (30,957 ) Share-based compensation 455,634 3,254,335 3,628,602 569,407 Modification of share options — 231,972 209,311 32,845 Equity in loss of unconsolidated investees 1,444 10,975 5,696 894 Net gain from disposal of investment in equity investees — — 379 59 Unrealized gains from fair value changes of trading securities — — (18,333 ) (2,877 ) Foreign exchange loss — — 2,917 458 Impairment loss — — 43,708 6,859 Changes in operating assets and liabilities: Prepayments and other current assets 849 22,727 (108,119 ) (16,966 ) Accounts payable — — 42 7 Amounts due to related parties 28,669 22,242 (31,213 ) (4,898 ) Income tax payable — — 9,084 1,425 Accrued expenses and other current liabilities — 91,377 (78,313 ) (12,289 ) Net cash used in operating activities (50,031 ) (12,505 ) (187,969 ) (29,496 ) Cash flows from investing activities: Purchases of short-term investments (4,404,601 ) (6,766,468 ) (19,376,170 ) (3,040,544 ) Maturity of short-term investments 3,107,061 4,638,930 7,464,384 1,171,325 Payment for investment in equity investees (75,739 ) (19,312 ) (580,888 ) (91,154 ) Return from dissolution of an equity investment — — 11,929 1,872 Loans to related parties (48,458 ) (63,482 ) — — Repayment of loans from related parties — 109,792 — — Investment in subsidiaries and VIEs (91,803 ) (493,225 ) (2,081,323 ) (326,605 ) Net cash used in investing activities (1,513,540 ) (2,593,765 ) (14,562,068 ) (2,285,106 ) Cash flows from financing activities: Cash paid for repurchase of ordinary shares and preferred shares (384,880 ) (557,836 ) (2,585,437 ) (405,711 ) Proceeds from issuing preferred shares, net of issuance cost — — 385,788 60,539 Proceeds from initial public offerings, net — — 11,059,043 1,735,405 Proceeds from exercise of share options — 87 20 3 Proceeds from issuance of convertible redeemable preferred shares, net of issuance cost 1,672,415 11,081,037 — — Loan to a shareholder pledged by preferred shares — (1,310,140 ) — — Net cash provided by financing activities 1,287,535 9,213,148 8,859,414 1,390,236 Effect of exchange rate changes on cash and cash equivalents 36,656 (274,587 ) (102,804 ) (16,134 ) Net (decrease) increase in cash and cash equivalents (239,380 ) 6,332,291 (5,993,427 ) (940,500 ) Cash and cash equivalents, beginning of the year 933,056 693,676 7,025,967 1,102,528 Cash and cash equivalents, end of the year 693,676 7,025,967 1,032,540 162,028 ADDITIONAL FINANCIAL INFORMATION OF PARENT COMPANY FINANCIAL STATEMENTS SCHEDULE I FULL TRUCK ALLIANCE CO. LTD. FINANCIAL INFORMATION OF PARENT COMPANY NOTES TO SCHEDULE I 1) Schedule I has been provided pursuant to the requirements of Rule 12-04(a) 5-04(c) S-X, 2) The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries and VIEs. For the parent company, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323, Investments—Equity Method and Joint Ventures. Such investments are presented on the Condensed Balance Sheets as “Investment in subsidiaries and VIEs” and the subsidiaries and VIE’s profit or loss as “Equity in losses of subsidiaries, VIEs and VIEs’ subsidiaries” on the Condensed Statements of Operations and Comprehensive Loss. Ordinarily under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of this Schedule I, the parent company has continued to reflect its share, based on its proportionate interest, of the losses of subsidiaries and VIE in investment in and amount due from subsidiaries and VIEs even though the parent company is not obligated to provide continuing support or fund losses. 3) For the years ended December 31, 2019, 2020 and 2021, there were no material contingencies, significant provisions of long-term obligations, or guarantees of the Company. |
Principal Accounting Policies (
Principal Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | 2.1 Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the years presented. |
Basis of consolidation | 2.2 Basis of consolidation The consolidated financial statements include the financial statements of the Company, its subsidiaries, VIEs and VIEs’ subsidiaries in which it has a controlling financial interest. The results of the subsidiaries, VIEs and VIEs’ subsidiaries are consolidated from the date on which the Company obtained control and continue to be consolidated until the date that such control ceases. The Group has adopted the guidance codified in Accounting Standards Codification (“ASC”) 810, Consolidation, on accounting for VIE, which requires certain variable interest entity to be consolidated by the primary beneficiary in which it has a controlling financial interest. A VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support; (b) as a group, the holders of the equity investment at risk lack the ability to make certain decisions, the obligation to absorb expected losses or the right to receive expected residual returns, or (c) an equity investor has voting rights that are disproportionate to its economic interest and substantially all of the entity’s activities are on behalf of the investor. In determining whether the Group is the primary beneficiary, the Group considers if the Group (1) has power to direct the activities that most significantly affect the economic performance of the VIE, and (2) receives the economic benefits of the VIE that could be significant to the VIE. If deemed the primary beneficiary, the Group consolidates the VIE. All intercompany balances and transactions between the Group, its subsidiaries, VIEs and VIEs’ subsidiaries have been eliminated in consolidation. VIE Arrangements Due to PRC laws and regulations that impose certain restrictions or prohibitions on foreign equity ownership of entities providing value-added telecommunications services and certain financial services, the Group operates its websites and other restricted businesses in the PRC through certain PRC domestic companies, whose equity interests are held by certain shareholders or affiliates of the Company or other group entities (“Nominee Shareholders”). Since the Company does not have any equity interests in VIEs, in order to exercise effective control over their operations, the Company, through its wholly owned subsidiaries, Jiangsu Manyun and FTA Information (collectively, the “WFOE”), entered into a series of contractual arrangements with its VIEs and their shareholders, pursuant to which the Company is entitled to receive effectively all economic benefits generated from the VIEs and their shareholders’ equity interests in them. Prior to March 2021, a series of contractual arrangements were entered among (i) Jiangsu Manyun, Shanghai Xiwei and its shareholders, (ii) Jiangsu Manyun, Beijing Yunmanman and its shareholders, and (iii) FTA Information, Guiyang Huochebang and its shareholders. Shanghai Xiwei and its subsidiaries were primarily involved in operating the Group’s Yunmanman apps and providing freight matching services and value-added services, Guiyang Huochebang and its subsidiaries were primarily involved in operating the Group’s Huochebang apps, providing freight matching, value-added, insurance, credit solution and guarantee insurance, credit solution and guarantee services; and Beijing Yunmanman was not engaged in any material business operation. In March 2021, the Group changed the VIE directly controlled by the WFOE, FTA Information, from Guiyang Huochebang to a newly established PRC entity, Guizhou FTA, which is founded by certain senior officers of the Group. As directed by FTA Information, Guizhou FTA acquired 100% of equity interest in Guiyang Huochebang for a nominal price from the shareholders of Guiyang Huochebang pursuant to the contractual arrangements between FTA Information and the shareholders of Guiyang Huochebang, and FTA Information gained control over Guizhou FTA through a series of VIE contractual arrangements. Guiyang Huochebang, as a wholly owned subsidiary of Guizhou FTA, continues to hold the licenses required to operate its business following such transactions. The reorganization under common control has no impact on the Company’s consolidated financial statements. During the fourth quarter of 2021, to remove certain businesses that are not subject to the restriction or prohibition on foreign ownership from the VIE entities, the Group further underwent a reorganization of its VIE structure which was completed in January 2022 (see note 26). By the end of 2021, the Group changed two VIEs directly controlled by the WFOEs, from Beijing Yunmanman and Shanghai Xiwei to Shan’en Technology and Manyun Software, which were former VIEs’ subsidiaries. Beijing Yunmanman and Shanghai Xiwei became wholly owned subsidiaries of VIEs after these changes. The WFOEs gained control over the VIEs through a series of contractual arrangements entered among (i) Jiangsu Manyun, Shan’en Technology and its shareholders, (ii) Jiangsu Manyun, Manyun Software and its shareholders, and (iii) FTA Information, Guizhou FTA and its shareholders. The reorganization under common control has no impact on the Company’s consolidated financial information. The changes on the VIE entities have no impact on the financial information of the consolidated VIEs presented below as no entities were added to or removed from the VIE structure. The major clauses in VIE agreements are as follows: Equity Interest Pledge Agreement Under the equity interest pledge agreements entered between the WFOE and the shareholders of the VIE, the shareholders pledged all of their equity interests in the VIE to guarantee their performance of their obligations under the exclusive option agreement, exclusive service agreement and power of attorney. If the shareholders of the VIE breach their contractual obligations under the VIE arrangement, the WFOE, as the pledgee, will have the right to dispose the pledged equity interest pursuant to the PRC law. The shareholders of the VIE have not placed any security interests or allowed any encumbrance on the pledged equity interests. The equity interest pledge agreement remains effective until the shareholders of the VIE have fully performed their obligations and repaid their consulting and service fees under the relevant contractual agreements. During the equity pledge period, the WFOE is entitled to all dividends and other distributions generated by the VIE. Exclusive Option Agreement Pursuant to the exclusive option agreements entered into among the WFOE, the VIE and the VIE’s shareholders, the VIE’s shareholders irrevocably grant the WFOE or its designated representatives an exclusive option to purchase, to the extent permitted under the PRC law, all or part of the equity interest of the VIE. The exercise price shall be the lowest price as permitted by the applicable PRC law at the time of the transfer of the optioned interest. Without the WFOE’s written consent, the VIE and its shareholders may not sell, transfer, mortgage, or otherwise dispose of in any manner any assets, or legal or beneficial interest in the business or revenues, or allow the encumbrance thereon of any security interest. These agreements will remain effective until all equity interests of the VIE held by its shareholders and all of the VIE’s assets have been transferred or assigned to the WFOE or its designated entities or persons. Exclusive Service Agreement Under the exclusive service agreement entered between the WFOE and the VIE, the VIE appoints the WFOE as its exclusive services provider with business support and technical and consulting services. The VIE shall not accept any consultations or services provided by any third party, and shall not cooperate with any third party. The VIE agrees to pay the WFOE a service fee for services performed, which shall be substantially all of the VIE’s profit before tax. The exclusive service agreement remains effective unless terminated by the WFOE. Power of Attorney Pursuant to the power of attorney, each shareholder of the VIE has irrevocably authorized the WFOE to exercise the following rights relating to all equity interests held by such shareholder in the VIE during the term of the power of attorney: to act on behalf of such shareholder as its exclusive agent and attorney with respect to all matters concerning its shareholding in the VIE according to the applicable PRC laws and the VIE’s articles of association, including without limitation to: (i) exercising all the shareholder’s voting rights, including but not limited to designating and appointing the directors of the VIE; (ii) asset transfer, capital reduction and capital increase of the VIE; and (iii) other decisions that would have a material effect on the VIE’s assets and operations. Spousal Consent Letters Pursuant to the respective spousal consent letters, each of the spouses of the applicable individual shareholders of the VIE acknowledge and confirm the execution of the relevant exclusive service agreement, equity pledge agreement, power of attorney, and exclusive option agreement and irrevocably agrees that they have rights or obligations under these agreements. In addition, each of them agrees not to assert any rights over the equity interest in the VIE held by their respective spouses or over the management of the VIE. In addition, in the event that any of them is required to enter into any agreements related to the equity interest in the VIE held by their respective spouses or the performance of the above mentioned VIE agreements for any reason, such spouses agree to authorize their respective spouses to enter into such agreements. Risks in relation to the VIE structure The Company believes that the contractual arrangements amongst the WFOEs, the VIEs and their respective shareholders are in compliance with the PRC law and are legally enforceable. The shareholders of the VIEs are also shareholders or affiliates of shareholders of the Company and therefore have no current interest in seeking to act contrary to the contractual arrangements. However, the VIEs and their shareholders may fail to take certain actions required for the Company’s business or to follow the Company’s instructions despite their contractual obligations to do so. Furthermore, if the VIEs or their shareholders do not act in the best interests of the Company under the contractual arrangements and any dispute relating to these contractual arrangements remains unresolved, the Company will have to enforce its rights under these contractual arrangements through the operations of PRC law and courts and therefore will be subject to uncertainties in the PRC legal system. All of these contractual arrangements are governed by PRC law and provided for the resolution of disputes through arbitration in the PRC. Accordingly, these contracts would be interpreted in accordance with PRC law and any disputes would be resolved in accordance with PRC legal procedures. As a result, uncertainties in the PRC legal system could limit the Company’s ability to enforce these contractual arrangements, which may make it difficult to exert effective control over The following amounts and balances of the consolidated VIEs were included in the Group’s consolidated financial statements after the elimination of intercompany balances and transactions. As of December 31, 2020 2021 RMB RMB ASSETS Cash and cash equivalents 2,226,218 2,948,946 Restricted cash—current 84,076 63,294 Short-term investments 238,000 550,000 Accounts receivable, net of allowance for doubtful accounts 33,751 28,734 Amounts due from related parties — 7,075 Loans receivable, net 1,312,283 1,774,038 Prepayments and other current assets 421,371 849,323 Restricted cash—non-current 13,500 13,500 Property and equipment, net 36,922 100,931 Investments in equity investees 297,628 670,110 Intangible assets, net 15,275 119,298 Goodwill — 283,256 Deferred tax assets 18,966 20,492 Other non-current 147,000 3,836 TOTAL ASSETS 4,844,990 7,432,833 LIABILITIES Short-term loans — 9,000 Accounts payable 23,839 29,077 Payable to investors of the consolidated trusts 31,400 — Prepaid freight listing fees and other service fees 319,156 383,153 Income tax payable 23,554 21,573 Other tax payable 446,610 566,479 Accrued expenses and other current liabilities 620,828 1,045,484 Deferred tax liabilities — 26,415 TOTAL LIABILITIES 1,465,387 2,081,181 Years ended December 31, 2019 2020 2021 RMB RMB RMB Net Revenues 2,457,922 2,553,535 4,611,044 Net (loss) income (716,003 ) 223,957 (920,960 ) Net cash (used in) provided by operating activities (185,829 ) 682,745 (286,501 ) Net cash used in investing activities (122,872 ) (72,390 ) (815,721 ) Net cash provided by (used in) financing activities 405,690 (888,700 ) 42,100 The VIEs contributed 99 % There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Group or its subsidiaries to provide financial support to the VIEs. However, if the VIEs were ever to need financial support, the Group or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to its VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs. The Group believes that there are no assets held in the consolidated VIEs that can be used only to settle obligations of the VIEs, except for the assets of the consolidated trusts presented below. As the consolidated VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Group for any of the liabilities of the consolidated VIEs. Relevant PRC laws and regulations restrict the VIEs from transferring a portion of their net assets, equivalent to the balance of their paid-in paid-in |
Consolidated Trusts | 2.3 Consolidated Trusts Loans funded by the institutional funding partners in the Group’s loan facilitation business are typically disbursed to the borrowers directly from such partners. However, due to the need of certain institutional funding partners, loans from such funding partners are funded and disbursed indirectly through trusts. Since 2018, several trusts were formed by the Group and third-party trust companies who administer the trusts. The trusts were invested by the Group and third-party trust companies. The trusts, using the funds received from the trusts’ beneficiaries, fund the loans to the borrowers facilitated by the Group. The trusts provide the returns to their beneficiaries through interest payments made by the borrowers. The borrowers are charged interests by the trusts. The Group is entitled to the residual profit in the trusts and provides guarantee to the trusts by agreeing to repurchase any loans that are delinquent for more than 60 days whereby the Group absorbs the credit risk of the trusts resulting from borrowers’ delinquencies. The Group determine s As of December 31, 2020 and 2021, all the loans held by the trusts are personal loans made to the shippers and truckers on the Group’s platforms with an original term up to 12 months. The interest rates of these loans mainly ranged from 20% to 36 % annually. The loans receivable balance associated with the trusts represents the outstanding loans made to the borrowers from the trusts and accrued interests related to those loans. As of December 31, 2020 and 2021, the cumulative delinquent loans repurchased by the Group from the consolidated trusts are in total of RMB51 million and RMB69 million, respectively. For the years ended December 31, 2019, 2020 and 2021, the provision for loan losses of RMB25 million, RMB29 million and RMB21 million was charged to the consolidated statements of operations and comprehensive loss, respectively. Interest on loans is accrued and recognized as revenue. The Group determines a loan’s past due status by the number of days that have elapsed since a borrower has failed to make a contractual loan payment. Accrual of interest is discontinued for loans that are past due for more than 90 days. In general, loans receivable is identified as uncollectible when it is determined to be not probable that the balance can be collected. The following financial statement amounts and balances of the consolidated trusts were included in the consolidated information of VIEs presented above and in the accompanying consolidated financial statements after elimination of intercompany transactions and balances: As of December 31, 2020 2021 RMB RMB ASSETS Restricted cash 48,702 3,509 Loans receivable, net 317,022 353,509 Prepaid expenses and other assets 1,009 — Total Assets 366,733 357,018 As of December 31, 2020 2021 RMB RMB LIABILITIES Payable to investors of the consolidated trusts 31,400 — Other tax payable 436 839 Total Liabilities 31,836 839 Years ended December 31, 2019 2020 2021 RMB RMB RMB Net revenues 68,259 130,380 104,061 Net income 31,335 63,146 22,838 Years ended December 31, 2019 2020 2021 RMB RMB RMB Net cash (used in) provided by operating activities (371,548 ) 374,679 (13,793 ) Net cash provided by (used in) financing activities 420,100 (388,700 ) (31,400 ) The consolidated trusts contributed 3%, 5% and 2% of the Group’s consolidated revenue for the years ended 2019, 2020 and 2021 respectively. As of December 31, 2020 and 2021, the consolidated trusts accounted for an aggregate of 1% and 1% of the consolidated total assets, and 2% and 0.0% of the consolidated total liabilities, respectively. There are no terms in any arrangements, considering both explicit arrangements and implicit variable interests that require the Company to provide financial support to the consolidated trusts. |
Use of estimates | 2.4 Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Group’s management reviews these estimates based on information that is currently available. Changes in facts and circumstances may cause the Group to revise its estimates. Significant accounting estimates reflected in the Group’s financial statements include the useful lives of intangible assets, impairment of goodwill and intangible assets, valuation of ordinary shares and share options, allowance for loans receivable, and purchase price allocations. |
Functional currency and foreign currency translation | 2.5 Functional currency and foreign currency translation The Group uses Renminbi as its reporting currency. The functional currency of the Company is the United States dollar (“US$” or “USD”). The functional currency of the Company’s subsidiaries, VIEs and VIEs’ subsidiaries is RMB or USD as determined based on the economic facts and circumstances. Transactions denominated in other than the functional currencies are re-measured re-measured Assets and liabilities of the Company and its subsidiaries with functional currency other than RMB are translated into RMB at fiscal year-end |
Cash and cash equivalents | 2.6 Cash and cash equivalents Cash and cash equivalents primarily consist of cash on hand and cash in bank which is highly liquid and unrestricted as to withdrawal and use. |
Restricted cash | 2.7 Restricted cash The Group’s restricted cash mainly consists of cash held by the consolidated trusts through segregated bank accounts which can only be used to invest in loans or other securities as stipulated in the trust agreements, deposits pledged for bank loans and deposit pledged to a commercial bank for ETC service for a term over one year which is recorded in non-current |
Short-term investments | 2.8 Short-term investments Short-term investments include (i) wealth management products issued by investing banks with guaranteed principal and variable interest rates indexed to the performance of underlying assets and with maturities within one year; (ii) exchange traded fund products; (iii) time deposits with original maturities longer than three months but less than one year. The Group records exchange traded fund products and wealth management products at fair value at each reporting period end. Changes in fair values are included in unrealized gains (losses) from fair |
Accounts receivable, net | 2.9 Accounts receivable, net Accounts receivable mainly consists of amount due from the Group’s customers, which are recorded net of allowance for doubtful accounts. The Group performs ongoing credit evaluation of its customers, and assesses allowance for doubtful accounts based on the age of the receivables and factors surrounding the credit risk of specific customers. |
Loans receivable, net | 2.10 Loans receivable, net Loans receivable represents loans provided directly by the Group or through the consolidated trusts and the related accrued interests. Loans receivable is reduced by a valuation allowance estimated as of the balance sheet date. The allowance for loan losses is determined at a level believed to be reasonable to absorb probable losses inherent in each of the portfolios as of the balance sheet date. The portfolios are determined based on the loan type, the term of the loan, and the repayment schedule. The allowance is estimated for each portfolio based on an assessment of various factors such as historical delinquency rate, size, and other risk characteristics of the portfolio. The Group writes off loans receivable with a corresponding reduction of the allowance for loans receivable when the loan principal and interest are deemed to be uncollectible. |
Property and equipment, net | 2.11 Property and equipment, net Property and equipment is stated at cost less accumulated depreciation and impairment. Property and equipment is depreciated at rates sufficient to write off its costs less impairment and residual value, if any, over the estimated useful lives on a straight-line basis. The estimated useful lives are as follows: Category Estimated useful lives Furniture, fixtures and equipment 3-5 Motor vehicles 4 years Leasehold improvement Over the shorter of the expected useful life or the lease term Repairs and maintenance costs are charged to operating expenses as incurred, whereas the costs of renewals and betterment that extend the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the costs, accumulated depreciation and impairment with any resulting gain or loss recognized in the other operating income or expenses of the consolidated statements of operations and comprehensive loss. |
Business combinations | 2.12 Business combinations U.S. GAAP requires that all business combinations to be accounted for under the acquisition method. Since its incorporation, the Group adopted ASC 805, Business Combinations. Following the acquisition method, the cost of an acquisition is measured as the aggregate of the fair value at the date of exchange of the assets given, liabilities incurred, and equity instruments issued. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling non-controlling The determination and allocation of fair values to the identifiable assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable management judgments. 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. Management determines 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 and forecasted life cycle and forecasted cash flows over that period. Although the Group believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from the forecasted amounts and the difference could be material. |
Intangible assets, net | 2.13 Intangible assets, net Intangible assets purchased are recognized and measured at cost upon acquisition. Following the initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The identifiable intangible assets acquired are amortized on a straight-line basis over the respective useful lives as follows: The identifiable intangible assets Amortization Years Software 5 to 8 Trademarks 10 to 15 Platform 5 Customer relationship 10 Non-compete 8 |
Goodwill | 2.14 Goodwill Goodwill represents the excess of the purchase price over the fair value of the identifiable assets and liabilities acquired as a result of the Group’s acquisitions. The Goodwill is not amortized but is reviewed at least annually for impairment or earlier, if any indication of impairment exists. Under U.S. GAAP, the Group has the option to choose whether it will apply the qualitative assessment first and then the quantitative assessment, if necessary, or to apply the quantitative assessment directly. If the Group chooses to apply a qualitative assessment first, it starts the goodwill impairment test by assessing qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the Group determines that it is more likely than not the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is mandatory. Otherwise, no further testing is required. The Group performs its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. A goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. |
Investments in equity investees | 2.15 Investments in equity investees The Group’s investments in equity investees consist of investments in equity securities without readily determinable fair values and equity method investments in privately-held companies. The Group has elected to measure the investments in equity securities without readily determinable fair values at cost minus impairment, if any, adjusted up or down for observable price changes (i.e., prices in orderly transactions for the identical or similar investment of the same issuer). Any adjustment to the carrying amount is recorded in net income. At each reporting period end, the Group will make a qualitative assessment considering impairment indicators to evaluate whether any of these investments is impaired. If the assessment indicates that the fair value of an investment is less than the carrying value, the investment in equity securities will be written down to its fair value, with the difference between the fair value of the investment and its carrying amount as an impairment loss. The Group accounts for common stock or common-stock-equivalent equity investments in entities over which it has significant influence but does not own a majority voting interest or otherwise control using the equity method. The Group generally considers an ownership interest of 20% or higher represents significant influence. Under the equity method, the Group’s shares of the post-acquisition profits or losses of the investees are recognized in the consolidated statements of operations and comprehensive loss and its shares of post-acquisition movements in other comprehensive income are recognized in other comprehensive income. When the Group’s shares of losses in an investee equals or exceeds its carrying amount of the investment in the investee, the Group does not recognize further losses, unless the Group has guaranteed the obligations of the investee or is otherwise committed to provide further financial support to the investee. An impairment loss is recorded when there has been a loss in value of the investment that is other than temporary. The Group recorded impairment loss amounting to nil, RMB22,030 and RMB111,567 for investments in equity investees for the years ended December 31, 2019, 2020 and 2021, respectively (note 1 1 |
Other non-current assets | 2.16 Other non-current Other non-current |
Fair value measurement | 2.17 Fair value measurement Fair value reflects the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it transacts and considers assumptions that market participants use when pricing the asset or liability. The Group applies a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Observable, market-based inputs, other than quoted prices, in active markets for identical assets or liabilities. Level 3: Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The fair value guidance describes three main approaches to measure the fair value of assets and liabilities: market approach, income approach and cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. |
Revenue recognition | 2.18 Revenue recognition The Group derives its revenues principally from shippers’ and truckers’ use of the Group’s platforms in connection with freight matching services and value-added services. The Group adopted ASC 606, Revenue from Contracts with Customers, for all periods. According to ASC 606, revenues from contracts with customers are recognized when control of the promised goods or services is transferred to the Group’s customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services, after considering reductions by estimates for refund allowances and discount. VAT is included in revenue on a gross basis as the Group determines that it is the principal of VAT in the PRC, based on the fact that the Group, as a seller of services, is primarily responsible for fulfilling the promise to pay VAT, which equals the sales amount multiplied by the applicable VAT rate, under the PRC Value Added Tax Provisional Regulations and the Pilot Implementation Measures for the Reform of Business Tax to Value-added Tax. The Group is subject to penalty or any other actions taken by tax authorities if it does not pay VAT assessed on its sales activities timely. For the years ended December 31, 2019, 2020 and 2021, RMB1,359 million, RMB1,434 million and RMB2,620 million of VAT are included in net revenues, respectively, the majority of which was generated from freight brokerage services. The Group offers various forms of incentives to the platform shippers and truckers, who are both considered the customers of the Group. Incentives are recorded as reduction of revenue (including deferred revenue, if any). If characterization of those amounts as a reduction of revenue results in negative revenue for a specific customer on a cumulative basis (that is, since the inception of the overall relationship between the Group and the customer), then the amount of the cumulative shortfall is re-characterized Freight listing services The Group charges the shippers membership fees for posting orders on the Group’s platforms. Membership fee is prepaid by shippers registered on the Group’s platforms for activating their rights of making orders on the platform. Revenue from membership fee is recognized on a straight-line basis over the term of the membership period or based on the number of orders posted depending on the specific terms in membership agreements. Freight brokerage services The Group provides freight brokerage services to shippers registered on its platform, assisting the shippers to identify appropriate truckers and enabling truckers to receive and fulfill on-demand The Group concludes that it acts as an agent in the provision of shipping services as it is not responsible for fulfilling the promise to provide the shipping services, nor does the Group have the ability to control the related services. Specifically, the Group does not have the ability to control the shipping services provided by truckers due to: (i) the Group does not pre-purchase Transaction commission From August 2020, the Group started charging commissions from truckers when they take orders originating from certain cities. The commission fee charged for an order is computed based on the shipping fee of such shipping order. The commission is recognized as revenue upon the shipper and the trucker reach an agreement. Credit solutions The Group provides loans using its own fund or through the consolidated trusts to the shippers and truckers registered on the Group’s platform to cater to their essential needs and increase their stickiness and engagement on the Group’s platform. The Group recognizes the fees and interests charged to the borrowers as “credit solutions revenue” over the lifetime of the loans using the effective interest method. The Group also facilitates loans to the shippers and truckers registered on its platform for certain institutional funding partners. For loans facilitated by the Group, the Group may provide guarantee services to its institutional funding partners whereby in the event of default, the institutional funding partners are entitled to receive unpaid interest and principal from the Group. The loans receivable balance subject to the guarantee services of the Group as of December 31, 2020 and 2021 was RMB45 million and RMB209 million. Given that the Group effectively takes on all of the credit risk of the borrowers and are compensated by the service fees charged, the guarantee is deemed as a service and the guarantee exposure is recognized as a stand-ready obligation in accordance with ASC 460, Guarantees. The Group determines that both the institutional funding partners and the borrowers are its customers pursuant to the contractual terms among the Group, the borrowers and the institutional funding partners. For each loan facilitated on the platform, the Group considers the loan facilitation service, post origination service and guarantee service it provides as separate performance obligations because they are distinct in that customers can benefit from each service on its own and the Group’s promises to deliver the services are separately identifiable from one another in the contracts. The Group determines the total transaction price to be the service fees chargeable from the borrowers and the institutional funding partners. The Group first allocates the transaction price to the fair value of guarantee liabilities, if any, in accordance with ASC 460, and then allocates the remaining considerations to the loan facilitation services and post origination services based on their relative standalone selling prices. As the Group does not have observable standalone selling price information for the loan facilitation services or post origination services, or direct observable standalone selling prices for similar services in the market, the Group uses expected cost plus margin approach to estimate the standalone selling prices of loan facilitation services and post-origination services for transaction price allocation. In estimating its standalone selling prices for the loan facilitation services and post origination services, the Group considers various factors including the cost incurred to deliver such services, profit margin for similar arrangements, customer demand, effect of competitors on the Group’s services, and other market factors. For each type of service, the Group recognizes revenue when the service is rendered. Revenues from loan facilitation services are recognized at the time a loan is originated between the institutional funding partner and the borrower and the principal loan balance is transferred to the borrower, at which time the facilitation service is considered completed. Revenues from post origination services are recognized on a straight-line basis over the term of the underlying loans as the post-origination services including payment reminder calls and collection services are a series of distinct services that are provided to the institutional funding partners over the term of the underlying loans. Revenues from guarantee services are recognized at the expiry of the guarantee term. For the years ended December 31, 2019, 2020 and 2021, revenue from guarantee services was RMB0.4 million million and RMB31.2 million , respectively. Other value-added services Other services provided by the Group mainly comprise agency services provided to insurance companies, highway authorities, gas station operators and automakers and dealers in their businesses to meet various needs of shippers and truckers. Revenue is recognized when service is rendered. Multiple performance obligations When certain service contracts are combined as one arrangement for revenue recognition purposes and the entire arrangement contains more than one performance obligation, the Group allocates the total transaction price to each performance obligation in an amount based on the relative standalone selling prices of the promised services underlying each performance obligation. In these instances, as the Group frequently sells each type of service with observable standalone selling prices, the observable standalone sales are used to determine the standalone selling price of each performance obligation. Disaggregation of revenues For the years ended December 31, 2019, 2020 and 2021, all of the Group’s revenues were generated in the PRC. The disaggregated revenues by revenue streams and timing of transfer of services were as follows: Years ended December 31, 2019 2020 2021 RMB RMB RMB Freight matching services(1) 1,769,756 1,947,016 3,946,882 Freight brokerage-satisfied at a point of time 1,292,496 1,365,207 2,497,779 Freight listings-satisfied over time 477,260 538,665 753,031 Transaction commission-satisfied at a point of time — 43,144 696,072 Value-added services(1) 703,305 633,804 710,137 Credit solutions-satisfied over time 484,904 472,841 520,086 Other value-added services-satisfied at a point of time 218,401 160,963 190,051 Total net revenues 2,473,061 2,580,820 4,657,019 (1) RMB1,320 million and RMB39 million, RMB1,398 million and RMB36 million, RMB2,580 million and RMB40 million of net revenues were attributable to VAT for freight matching services and value-added services for the years ended December 31, 2019, 2020, and 2021, respectively. The VAT for freight matching services is primarily related to VAT incurred for freight brokerage services, which is assessed based on the total transaction price with the shipper, including the freight charge paid to the trucker (for which the Group is an agent) and the platform service fee earned by the Group. Contract balances Timing of revenue recognition may differ from the timing of invoicing to customers. For certain services, customers are required to pay before the services are delivered. Accounts receivable represents amounts invoiced and revenues recognized prior to invoicing when the Group has satisfied its performance obligation and has the unconditional right to payment. Contract liabilities are recognized if the Group receives consideration in advance of performance, which is mainly related to the freight listing services. The Group expects to recognize the As of December 31, 2020 2021 RMB RMB Contract balances Freight listings 315,761 377,468 Others 4,163 5,768 Total 319,924 383,236 As of December 31, 2020 and 2021, the amount of guarantee liabilities related to loan guarantee services was immaterial. |
Cost of revenues | 2.19 Cost of revenues Cost of revenues primarily consists of VAT, related tax surcharges and other tax costs, net of the VAT refund from government authorities, payroll and related expenses for employees involved in operating the Group’s platforms, technology service fee, and commission fee paid to third party payment platform as well as funding costs related to credit solution services. VAT cost is primarily related to freight brokerage services, and is assessed based on the total transaction price with the shipper, including the freight charge paid to the trucker (for which the Group is an agent) and the platform service fee earned by the Group. The Group operates its freight brokerage business with the road transportation license obtained from the government, which requires the Group to pay VAT at a rate of approximately 9% pursuant to the relevant VAT regulations for transportation service segment. The Group receives partial VAT refunds from local financial bureaus as an incentive for developing the local economy and business, which is recorded as a reduction of the VAT cost. Gross amount of VAT and the refund amount from local financial bureaus included in cost of revenues are as the following: Years ended December 31, 2019 2020 2021 RMB RMB RMB Gross VAT 1,813,946 1,832,598 3,510,749 Less: VAT refund (860,746 ) (938,689 ) (1,559,814 ) VAT, net 953,200 893,909 1,950,935 |
Sales and marketing expenses | 2.20 Sales and marketing expenses Sales and marketing expenses consist of advertising expenses, payroll and related expenses for employees involved in sales and marketing functions and amortization of trademarks. The advertising and marketing expenses amounted to RMB77,267, RMB57,296 and RMB125,507 for the |
Research and development expenses | 2.21 Research and development expenses Research and development expenses primarily consist of technology infrastructure expenses related to research and development activities, payroll and related expenses for employees involved in platform development and internal-use |
General and Administrative expenses | 2.22 General and Administrative expenses General and administrative expenses primarily consist of compensation costs for executive management and administrative employees, daily operating expenses and allowance for doubtful accounts. |
Operating leases | 2.23 Operating leases Leases where substantially all the rewards and risks of ownership of assets remain with the leasing group are accounted for as operating leases. Payments made under operating leases net of any incentives from the leasing group are charged to the consolidated statements of operations and comprehensive loss on a straight-line basis over the leasing periods. |
Share-based compensation | 2.24 Share-based compensation The Group accounts for share options granted to employees and directors as a lability award or an equity award in accordance with ASC 718, Stock Compensation. Options granted generally vest upon satisfaction of service conditions over the following several years. They are measured at the grant date and recognized as compensation cost over the vesting periods, with the corresponding credit recorded as additional paid-in According to ASC 718, a change in any of the terms or conditions of equity-based awards shall be accounted for as a modification of the award. Therefore, the Group calculates incremental compensation cost of a modification as the excess of the fair value of the modified option over the fair value of the original option immediately before its terms are modified. For vested options, the Group would recognize incremental compensation cost on the date of modification and for unvested options, the Group would recognize, prospectively and over the remaining requisite service period, the sum of the incremental compensation cost and the remaining unrecognized compensation cost for the original award. Options or similar instruments on shares are classified as liabilities instead of equity if either of the following conditions is met: the underlying shares are classified as liabilities; or the options or similar instruments must be settled in cash or the grantee can require the entity to settle in cash. The Group measures a liability award under a share-based payment arrangement based on the award’s fair value remeasured at each reporting date until the date of settlement. Compensation costs for each period until settlement are based on the change in the fair value of the instrument at each reporting date. |
Loss per share | 2.25 Loss per share Basic loss per share is computed by dividing net loss available to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The convertible redeemable preferred shares are participating securities as the preferred shares participate in undistributed earnings on an as-if-converted two-class Diluted loss per ordinary share reflects the potential dilution that could occur if securities were exercised or converted into ordinary shares. The Group had convertible redeemable preferred shares, share options and restricted shares, which could potentially dilute basic earnings per share in the future. To calculate the number of shares for diluted income per share, the effect of the convertible redeemable preferred shares is computed using the as-if-converted |
Government grants | 2.26 Government grants Government grants include cash subsidies received by the Group’s entities in the PRC from local governments as incentives for operating business in certain local districts. Such subsidies allow the Group full discretion in utilizing the funds and are used by the Group for general corporate purpose. Cash subsidies are included in other operating income and recognized when received. |
Taxation | 2.27 Taxation The Group is subject to value-added taxes at the rate of 6%, 9% or 13% in PRC. The value-added tax payable is the balance of the taxes the Group is liable for, which is primarily incurred for freight brokerage services and assessed based on the total shipping transaction price, including the freight charge paid to the trucker (for which the Group is an agent) and the platform service fee earned by the Group. The VAT taxes are also from the Group’s sales of other goods or services and primarily levied on the sales price the Group charges for such goods or services at applicable rates. Deductible input taxes that reduce the tax payable are from the Group’s purchases of goods or services and based on the cost and expenses the Group incurs at their applicable rates. The VAT balances are recorded in prepayments and other assets or other tax payable on the consolidated balance sheets. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statement, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be received or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the consolidated statement of operations and comprehensive loss in the period of the enactment of the change. |
Segment reporting | 2.28 Segment reporting The Group uses management approach to determine operating segment. The management approach considers the internal organization and reporting used by the Group’s chief operating decision maker (“CODM”) for making decisions, allocation of resource and assessing performance. The Group’s CODM has been identified as the Chief Executive Officer who reviews the consolidated results of operations when making decisions about allocating resources and assessing performance of the Group. The Group operates and manages its business as a single operating segment. The Group’s long-lived assets are all located in the PRC and all of the Group’s revenues are derived from the PRC. Therefore, no geographic information is presented. |
Comprehensive loss | 2.29 Comprehensive loss Comprehensive loss is defined as the change in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive loss is reported in the consolidated statement of operations and comprehensive loss. Accumulated other comprehensive loss, as presented on the accompanying consolidated balance sheet consists of accumulated foreign currency translation adjustments. |
Recent accounting pronouncements | 2.30 Recent accounting pronouncements In February 2016, the FASB issued ASU 2016-02, right-of-use 2020-05 2016-02. The Group will adopt the ASU on January 1, 2022 using the optional transition method to apply the new lease requirements through a cumulative-effect adjustment in the period of adoption. The Group expects to recognize ROU assets of approximately RMB130 million and the related lease liabilities of approximately RMB119 million for operating leases. In June 2016, the FASB issued ASU 2016-13, O 2019-10 2016-13. to have a significant impact on its consolidated financial statements. On October 28, 2021, the FASB issued ASU 2021-08 which amends ASC 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The Group expects to adopt the ASU from the fiscal year beginning after December 15, 2023 and does not expect the adoption of this ASU has a significant impact on its consolidated financial statements. |
Convenience translation | 2.31 Convenience translation The Group’s business is primarily conducted in China and almost all of its revenues are denominated in RMB. However, periodic reports made to shareholders will include current period amounts translated into US dollars using the then current exchange rates, for the convenience of the readers. Translations of balances in the consolidated balance sheet, consolidated statements of operations and comprehensive loss and consolidated statements of cash flows from RMB 1 1.00 0 |
Organization and Nature of Op_2
Organization and Nature of Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Major Subsidiaries and Consolidated VIEs | As of December 31, 2021, the Company’s major subsidiaries and consolidated VIEs are as follows: Name of Company Place of Date of incorporation Percentage of direct Principal activities Subsidiaries Full Truck Alliance (HK) Limited (“FTA HK”) Hong Kong January 7, 2016 100 % Investment holding Lucky Logistics Information Limited (“Lucky Logistics”) Hong Kong April 8, 2014 100 % Investment holding FTA Information Consulting Co., Ltd (“FTA Information”, “WOFE”) PR April 20, 2016 100 % Providing technology development and other services Jiangsu Manyun Logistics Information Co., Limited (“Jiangsu Manyun”, “WOFE”) PR August 29, 2014 100 % Technology development and other services VIEs Guizhou FTA Logistics Technology Co., Ltd. (“Guizhou FTA”) PR January 14, 2021 100 % Research and development Guiyang Shan’en Technology Co., Ltd. (“Shan’en Technology”) PR September 19, 2016 100 % Freight matching services Jiangsu Manyun Software Technology Co. Ltd. (“Manyun Software”) PR October 20, 2016 100 % Freight matching services and value added services VIEs’ subsidiaries Shanghai Xiwei Information Consulting Co., Limited (“Shanghai Xiwei”) PR August 1, 2013 100 % Technology development and other services Beijing Yunmanman Technology Co., Limited (“Beijing Yunmanman”) PR March 21, 2014 100 % Technology development and other services Chengdu Yunli Technology Co., Ltd. (“Chengdu Yunli”) PR January 21, 2011 100 % Credit solution services Guiyang Shan’en Insurance Brokerage Co., Ltd (“Shan’en Insurance”) PR May 9, 2017 100 % Insurance services Nanjing Manyun Software Information Consulting Co., Ltd. (“Nanjing Manyun”) PR October 12, 2021 100 % Investment holding Hainan Manyun Software Technology Co., Ltd. (“Hainan Manyun”) PR May 9, 2020 100 % Freight matching services Name of Company Place of Date of incorporation Percentage of direct Principal activities Guiyang Huochebang Technology Co., Limited (“Guiyang Huochebang”) PR March 11, 2014 100 % Value added services Guizhou Huochebang Micro-finance Co., Ltd. (“Huochebang Microfinance”) PR December 20, 2016 100 % Credit solution services Guizhou Huochebang Network Information Service Co., Ltd. (“Huochebang Network”) PR March 18, 2016 100 % Investment holding |
Principal Accounting Policies_2
Principal Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Line Items] | |
Summary of Balance Sheet Amounts and Balances of the Consolidated VIEs | The following amounts and balances of the consolidated VIEs were included in the Group’s consolidated financial statements after the elimination of intercompany balances and transactions. As of December 31, 2020 2021 RMB RMB ASSETS Cash and cash equivalents 2,226,218 2,948,946 Restricted cash—current 84,076 63,294 Short-term investments 238,000 550,000 Accounts receivable, net of allowance for doubtful accounts 33,751 28,734 Amounts due from related parties — 7,075 Loans receivable, net 1,312,283 1,774,038 Prepayments and other current assets 421,371 849,323 Restricted cash—non-current 13,500 13,500 Property and equipment, net 36,922 100,931 Investments in equity investees 297,628 670,110 Intangible assets, net 15,275 119,298 Goodwill — 283,256 Deferred tax assets 18,966 20,492 Other non-current 147,000 3,836 TOTAL ASSETS 4,844,990 7,432,833 LIABILITIES Short-term loans — 9,000 Accounts payable 23,839 29,077 Payable to investors of the consolidated trusts 31,400 — Prepaid freight listing fees and other service fees 319,156 383,153 Income tax payable 23,554 21,573 Other tax payable 446,610 566,479 Accrued expenses and other current liabilities 620,828 1,045,484 Deferred tax liabilities — 26,415 TOTAL LIABILITIES 1,465,387 2,081,181 |
Summary of Income and Cash Flow Amounts and Balances of the Consolidated VIEs | Years ended December 31, 2019 2020 2021 RMB RMB RMB Net Revenues 2,457,922 2,553,535 4,611,044 Net (loss) income (716,003 ) 223,957 (920,960 ) Net cash (used in) provided by operating activities (185,829 ) 682,745 (286,501 ) Net cash used in investing activities (122,872 ) (72,390 ) (815,721 ) Net cash provided by (used in) financing activities 405,690 (888,700 ) 42,100 |
Summary of Balance Sheet Amounts and Balances of the Consolidated Trusts | As of December 31, 2020 2021 RMB RMB ASSETS Restricted cash 48,702 3,509 Loans receivable, net 317,022 353,509 Prepaid expenses and other assets 1,009 — Total Assets 366,733 357,018 As of December 31, 2020 2021 RMB RMB LIABILITIES Payable to investors of the consolidated trusts 31,400 — Other tax payable 436 839 Total Liabilities 31,836 839 |
Summary of Income and Cash Flow Amounts and Balances of the Consolidated Trusts | Years ended December 31, 2019 2020 2021 RMB RMB RMB Net revenues 68,259 130,380 104,061 Net income 31,335 63,146 22,838 Years ended December 31, 2019 2020 2021 RMB RMB RMB Net cash (used in) provided by operating activities (371,548 ) 374,679 (13,793 ) Net cash provided by (used in) financing activities 420,100 (388,700 ) (31,400 ) |
Summary of Property and equipment | The estimated useful lives are as follows: Category Estimated useful lives Furniture, fixtures and equipment 3-5 Motor vehicles 4 years Leasehold improvement Over the shorter of the expected useful life or the lease term |
Summary of Useful Lives of Intangible Assets | Following the initial recognition, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. The identifiable intangible assets acquired are amortized on a straight-line basis over the respective useful lives as follows: The identifiable intangible assets Amortization Years Software 5 to 8 Trademarks 10 to 15 Platform 5 Customer relationship 10 Non-compete 8 |
Summary of the Disaggregated Revenues | For the years ended December 31, 2019, 2020 and 2021, all of the Group’s revenues were generated in the PRC. The disaggregated revenues by revenue streams and timing of transfer of services were as follows: Years ended December 31, 2019 2020 2021 RMB RMB RMB Freight matching services(1) 1,769,756 1,947,016 3,946,882 Freight brokerage-satisfied at a point of time 1,292,496 1,365,207 2,497,779 Freight listings-satisfied over time 477,260 538,665 753,031 Transaction commission-satisfied at a point of time — 43,144 696,072 Value-added services(1) 703,305 633,804 710,137 Credit solutions-satisfied over time 484,904 472,841 520,086 Other value-added services-satisfied at a point of time 218,401 160,963 190,051 Total net revenues 2,473,061 2,580,820 4,657,019 (1) RMB1,320 million and RMB39 million, RMB1,398 million and RMB36 million, RMB2,580 million and RMB40 million of net revenues were attributable to VAT for freight matching services and value-added services for the years ended December 31, 2019, 2020, and 2021, respectively. The VAT for freight matching services is primarily related to VAT incurred for freight brokerage services, which is assessed based on the total transaction price with the shipper, including the freight charge paid to the trucker (for which the Group is an agent) and the platform service fee earned by the Group. |
Summary of Contract Liabilities | The contract liabilities of the Group as of December 31, 2020 and 2021 are listed in the table below. As of December 31, 2020 2021 RMB RMB Contract balances Freight listings 315,761 377,468 Others 4,163 5,768 Total 319,924 383,236 |
Summary of Value Added Tax | Gross amount of VAT and the refund amount from local financial bureaus included in cost of revenues are as the following: Years ended December 31, 2019 2020 2021 RMB RMB RMB Gross VAT 1,813,946 1,832,598 3,510,749 Less: VAT refund (860,746 ) (938,689 ) (1,559,814 ) VAT, net 953,200 893,909 1,950,935 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule Of Net income from discontinued operations | Years ended December 31, 2019 2020 2021 RMB RMB RMB Gross revenues 2,377,610 55,476 — Cost of revenues and other operating expenses (2,359,600 ) (55,024 ) — Net income from discontinued operations, net of tax of nil 18,010 452 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |
Schedule Of Fair Value Of Assets And Liabilities On Recurring Basis | As of December 31, 2020 and 2021, information about inputs into the fair value measurement of the Group’s assets and liabilities that are measured at a fair value on a recurring basis in periods subsequent to their initial recognition is as follows: As of December 31, 2020 Fair Value Measurement at Reporting Date Using Description Fair Value as of December 31 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level2) Significant Unobservable Inputs (Level3) RMB RMB RMB RMB Exchange traded fund products 331,092 331,092 — — Wealth management products 18,000 — 18,000 — Foreign currency forward contracts 11,798 — 11,798 — As of December 31, 2021 Fair Value Measurement at Reporting Date Using Description Fair Value as of December 31 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level2) Significant Unobservable Inputs (Level3) RMB RMB RMB RMB Exchange traded fund products 2,013,340 2,013,340 — — Wealth management products 30,000 — 30,000 — Foreign currency forward contracts 914 — 914 — |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Guangzhou Huitouche Information Technology Co., Ltd [Member] | |
Business Acquisition [Line Items] | |
Summary of Business Acquisitions | The Group determined the total purchase price and the allocation of the purchase price as of the date of acquisition as follows, with the assistance of an independent valuation firm: Amount RMB Net assets acquired (including cash and cash equivalents of RMB14,772) 6,589 Intangible assets: Trademark with an estimated useful life of 10 years 22,000 Platform with an estimated useful life of 5 years 2,000 Goodwill 84,881 Deferred tax liabilities (6,000 ) Total 109,470 Amount RMB Total purchase price is comprised of: Additional cash consideration paid in 2020 32,500 Fair value of equity interest in preferred shares previously acquired 76,970 109,470 |
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | |
Business Acquisition [Line Items] | |
Summary of Business Acquisitions | The Group determined the total purchase price and the allocation of the purchase price as of the date of acquisition as follows, with the assistance of an independent valuation firm: Amount RMB Net assets acquired (including cash and cash equivalents of RMB3,982) 4,605 Intangible assets: Customer relationship with an estimated useful life of 10 years 18,000 Software with an estimated useful life of 8 years 10,000 Goodwill 61,383 Deferred tax liabilities (7,000 ) Total 86,988 Amount RMB Total purchase price is comprised of: Cash consideration paid in 2021 71,733 Fair value of equity interest in preferred shares previously acquired 15,255 86,988 |
Beijing Bang Li De Network Technology Co., Ltd [Member] | |
Business Acquisition [Line Items] | |
Summary of Business Acquisitions | The Group determined the total purchase price and the allocation of the purchase price as of the date of acquisition as follows, with the assistance of an independent valuation firm: Amount RMB Net assets acquired (including cash and cash equivalents of RMB36,657) 25,409 Intangible assets: Trademark with an estimated useful life of 10 years 45,000 Non-compete commitment with an estimated useful life of 8 years 40,000 Goodwill 198,374 Deferred tax liabilities (21,282 ) Total 287,501 Amount RMB Total purchase price is comprised of: Cash consideration paid in 2021 210,915 Consideration payable 76,586 287,501 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Summary Of Short-Term Investments | Short-term investments as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 RMB RMB Time deposits 8,382,103 19,591,302 Trading securities 349,092 2,043,340 Total Short-term investments 8,731,195 21,634,642 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Summary Of Accounts Receivable And The Related Bad Debt Provision | Accounts receivable and the related bad debt provision as of December 31, 2020 and 2021 are as follows: As of December 31, 2020 2021 RMB RMB Trade Receivable 97,902 32,852 Less: bad debt provision (63,173 ) (3,713 ) Total Accounts receivable, net 34,729 29,139 |
Summary Of Movement Of Bad Debt Provision For Accounts Receivable | Movement of bad debt provision for accounts receivable is as follows: Years ended December 31, 2019 2020 2021 RMB RMB RMB Balance at beginning of year (10,397 ) (62,087 ) (63,173 ) Provisions for doubtful accounts (53,312 ) (7,504 ) 5,213 Write-off 1,622 6,418 54,247 Balance at end of year (62,087 ) (63,173 ) (3,713 ) |
Loans Receivable, Net (Tables)
Loans Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |
Summary of Accounts, Notes, Loans and Financing Receivable | The following table presents loan principal and accrued interests as of December 31, 2020 and 2021: As of December 31, 2020 2021 RMB RMB Loans receivable 1,354,358 1,842,784 Less: allowance for loan losses (40,401 ) (65,117 ) Loans receivable, net 1,313,957 1,777,667 |
Summary of Financing Receivable Past Due | The following table presents the aging of loans as of December 31, 2020 and 2021: 0-30 31-60 Over 60 Total Current Total loans December 31, 2020 (RMB) 16,137 6,755 24,182 47,074 1,307,284 1,354,358 December 31, 2021 (RMB) 22,522 14,518 47,386 84,426 1,758,358 1,842,784 |
Summary of Financing Receivable Allowance for Credit Loss | Movement of allowance for loan losses is as follows: Years ended December 31, 2019 2020 2021 RMB RMB RMB Balance at beginning of year (19,998 ) (92,641 ) (40,401 ) Provisions for doubtful accounts (127,790 ) (94,160 ) (97,658 ) Write-off 55,147 146,400 72,942 Balance at end of year (92,641 ) (40,401 ) (65,117 ) |
Prepayments And Other Current_2
Prepayments And Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of prepayments and other current assets | As of December 31, 2020 2021 RMB RMB VAT refund receivable (1) 241,814 558,099 Funds receivable from third party payment channels 115,241 141,692 Advance to suppliers 37,850 168,117 Interest receivable 29,820 105,027 Deposits mainly for value added services 8,585 4,276 VAT recoverable and prepaid income taxes — 63,354 Others 23,492 59,042 Total 456,802 1,099,607 (1) VAT refund receivable represents the VAT refund from local governments to incentivize the freight brokerage service. |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property And Equipment, Net | As of December 31, 2020 2021 RMB RMB Furniture, fixtures and equipment 51,101 65,814 Motor vehicles 7,603 5,057 Leasehold improvement 42,523 52,266 Construction in progress 3,464 63,000 Total cost 104,691 186,137 Less: Accumulated depreciation (65,707 ) (83,979 ) Property and equipment, net 38,984 102,158 |
Investments in Equity Investe_2
Investments in Equity Investees (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of the Group's balances of investment in equity investees | The following table summarizes the Group’s balances of investment in equity investees: As of December 31, 2020 2021 RMB RMB Equity Investments without Readily Determinable Fair Value Plus Corp (“Plus”) (1) 460,959 1,007,361 Jiayibingding (Beijing) E-commerce (2) 280,000 350,000 Others (3) 69,906 879 Equity Method Investments Guizhou Fubao Digital Venture Capital Partnership (“Fubao Fund”) (4) — 318,588 Others (5) 64,340 1,523 Total Investment 875,205 1,678,351 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Net Book Value of the Intangible Assets | Gross carrying amount, accumulated amortization and net book value of the intangible assets are as follows: As of December 31, 2020 2021 RMB RMB Software 27,723 40,570 Trademarks 576,000 621,000 Platform 24,000 24,000 Customer relationship — 18,000 Non-compete — 40,000 Less: Accumulated amortization (136,444 ) (186,554 ) Intangible assets, net 491,279 557,016 |
Summary of Estimated Aggregate Amortization Expenses | The estimated aggregate amortization expenses for each of the five succeeding fiscal years and thereafter are as follows: Future amortization expenses RMB 2022 61,246 2023 56,243 2024 55,360 2025 53,500 2026 52,001 Thereafter 278,666 Total 557,016 |
Other Non-Current Assets (Table
Other Non-Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Assets, Noncurrent Disclosure [Abstract] | |
Summary of Other Non-Current Assets | As of December 31, 2020 2021 RMB RMB Prepayment for a new equity method investment 100,000 — Prepayment for an office building 43,000 — Deposits 4,000 — Prepayment for furniture, fixtures and equipment — 3,847 Total 147,000 3,847 |
Short-Term Loans (Tables)
Short-Term Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Short-Term Debt | As of December 31, 2020 2021 RMB RMB Short-term borrowing—banks — 9,000 Total — 9,000 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Liabilities And Other Liabilities Disclosure Current | As of December 31, 2020 2021 RMB RMB Advance from shippers and truckers(1) 411,577 687,971 Payables for repurchase of ordinary shares and share options from employees 273,790 — Salaries and welfare payables 174,142 272,702 Consideration payable for acquisition of TYT — 70,760 Deposit from truckers for value added service 47,251 53,820 Accrued rental and other service fees 20,388 56,095 Others 14,494 64,831 Total 941,642 1,206,179 (1) Representing the refundable prepayments from shippers and truckers for future shipping arrangements under freight brokerage services and value-added services. |
Mezzanine Equity (Tables)
Mezzanine Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Mezzanine Equity | Prior to the completion of USIPO in June 2021, the Group issued redeemable convertible preferred shares as presented in the following table. Series Average Price Share Issuance Date Shares Issued at issuance date Issued and shares before conversion Proceeds from Issuance, net of issuance cost Accretion of interest Modification of Mezzanine equity Repurchase of preferred shares Conversion of Amount Carrying Amount USD USD USD USD USD USD USD A-1 0.03386 06 1,139,355,179 949,479,433 119,697 — — (19,948 ) (99,749 ) — A-2 0.09305 07 214,928,417 204,934,452 29,062 — — (1,351 ) (27,711 ) — A-3 0.09305 20 376,124,692 358,930,419 50,859 — — (2,325 ) (48,534 ) — A-4 0.16048 27 1,431,243,120 1,425,011,610 243,899 54,684 — (1,300 ) (297,283 ) — A-5 0.00009 27 724,612,240 687,241,088 65 20 — (5 ) (80 ) — A-5 0.00001 15 48,936,447 48,936,447 9,616 — — — (9,616 ) — A-6 0.00578 09 397,653,060 397,653,060 2,300 690 — — (2,990 ) — A-7 0.02608 27 695,016,200 695,016,200 18,128 5,438 — — (23,566 ) — A-8 0.07651 21 392,106,200 392,106,200 30,000 9,000 — — (39,000 ) — A-9 0.10862 23 07/2016 303,819,062 133,697,101 33,000 9,900 — (24,022 ) (18,878 ) — A-10 0.13207 23 272,591,789 272,591,789 36,000 10,800 — — (46,800 ) — A-10 0.15550 27 3,154,996 3,154,996 491 51 — — (542 ) — A-11 0.16015 17 249,759,201 249,759,201 40,000 12,000 — — (52,000 ) — A-12 0.16588 19 429,972,942 429,972,942 71,325 21,398 — — (92,723 ) — A-13 0.16048 30 186,944,757 186,944,757 30,000 9,000 — — (39,000 ) — A-14 0.16048 04 281,297,804 281,297,804 45,141 13,542 — — (58,683 ) — A-15 0.36740 15 5,204,626,301 5,204,626,301 1,900,668 573,655 8,346 — (2,482,669 ) — A-16 0.57436 19 2,942,381,074 2,942,381,074 1,689,511 90,064 — — (1,779,575 ) — A-16 0.57436 17 104,463,233 104,463,233 60,000 — — — (60,000 ) — Total 15,398,986,714 14,968,198,107 4,409,762 810,242 8,346 (48,951 ) (5,179,399 ) — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule Loss by tax jurisdictions | Years ended December 31, 2019 2020 2021 RMB RMB RMB Net loss (income) from PRC operations 995,145 (145,611 ) (56,957 ) Net loss from non-PRC 561,198 3,597,207 3,697,294 Total net loss before tax 1,556,343 3,451,596 3,640,337 |
Schedule the current and deferred portion of income tax expenses included in the consolidated statements of operations and comprehensive loss | For the years ended December 31, 2019 2020 2021 RMB RMB RMB Current tax expenses 9,663 31,844 27,018 Deferred tax benefits (24,339 ) (12,508 ) (12,827 ) Income tax (benefit) expense (14,676 ) 19,336 14,191 |
Schedule Reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rate | For the years ended December 31, 2019 2020 2021 RMB RMB RMB PRC statutory tax rate 25.00% 25.00% 25.00% Effect of different tax rates of subsidiaries operating in other jurisdictions 2.31% 0.89% 0.96% Preferential tax rates and local tax exemptions (0.45% ) (0.22% ) (0.44% ) Expenses/losses not deductible for tax purposes (9.63% ) (0.71% ) (0.91% ) Research and development expenses super deduction 3.30% 2.00% 2.65% Compensation cost in relation to ordinary shares and options (11.37% ) (26.95% ) (26.36% ) True up (0.00% ) (0.00% ) (0.04% ) Effect of change of valuation allowance (8.22% ) (0.57% ) (1.25% ) Effective tax rate 0.94% (0.56% ) (0.39% ) |
Schedule Deferred tax assets and deferred tax liabilities | As of December 31, 2020 2021 RMB RMB Deferred tax assets —Advertising and business promotion expenditure 11,676 5,997 —Impairment loss 182,876 177,368 —Allowance for doubtful accounts 24,026 15,431 —Loan loss provision 23,207 23,985 —Accrued expense 2,309 5,792 —Net operating loss carry forwards 521,022 598,975 —Others 1,204 4,268 Less: valuation allowance (747,354 ) (811,324 ) Net deferred tax assets 18,966 20,492 Deferred tax liabilities —Identifiable intangible assets from business combination 118,783 135,764 Total deferred tax liabilities 118,783 135,764 |
Schedule Movement of valuation allowance | For the years ended December 31, 2019 2020 2021 RMB RMB RMB Balance at beginning of the year 599,633 727,508 747,354 Addition 127,875 19,846 63,970 Total 727,508 747,354 811,324 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Transactions | The table below sets forth the major related parties and their relationships with the Group: Related Party Relationship with the Group JYBD An affiliate of the Group Euclidean An entity controlled by management founder of an affiliate of the Group Sigma An entity controlled by management founder of an affiliate of the Group Plus An affiliate of the Group Hangzhou Yinghuo Internet Technology Limited (Yinghuo) An entity over which management has a significant influence Horgos Yinghuo Management Consulting Co., Ltd. (Horgos) An entity over which management has a significant influence Truck Limited (Champion) An affiliate of the Group Dai WJ Holding limited (DWJ) An entity controlled by a management shareholder of the Group Capital Champion Holdings Limited (Capital) An entity controlled by a shareholder of the Group DWJ Partners Limited (DWJ Partners) An entity controlled by a management shareholder of the Group Liu XF Holdings Limited (LXF) An entity controlled by a shareholder of the Group Tang TG Holdings Limited (TTG) An entity controlled by a shareholder of the Group Luo P Holdings Limited (LP) An entity controlled by a shareholder of the Group Geng XF Holding Limited (GXF) An entity controlled by a shareholder of the Group SVF Bumble (Cayman) Limited (SVF) A shareholder of Champion Others Executives of the Group For the years ended December 31, 2019, 2020 and 2021, services provided to the related parties were RMB2,235, RMB10,333 and nil, respectively: For the years ended December 31, 2019 2020 2021 RMB RMB RMB Value-added service revenue from JYBD — 9,434 — Value-added service revenue from Horgos — 899 — Value-added service revenue from Yinghuo 2,235 — — Total 2,235 10,333 — For the years ended December 31, 2019, 2020 and 2021, services provided from the related parties were nil, nil and RMB12,500, respectively: For the years ended December 31, 2019 2020 2021 RMB RMB RMB Service fee to JYBD — — 12,500 Total — — 12,500 The Group had the following balances with the major related parties: As of December 31, 2020 2021 RMB RMB Current assets: Service fee prepaid to JYBD — 7,075 Total — 7,075 As of December 31, 2020 and 2021, amounts due to related parties were RMB172,779 and RMB179,859, respectively, and details are as follows: As of December 31, 2020 2021 RMB RMB Current liabilities: Consideration payable for repurchase of ordinary shares and options from executives of the Group 77,556 — Consideration payable for repurchase of ordinary shares from DWJ . 61,726 80,501 Consideration payable for repurchase of ordinary shares from LXF 16,414 15,939 Consideration payable for repurchase of ordinary shares from Euclidean 8,156 7,970 Consideration payable for repurchase of ordinary shares from Sigma 8,156 7,970 Consideration payable for equity investment in Plus 771 — Consideration payable for repurchase of ordinary shares from TTG — 25,503 Consideration payable for repurchase of ordinary shares from DWJ Partners — 1,847 Consideration payable for repurchase of ordinary shares from GXF — 12,751 Consideration payable for repurchase of ordinary shares from C apital — 27,378 Total 172,779 179,859 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |
Summary of Fair Value of Stock Options Valuation Assumptions | The key assumptions used to determine the fair value of the options for the years ended December 31, 2019, 2020 and 2021 were as follows: For the years ended December 31, 2019 2020 2021 RMB RMB RMB Expected volatility 34.2%~35.9% 35.9%~39.3% 37.2%~38.1% Risk-free interest rate (per annum) 1.67%~2.46% 0.30%~1.04% 1.00%~1.96% Exercise multiples 2.8 2.8 2.8 (1) Expected dividend yield 0.00% 0.00% 0.00% Fair value of underlying ordinary shares $ 0.216~0.259 $ 0.261~0.395 $ 0.370~1.050 Fair value of share option $ 0.293~0.305 $ 0.294~0.395 $ 0.370~1.050 |
Summary of Restricted Share Activity | The following table summarized the Group’s restricted share activities: Number of restricted units Weighted average USD Unvested at January 1, 2019 68,045,550 0.1965 Vested (17,011,388 ) 0.1965 Unvested at December 31, 2019 51,034,162 0.1965 Vested (51,034,162 ) 0.1965 Unvested at December 31, 2020 — — Total share- based compensation expenses recognized for these restricted shares in 2019, 2020 and 2021 were RMB21 million, RMB57 million and nil, respectively. |
Summary of Share based Compensation Expense | For the years ended December 31, 2019 2020 2021 RMB RMB RMB General and administrative expenses 455,634 3,341,145 3,728,421 Selling and marketing expense — 94,640 56,975 Research and development expense — 42,680 48,777 Cost of revenues — 7,842 3,740 Total 455,634 3,486,307 3,837,913 |
TYT Company [Member] | |
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |
Summary of Restricted Share Activity | The Group acquired TYT, a private company, in December 2021. Upon the completion of the acquisition, ordinary shares held by non-controlling interest holders, who are also management of the TYT, are restricted and subject to a four-year vesting period. (see note 5) Number of restricted s Weighted average USD At January 1, 2021 — — Grant 968,198 15.68 Unvested at December 31, 2021 968,198 15.68 |
Options Classified as Liability [Member] | |
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |
Summary of Share Options Activity | The following table summarized the activities of the Group’s share options classified as liability with no movement for 2021: Number of options Weighted average exercise price Aggregate intrinsic value US$ US$ Outstanding at January 1, 2019 89,840,646 0.00001 18,812 Exercised (49,814,073 ) 0.00001 — Outstanding at December 31, 2019 40,026,573 0.00001 10,350 Exercised (23,391,140 ) 0.00001 — Reclassified as equity (16,635,433 ) 0.00001 5,110 Outstanding at December 31, 2020 — — — Exercisable at December 31, 2020 — — — |
Options Classified as Equity [Member] | |
Disclosure Of Compensation Related Costs Share Based Payments [Line Items] | |
Summary of Share Options Activity | Number of options Weighted average exercise price Weighted average remaining contract life Weighted average grant date fair Aggregate intrinsic value US$ US$ Outstanding at December 31, 2020 418,452,697 0.000007 8.56 0.2569 165,035 Granted 894,515,686 0.000010 0.7195 Exercised (866,230,796 ) 0.000010 0.6822 Forfeited (18,159,814 ) 0.000008 0.4491 Outstanding at December 31, 2021 428,577,773 0.000010 8.75 0.4547 179,544 Vested and expected to vest 428,577,773 0.000010 8.75 0.4547 179,544 Exercisable at December 31, 2021 93,474,222 0.000008 6.93 0.2414 39,118 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Loss Per Share | Loss per share is computed by dividing net loss available to ordinary shareholders by the weighted average number of ordinary shares outstanding for the years ended December 31, 2019, 2020 and 2021: For the years ended December 31, 2019 2020 2021 RMB RMB RMB Numerator Net loss available to Full Truck Alliance Co. Ltd. from continuing operations (1,541,660 ) (3,470,924 ) (3,654,448 ) Net income available to Full Truck Alliance Co. Ltd. from discontinued operations 18,010 452 — Net loss available to Full Truck Alliance Co. Ltd (1,523,650 ) (3,470,472 ) (3,654,448 ) Deemed dividend — (120,086 ) (518,432 ) Net loss available to ordinary shareholders—basic and diluted (1,523,650 ) (3,590,558 ) (4,172,880 ) Denominator Weighted average number of ordinary shares outstanding—basic and diluted 3,299,723,079 3,423,687,654 13,445,972,280 Basic and diluted loss per share-continuing operations (0.47 ) (1.05 ) (0.31 ) Basic and diluted earnings per share-discontinued operations 0.01 0.00 — Basic and diluted loss per share (0.46 ) (1.05 ) (0.31 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | As of December 31, 2020 2021 RMB RMB Convertible redeemable preferred shares 15,033,856,835 — Share options 418,452,697 428,577,773 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum lease Payments For Non-cancellable Operating Leases | Future minimum lease payments for non-cancellable As of December 31, 2021 RMB 2022 18,746 2023 13,922 2024 7,167 2025 4,320 2026 — 44,155 |
Organization and Nature of Op_3
Organization and Nature of Operations - Summary of Major Subsidiaries and Consolidated VIEs (Detail) | Dec. 31, 2021 | Dec. 31, 2021 |
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Place of incorporation | E9 | |
Date of incorporation | Dec. 27, 2017 | |
Full Truck Alliance (HK) Limited [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Full Truck Alliance (HK) Limited (“FTA HK”) | |
Place of incorporation | K3 | |
Date of incorporation | Jan. 7, 2016 | |
Percentage of direct or indirect economic ownership | 100.00% | 100.00% |
Principal activities | Investment holding | |
Lucky Logistics Information Limited [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Lucky Logistics Information Limited (“Lucky Logistics”) | |
Place of incorporation | K3 | |
Date of incorporation | Apr. 8, 2014 | |
Percentage of direct or indirect economic ownership | 100.00% | 100.00% |
Principal activities | Investment holding | |
FTA Information Consulting Co., Ltd [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | FTA Information Consulting Co., Ltd (“FTA Information”, “WOFE”) | |
Place of incorporation | F4 | |
Date of incorporation | Apr. 20, 2016 | |
Percentage of direct or indirect economic ownership | 100.00% | 100.00% |
Principal activities | Providing technology development and other services | |
Jiangsu Manyun Logistics Information Co., Limited [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Jiangsu Manyun Logistics Information Co., Limited (“Jiangsu Manyun”, “WOFE”) | |
Place of incorporation | F4 | |
Date of incorporation | Aug. 29, 2014 | |
Percentage of direct or indirect economic ownership | 100.00% | 100.00% |
Principal activities | Technology development and other services | |
Guiyang Huochebang Technology Co., Limited [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Guiyang Huochebang Technology Co., Limited (“Guiyang Huochebang”) | |
Place of incorporation | F4 | |
Date of incorporation | Mar. 11, 2014 | |
Percentage of direct or indirect economic ownership | 100.00% | |
Variable Interest Entity Description Of Principal Activities | Value added services | |
Guizhou Huochebang Microfinance Co., Limited [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Guizhou Huochebang Micro-finance Co., Ltd. (“Huochebang Microfinance”) | |
Place of incorporation | F4 | |
Date of incorporation | Dec. 20, 2016 | |
Percentage of direct or indirect economic ownership | 100.00% | |
Variable Interest Entity Description Of Principal Activities | Credit solution services | |
Chengdu Yunli Technology Co., Ltd [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Chengdu Yunli Technology Co., Ltd. (“Chengdu Yunli”) | |
Place of incorporation | F4 | |
Date of incorporation | Jan. 21, 2011 | |
Percentage of direct or indirect economic ownership | 100.00% | |
Variable Interest Entity Description Of Principal Activities | Credit solution services | |
Guizhou Huochebang Network Information Service Co., Ltd. [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Guizhou Huochebang Network Information Service Co., Ltd. (“Huochebang Network”) | |
Place of incorporation | F4 | |
Date of incorporation | Mar. 18, 2016 | |
Percentage of direct or indirect economic ownership | 100.00% | |
Variable Interest Entity Description Of Principal Activities | Investment holding | |
Guizhou FTA Logistics Technology Co., Ltd. [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Guizhou FTA Logistics Technology Co., Ltd. (“Guizhou FTA”) | |
Place of incorporation | F4 | |
Date of incorporation | Jan. 14, 2021 | |
Percentage of direct or indirect economic ownership | 100.00% | |
Variable Interest Entity Description Of Principal Activities | Research and development | |
Jiangsu Manyun Software Technology Co., Limited [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Jiangsu Manyun Software Technology Co. Ltd. (“Manyun Software”) | |
Place of incorporation | F4 | |
Date of incorporation | Oct. 20, 2016 | |
Percentage of direct or indirect economic ownership | 100.00% | |
Variable Interest Entity Description Of Principal Activities | Freight matching services and value added services | |
Guiyang Shanen Technology Co., Ltd. [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Guiyang Shan’en Technology Co., Ltd. (“Shan’en Technology”) | |
Place of incorporation | F4 | |
Date of incorporation | Sep. 19, 2016 | |
Percentage of direct or indirect economic ownership | 100.00% | |
Variable Interest Entity Description Of Principal Activities | Freight matching services | |
Guiyang Shanen Insurance Brokerage Co., Ltd [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Guiyang Shan’en Insurance Brokerage Co., Ltd (“Shan’en Insurance”) | |
Place of incorporation | F4 | |
Date of incorporation | May 9, 2017 | |
Percentage of direct or indirect economic ownership | 100.00% | |
Variable Interest Entity Description Of Principal Activities | Insurance services | |
Hainan Manyun Software Technology Co., Ltd. [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Hainan Manyun Software Technology Co., Ltd. (“Hainan Manyun”) | |
Place of incorporation | F4 | |
Date of incorporation | May 9, 2020 | |
Percentage of direct or indirect economic ownership | 100.00% | |
Variable Interest Entity Description Of Principal Activities | Freight matching services | |
Shanghai Xiwei Information Consulting Co., Limited [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Shanghai Xiwei Information Consulting Co., Limited (“Shanghai Xiwei”) | |
Place of incorporation | F4 | |
Date of incorporation | Aug. 1, 2013 | |
Percentage of direct or indirect economic ownership | 100.00% | |
Variable Interest Entity Description Of Principal Activities | Technology development and other services | |
Beijing Yunmanman Technology Co., Limited [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Beijing Yunmanman Technology Co., Limited (“Beijing Yunmanman”) | |
Place of incorporation | F4 | |
Date of incorporation | Mar. 21, 2014 | |
Percentage of direct or indirect economic ownership | 100.00% | |
Variable Interest Entity Description Of Principal Activities | Technology development and other services | |
Nanjing Manyun Software Information Consulting Co., Ltd [Member] | ||
Disclosure Of Major Subsdiaries And Variable Interest Entities [Line Items] | ||
Name of Company | Nanjing Manyun Software Information Consulting Co., Ltd. (“Nanjing Manyun”) | |
Place of incorporation | F4 | |
Date of incorporation | Oct. 12, 2021 | |
Percentage of direct or indirect economic ownership | 100.00% | |
Variable Interest Entity Description Of Principal Activities | Investment holding |
Organization and Nature of Op_4
Organization and Nature of Operations - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of incorporation | Dec. 27, 2017 |
Principal Accounting Policies -
Principal Accounting Policies - Summary of Balance Sheet Amounts and Balances of the Consolidated VIEs (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
ASSETS | ||||
Cash and cash equivalents | ¥ 4,284,291 | $ 672,299 | ¥ 10,060,391 | ¥ 3,983,721 |
Restricted cash—current | 65,822 | 10,329 | 86,277 | ¥ 95,922 |
Short-term investments | 21,634,642 | 3,394,947 | 8,731,195 | |
Accounts receivable, net of allowance for doubtful accounts | 29,139 | 4,573 | 34,729 | |
Amounts due from related parties | 7,075 | 1,110 | 0 | |
Loans receivable, net | 1,777,667 | 278,955 | 1,313,957 | |
Prepayments and other current assets | 1,099,607 | 172,550 | 456,802 | |
Restricted cash—non-current | 13,500 | 2,118 | 13,500 | |
Property and equipment, net | 102,158 | 16,031 | 38,984 | |
Investments in equity investees | 1,678,351 | 263,370 | 875,205 | |
Goodwill | 3,124,828 | 490,354 | 2,865,071 | |
Intangible assets, net | 557,016 | 87,408 | 491,279 | |
Deferred tax assets | 20,492 | 18,966 | ||
Other non-current assets | 3,847 | 604 | 147,000 | |
TOTAL ASSETS | 34,398,435 | 5,397,864 | 25,133,356 | |
LIABILITIES | ||||
Short-term loans | 9,000 | 1,412 | 500,000 | |
Accounts payable | 29,381 | 4,611 | 23,839 | |
Payable to investors of the consolidated trusts | 0 | 0 | 31,400 | |
Prepaid freight listing fees and other service fees | 383,236 | 60,138 | 319,924 | |
Income tax payable | 31,538 | 4,949 | 25,924 | |
Other tax payable | 894,592 | 140,381 | 446,839 | |
Accrued expenses and other current liabilities | 1,206,179 | 189,276 | 941,642 | |
Deferred tax liabilities | 135,764 | 21,304 | 118,783 | |
TOTAL LIABILITIES | 2,869,549 | $ 450,295 | 2,081,130 | |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
ASSETS | ||||
Cash and cash equivalents | 2,948,946 | 2,226,218 | ||
Restricted cash—current | 63,294 | 84,076 | ||
Short-term investments | 550,000 | 238,000 | ||
Accounts receivable, net of allowance for doubtful accounts | 28,734 | 33,751 | ||
Amounts due from related parties | 7,075 | 0 | ||
Loans receivable, net | 1,774,038 | 1,312,283 | ||
Prepayments and other current assets | 849,323 | 421,371 | ||
Restricted cash—non-current | 13,500 | 13,500 | ||
Property and equipment, net | 100,931 | 36,922 | ||
Investments in equity investees | 670,110 | 297,628 | ||
Goodwill | 283,256 | 0 | ||
Intangible assets, net | 119,298 | 15,275 | ||
Deferred tax assets | 20,492 | 18,966 | ||
Other non-current assets | 3,836 | 147,000 | ||
TOTAL ASSETS | 7,432,833 | 4,844,990 | ||
LIABILITIES | ||||
Short-term loans | 9,000 | |||
Accounts payable | 29,077 | 23,839 | ||
Payable to investors of the consolidated trusts | 0 | 31,400 | ||
Prepaid freight listing fees and other service fees | 383,153 | 319,156 | ||
Income tax payable | 21,573 | 23,554 | ||
Other tax payable | 566,479 | 446,610 | ||
Accrued expenses and other current liabilities | 1,045,484 | 620,828 | ||
Deferred tax liabilities | 26,415 | |||
TOTAL LIABILITIES | ¥ 2,081,181 | ¥ 1,465,387 |
Principal Accounting Policies_3
Principal Accounting Policies - Summary of Income and Cash Flow Statement Amounts and Balances of the Consolidated VIEs (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Disclosure Of Summary Of Revenue Income And Cash Flows Of Variable Interest Entity [Line Items] | ||||
Net Revenues | ¥ 4,657,019 | $ 730,788 | ¥ 2,580,820 | ¥ 2,473,061 |
Net (loss) income | (3,654,528) | (573,476) | (3,470,480) | (1,523,657) |
Net cash (used in) provided by operating activities | (211,419) | (33,176) | 574,742 | (923,965) |
Net cash used in investing activities | (14,398,973) | (2,259,513) | (2,690,895) | (3,391,199) |
Net cash provided by (used in) financing activities | 8,901,514 | $ 1,396,842 | 8,324,448 | 1,693,225 |
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Disclosure Of Summary Of Revenue Income And Cash Flows Of Variable Interest Entity [Line Items] | ||||
Net Revenues | 4,611,044 | 2,553,535 | 2,457,922 | |
Net (loss) income | (920,960) | 223,957 | (716,003) | |
Net cash (used in) provided by operating activities | (286,501) | 682,745 | (185,829) | |
Net cash used in investing activities | (815,721) | (72,390) | (122,872) | |
Net cash provided by (used in) financing activities | ¥ 42,100 | ¥ (888,700) | ¥ 405,690 |
Principal Accounting Policies_4
Principal Accounting Policies - Summary of Balance Sheet Amounts and Balances of the Consolidated Trusts (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
ASSETS | |||
Loans receivable, net | ¥ 1,777,667 | $ 278,955 | ¥ 1,313,957 |
Prepaid expenses and other assets | 1,099,607 | 172,550 | 456,802 |
TOTAL ASSETS | 34,398,435 | 5,397,864 | 25,133,356 |
LIABILITIES | |||
Payable to investors of the consolidated trusts | 0 | 0 | 31,400 |
Other tax payable | 894,592 | 140,381 | 446,839 |
TOTAL LIABILITIES | 2,869,549 | $ 450,295 | 2,081,130 |
Consolidated Trusts [Member] | |||
ASSETS | |||
Restricted cash | 3,509 | 48,702 | |
Loans receivable, net | 353,509 | 317,022 | |
Prepaid expenses and other assets | 0 | 1,009 | |
TOTAL ASSETS | 357,018 | 366,733 | |
LIABILITIES | |||
Payable to investors of the consolidated trusts | 0 | 31,400 | |
Other tax payable | 839 | 436 | |
TOTAL LIABILITIES | ¥ 839 | ¥ 31,836 |
Principal Accounting Policies_5
Principal Accounting Policies - Summary of Income and Cash Flow Amounts and Balances of the Consolidated Trusts (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Disclosure Of Summary Of Revenue Income And Cash Flows Of Variable Interest Entity [Line Items] | ||||
Net Revenues | ¥ 4,657,019 | $ 730,788 | ¥ 2,580,820 | ¥ 2,473,061 |
Net income | (3,654,528) | (3,470,480) | (1,523,657) | |
Net cash (used in) provided by operating activities | (211,419) | (33,176) | 574,742 | (923,965) |
Net cash provided by (used in) financing activities | 8,901,514 | $ 1,396,842 | 8,324,448 | 1,693,225 |
Consolidated Trusts [Member] | ||||
Disclosure Of Summary Of Revenue Income And Cash Flows Of Variable Interest Entity [Line Items] | ||||
Net Revenues | 104,061 | 130,380 | 68,259 | |
Net income | 22,838 | 63,146 | 31,335 | |
Net cash (used in) provided by operating activities | (13,793) | 374,679 | (371,548) | |
Net cash provided by (used in) financing activities | ¥ (31,400) | ¥ (388,700) | ¥ 420,100 |
Principal Accounting Policies_6
Principal Accounting Policies - Summary of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Furniture, fixtures and equipment | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Useful Life | 5 years |
Furniture, fixtures and equipment | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Useful Life | 3 years |
Motor vehicles | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Useful Life | 4 years |
Leasehold improvement | |
Property, Plant and Equipment [Line Items] | |
Property and Equipment, Estimated Useful Lives | Over the shorter of the expected useful life or the lease term |
Principal Accounting Policies_7
Principal Accounting Policies - Summary of Useful Lives of Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Software | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Software | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 8 years |
Trademarks [Member] | Minimum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 10 years |
Trademarks [Member] | Maximum [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 15 years |
Platform [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 5 years |
Customer Relationships [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 10 years |
NC Commitment [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated useful lives | 8 years |
Principal Accounting Policies_8
Principal Accounting Policies - Summary of the Disaggregated Revenues (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | ¥ 4,657,019 | $ 730,788 | ¥ 2,580,820 | ¥ 2,473,061 |
Freight Matching Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | 3,946,882 | 1,947,016 | 1,769,756 | |
Value Added Tax Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | 710,137 | 633,804 | 703,305 | |
Transferred at Point in Time [Member] | Freight Brokerage [Member] | Freight Matching Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | 2,497,779 | 1,365,207 | 1,292,496 | |
Transferred at Point in Time [Member] | Transaction Commission [Member] | Freight Matching Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | 696,072 | 43,144 | 0 | |
Transferred at Point in Time [Member] | Other Value Added Services [Member] | Value Added Tax Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | 190,051 | 160,963 | 218,401 | |
Transferred over Time [Member] | Freight Listings [Member] | Freight Matching Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | 753,031 | 538,665 | 477,260 | |
Transferred over Time [Member] | Credit Solutions [Member] | Value Added Tax Services [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net Revenues | ¥ 520,086 | ¥ 472,841 | ¥ 484,904 |
Principal Accounting Policies_9
Principal Accounting Policies - Summary of the Disaggregated Revenues (Parenthetical) (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Freight Matching Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues attributable to value added tax | ¥ 2,580 | ¥ 1,398 | ¥ 1,320 |
Value Added Tax Services [Member] | |||
Disaggregation of Revenue [Line Items] | |||
Revenues attributable to value added tax | ¥ 40 | ¥ 36 | ¥ 39 |
Principal Accounting Policie_10
Principal Accounting Policies - Summary of Contract Liabilities (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Contract With Customer Asset And Liability [Line Items] | |||
Contract balances | ¥ 383,236 | $ 60,138 | ¥ 319,924 |
Freight Listings [Member] | |||
Contract With Customer Asset And Liability [Line Items] | |||
Contract balances | 377,468 | 315,761 | |
Others [Member] | |||
Contract With Customer Asset And Liability [Line Items] | |||
Contract balances | ¥ 5,768 | ¥ 4,163 |
Principal Accounting Policie_11
Principal Accounting Policies - Summary of Value Added Tax (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Gross VAT | ¥ 1,813,946 | ¥ 1,832,598 | ¥ 3,510,749 |
Less: VAT refund | (860,746) | (938,689) | (1,559,814) |
VAT, net | ¥ 953,200 | ¥ 893,909 | ¥ 1,950,935 |
Principal Accounting Policie_12
Principal Accounting Policies - Additional Information (Detail) ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 30, 2021 | Mar. 31, 2021 | |
Accounting Policies [Line Items] | |||||
Advertising and marketing expense | ¥ 125,507 | ¥ 57,296 | ¥ 77,267 | ||
Foreign exchange translation rate | 6.3726 | ||||
Loans receivable balance subject to the guarantee | 209,000 | 45,000 | |||
VAT are included in net revenues | 2,620,000 | 1,434,000 | 1,359,000 | ||
Incentive costs | 87,864 | 1,726 | 0 | ||
Recognition of ROU assets | 130,000 | ||||
Related lease liabilities | 119,000 | ||||
Financial Guarantee [Member] | |||||
Accounting Policies [Line Items] | |||||
Revenues | ¥ 31,200 | 5,500 | 400 | ||
Guiyang Huochebang Technology Co.Limited [Member] | |||||
Accounting Policies [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||
Value Added Tax Rate Percentage One [Member] | |||||
Accounting Policies [Line Items] | |||||
Value added tax rate | 6.00% | ||||
Value Added Tax Rate Percentage Two [Member] | |||||
Accounting Policies [Line Items] | |||||
Value added tax rate | 9.00% | ||||
Value Added Tax Rate Percentage Three [Member] | |||||
Accounting Policies [Line Items] | |||||
Value added tax rate | 13.00% | ||||
Consolidated Trusts [Member] | |||||
Accounting Policies [Line Items] | |||||
Cumulative delinquent loans repurchased | ¥ 69,000 | 51,000 | |||
Provision for loan and lease losses | ¥ 21,000 | ¥ 29,000 | ¥ 25,000 | ||
Consolidated Trusts [Member] | Maximum [Member] | |||||
Accounting Policies [Line Items] | |||||
Loans receivable fixed rate of interest | 36.00% | ||||
Consolidated Trusts [Member] | Minimum [Member] | |||||
Accounting Policies [Line Items] | |||||
Loans receivable fixed rate of interest | 20.00% | ||||
Sales Revenue Net [Member] | Consolidated Trusts [Member] | Customer Concentration Risk [Member] | |||||
Accounting Policies [Line Items] | |||||
Concentration risk percentage | 2.00% | 5.00% | 3.00% | ||
Sales Revenue Net [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Customer Concentration Risk [Member] | |||||
Accounting Policies [Line Items] | |||||
Concentration risk percentage | 99.00% | 99.00% | 99.00% | ||
Assets [Member] | Consolidated Trusts [Member] | Customer Concentration Risk [Member] | |||||
Accounting Policies [Line Items] | |||||
Concentration risk percentage | 1.00% | 1.00% | |||
Assets [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Customer Concentration Risk [Member] | |||||
Accounting Policies [Line Items] | |||||
Concentration risk percentage | 22.00% | 19.00% | |||
Liabilities, Total [Member] | Consolidated Trusts [Member] | Customer Concentration Risk [Member] | |||||
Accounting Policies [Line Items] | |||||
Concentration risk percentage | 0.00% | 2.00% | |||
Liabilities, Total [Member] | Variable Interest Entity, Primary Beneficiary [Member] | Customer Concentration Risk [Member] | |||||
Accounting Policies [Line Items] | |||||
Concentration risk percentage | 73.00% | 70.00% |
Discontinued Operations - Sched
Discontinued Operations - Schedule Of Net income from discontinued operations (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations[LineItems] | ||||
Net income from discontinued operations, net of tax of nil | ¥ 0 | $ 0 | ¥ 452 | ¥ 18,010 |
Segment Discontinued Operations [Member] | ||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations[LineItems] | ||||
Gross revenues | 55,476 | 2,377,610 | ||
Cost of revenues and other operating expenses | ¥ (55,024) | ¥ (2,359,600) |
Discontinued Operations - Sch_2
Discontinued Operations - Schedule Of Net income from discontinued operations (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Discontinued operation, Tax effect of discontinued operation | ¥ 0 | ¥ 0 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) | Jun. 30, 2020 |
Segment Discontinued Operations [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations[LineItems] | |
Disposal group, Including discontinued operation, Description and timing of disposal | As of June 30, 2020 all the contracts had been executed and the division had ceased operation |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule Of Fair Value Of Assets And Liabilities On Recurring Basis (Detail) - Fair Value, Recurring [Member] - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Exchange traded fund products | ¥ 2,013,340 | ¥ 331,092 |
Wealth management products | 30,000 | 18,000 |
Foreign currency forward contracts | 914 | 11,798 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Exchange traded fund products | 2,013,340 | 331,092 |
Wealth management products | 0 | 0 |
Foreign currency forward contracts | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Exchange traded fund products | 0 | 0 |
Wealth management products | 30,000 | 18,000 |
Foreign currency forward contracts | 914 | 11,798 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Exchange traded fund products | 0 | 0 |
Wealth management products | 0 | 0 |
Foreign currency forward contracts | ¥ 0 | ¥ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Unrealized gains from fair value changes of trading securities and derivative assets | ¥ 23,967 | ¥ 18,140 | ¥ 0 | |
Loans receivable, Impairment loss | ¥ 710,000 | |||
Equity Method Investments | 0 | 0 | ¥ 0 | |
Impairment charges of equity investment | ¥ 111,567 | ¥ 22,030 |
Business Combination - Summary
Business Combination - Summary of Information Technology (Detail) ¥ in Thousands, $ in Thousands | Dec. 01, 2021CNY (¥) | Jul. 01, 2021CNY (¥) | Jul. 31, 2021CNY (¥) | Aug. 31, 2020CNY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Intangible assets: | |||||||
Goodwill | ¥ 3,124,828 | $ 490,354 | ¥ 2,865,071 | ||||
Guangzhou Huitouche Information Technology Co., Ltd [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Net assets acquired | ¥ 6,589 | ||||||
Intangible assets: | |||||||
Goodwill | 84,881 | ||||||
Deferred tax liabilities | (6,000) | ||||||
Total | 109,470 | ||||||
Total purchase price is comprised of: | |||||||
Cash consideration paid | 32,500 | ||||||
Fair value of equity interest in preferred shares previously acquired | 76,970 | ||||||
Total purchase price | 109,470 | ||||||
Guangzhou Huitouche Information Technology Co., Ltd [Member] | Trade Names [Member] | |||||||
Intangible assets: | |||||||
Trademark with an estimated useful life | 22,000 | ||||||
Guangzhou Huitouche Information Technology Co., Ltd [Member] | Platform [Member] | |||||||
Intangible assets: | |||||||
Trademark with an estimated useful life | ¥ 2,000 | ||||||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Net assets acquired | ¥ 4,605 | ||||||
Intangible assets: | |||||||
Goodwill | 61,383 | ||||||
Deferred tax liabilities | (7,000) | ||||||
Total | 86,988 | ||||||
Total purchase price is comprised of: | |||||||
Cash consideration paid | ¥ 71,733 | ||||||
Fair value of equity interest in preferred shares previously acquired | 15,255 | ||||||
Total purchase price | 86,988 | ||||||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | Customer Relationships [Member] | |||||||
Intangible assets: | |||||||
Trademark with an estimated useful life | 18,000 | ||||||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | Software [Member] | |||||||
Intangible assets: | |||||||
Trademark with an estimated useful life | ¥ 10,000 | ||||||
Beijing Bang Li De Network Technology Co., Ltd [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Net assets acquired | ¥ 25,409 | ||||||
Intangible assets: | |||||||
Goodwill | 198,374 | ||||||
Deferred tax liabilities | (21,282) | ||||||
Total | 287,501 | ||||||
Total purchase price is comprised of: | |||||||
Cash consideration paid | 210,915 | ||||||
Consideration payable | 76,586 | ||||||
Total purchase price | 287,501 | ||||||
Beijing Bang Li De Network Technology Co., Ltd [Member] | Trade Names [Member] | |||||||
Intangible assets: | |||||||
Trademark with an estimated useful life | 45,000 | ||||||
Beijing Bang Li De Network Technology Co., Ltd [Member] | Non Compete Commitment [Member] | |||||||
Intangible assets: | |||||||
Trademark with an estimated useful life | ¥ 40,000 |
Business Combination - Summar_2
Business Combination - Summary of Information Technology (Parenthetical) (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 01, 2021 | Jul. 01, 2021 | Aug. 31, 2020 | |
Platform [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 5 years | |||
Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 10 years | |||
Guangzhou Huitouche Information Technology Co., Ltd [Member] | ||||
Business Acquisition [Line Items] | ||||
Net assets acquired | ¥ 14,772 | |||
Guangzhou Huitouche Information Technology Co., Ltd [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 10 years | |||
Guangzhou Huitouche Information Technology Co., Ltd [Member] | Platform [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 5 years | |||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | ||||
Business Acquisition [Line Items] | ||||
Net assets acquired | ¥ 3,982 | |||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | Platform [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 8 years | |||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | Customer Relationships [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 10 years | |||
Beijing Bang Li De Network Technology Co., Ltd [Member] | ||||
Business Acquisition [Line Items] | ||||
Net assets acquired | ¥ 36,657 | |||
Beijing Bang Li De Network Technology Co., Ltd [Member] | Trade Names [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 10 years | |||
Beijing Bang Li De Network Technology Co., Ltd [Member] | Non Compete Commitment [Member] | ||||
Business Acquisition [Line Items] | ||||
Estimated useful lives | 8 years |
Business Combination - Addition
Business Combination - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Dec. 01, 2021CNY (¥) | Nov. 30, 2021CNY (¥) | Jul. 31, 2021CNY (¥) | Aug. 31, 2020CNY (¥) | Jun. 30, 2019CNY (¥) | Jun. 30, 2019CNY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Business Acquisition [Line Items] | ||||||||||
Payments to acquire equity method investments | ¥ 887,327 | $ 139,241 | ¥ 34,475 | ¥ 214,739 | ||||||
Guangzhou Huitouche Information Technology Co., Ltd [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to acquire businesses gross | ¥ 32,500 | |||||||||
Guangzhou Huitouche Information Technology Co., Ltd [Member] | Equity Interest [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage | 100.00% | |||||||||
Guangzhou Lanqiao Software Technology Co., Ltd [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition, percentage | 100.00% | |||||||||
Business combination cash paid to performance condition | ¥ 71,553 | |||||||||
Business combination performance condition services term | 3 years | |||||||||
Business combination compensation cost | 23,951 | |||||||||
Payments to acquire businesses gross | ¥ 71,733 | |||||||||
Business acquisition, percentage of voting interests acquired | 80.00% | |||||||||
Beijing Bang Li De Network Technology Co., Ltd [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payments to acquire equity method investments | ¥ 287,500 | |||||||||
Business combination, contingent consideration, liability | ¥ 20,000 | |||||||||
Payments to acquire businesses gross | ¥ 210,915 | |||||||||
Preferred Stock [Member] | Guangzhou Huitouche Information Technology Co., Ltd [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payment to acquire long term investments | ¥ 99,000 | |||||||||
Equity securities without readily determinable fair value impairment loss annual amount | ¥ 22,000 | |||||||||
Preferred Stock [Member] | Guangzhou Huitouche Information Technology Co., Ltd [Member] | Equity Interest [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Non controlling interest ownership percentage by non controlling owners | 35.00% | 35.00% | ||||||||
Preferred Stock [Member] | Guangzhou Lanqiao Software Technology Co., Ltd [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Payment to acquire long term investments | ¥ 15,000 | |||||||||
Preferred Stock [Member] | Guangzhou Lanqiao Software Technology Co., Ltd [Member] | Equity Interest [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Non controlling interest ownership percentage by non controlling owners | 20.00% | 20.00% |
Short-Term Investments - Summar
Short-Term Investments - Summary Of Short-Term Investments (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Cash and Cash Equivalents [Abstract] | |||
Time deposits | ¥ 19,591,302 | ¥ 8,382,103 | |
Trading securities | 2,043,340 | 349,092 | |
Total Short-term investments | ¥ 21,634,642 | $ 3,394,947 | ¥ 8,731,195 |
Accounts Receivable, Net - Addi
Accounts Receivable, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts receivable, Credit loss expense reversal | ¥ 5,213 | ¥ (7,504) | ¥ (53,312) |
Value Added Service Customer [Member] | |||
Accounts receivable, Credit loss expense reversal | ¥ 40,000 |
Accounts Receivable, Net - Summ
Accounts Receivable, Net - Summary Of Accounts Receivable And The Related Bad Debt Provision (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||
Trade Receivable | ¥ 32,852 | ¥ 97,902 | |
Less: bad debt provision | 3,713 | 63,173 | |
Total Accounts receivable, net | ¥ 29,139 | $ 4,573 | ¥ 34,729 |
Accounts Receivable, Net - Su_2
Accounts Receivable, Net - Summary Of Movement Of Bad Debt Provision For Accounts Receivable (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||
Balance at beginning of year | ¥ (63,173) | ¥ (62,087) | ¥ (10,397) |
Provisions for doubtful accounts | 5,213 | (7,504) | (53,312) |
Write-off | 54,247 | 6,418 | 1,622 |
Balance at end of year | ¥ (3,713) | ¥ (63,173) | ¥ (62,087) |
Loans Receivable, Net - Additio
Loans Receivable, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | |||
Loans receivable, Credit period | 1 year | ||
Financing receivable, Nonaccrual, Net | ¥ 3,800 | ¥ 400 | |
Financing receivable, Credit loss, Expense reversal | 97,658 | 94,160 | ¥ 127,790 |
Non accrual Loan Those Over Ninety Calendar Days Past Due Excluding Loans That Were Over Hundred And Eighty Days Past Due And Therefore Charged Off [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, Nonaccrual | 33,900 | ¥ 14,800 | |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Loans receivable interest income | ¥ 0 | ||
Maximum [Member] | Loans Receivable [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Interest rate | 36.00% | ||
Minimum [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Financing receivable, Threshold period past due, Writeoff | 180 days | ||
Minimum [Member] | Loans Receivable [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Interest rate | 20.00% |
Loans Receivable, Net - Summary
Loans Receivable, Net - Summary Of Accounts, Notes, Loans and Financing Receivable (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||
Loans receivable | ¥ 1,842,784 | ¥ 1,354,358 | |
Less: allowance for loan losses | (65,117) | (40,401) | |
Loans receivable, net | ¥ 1,777,667 | $ 278,955 | ¥ 1,313,957 |
Loans Receivable, Net - Summa_2
Loans Receivable, Net - Summary of Financing Receivable Past Due (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | ¥ 1,842,784 | ¥ 1,354,358 |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,758,358 | 1,307,284 |
Financial Asset, Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 84,426 | 47,074 |
0-30 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 22,522 | 16,137 |
31-60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 14,518 | 6,755 |
Over 60 days | ||
Financing Receivable, Past Due [Line Items] | ||
Total | ¥ 47,386 | ¥ 24,182 |
Loans Receivable, Net - Summa_3
Loans Receivable, Net - Summary of Financing Receivable Allowance for Credit Loss (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Credit Loss [Abstract] | |||
Balance at beginning of year | ¥ (40,401) | ¥ (92,641) | ¥ (19,998) |
Provisions for doubtful accounts | (97,658) | (94,160) | (127,790) |
Write-off | 72,942 | 146,400 | 55,147 |
Balance at end of year | ¥ (65,117) | ¥ (40,401) | ¥ (92,641) |
Prepayments And Other Current_3
Prepayments And Other Current Assets - Summary Of Prepayments And Other Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||
VAT refund receivable | [1] | ¥ 558,099 | ¥ 241,814 | |
Funds receivable from third party payment channels | 141,692 | 115,241 | ||
Advances to suppliers | 168,117 | 37,850 | ||
Interest receivable | 105,027 | 29,820 | ||
Deposits mainly for value added service | 4,276 | 8,585 | ||
VAT recoverable and prepaid income taxes | 63,354 | |||
Others | 59,042 | 23,492 | ||
Total | ¥ 1,099,607 | $ 172,550 | ¥ 456,802 | |
[1] | VAT receivable represents the VAT refund from local governments to incentivize the freight brokerage service. |
Property And Equipment, Net - A
Property And Equipment, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expenses | ¥ 17,465 | ¥ 16,622 | ¥ 26,234 |
Property And Equipment, Net - S
Property And Equipment, Net - Summary of Property And Equipment, Net (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | ¥ 186,137 | ¥ 104,691 | |
Less: Accumulated depreciation | (83,979) | (65,707) | |
Property and equipment, net | 102,158 | $ 16,031 | 38,984 |
Furniture, fixtures and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 65,814 | 51,101 | |
Motor vehicles | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 5,057 | 7,603 | |
Leasehold improvement | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 52,266 | 42,523 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | ¥ 63,000 | ¥ 3,464 |
Investments in Equity Investe_3
Investments in Equity Investees - Additional Information (Detail) ¥ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2019CNY (¥) | Jun. 30, 2018CNY (¥) | Sep. 30, 2021CNY (¥) | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2018CNY (¥) | Dec. 31, 2020 | Nov. 30, 2020¥ / shares | Jun. 30, 2018$ / sharesshares | |
Schedule of Investments [Line Items] | ||||||||
Impairment of equity method investments | ¥ 55,756 | |||||||
Return of prepaid for equity investment | ¥ 11,929 | |||||||
Investment Loss | ¥ 379 | |||||||
Zhaoyou Limited [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Equity securities without readily determinable fair value impairment loss annual amount | 54,906 | |||||||
Plus Corp Plus [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Exercise of warrants acquired | 129,066 | |||||||
Jiayibingding Beijing E Commerce Limited [Member] | Equity Interest [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Non controlling interest ownership percentage by non controlling owners | 24.37% | |||||||
Fubao Fund [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Payment to acquire long term investments | ¥ 323,000 | |||||||
Fubao Fund [Member] | Equity Interest [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Non controlling interest ownership percentage by non controlling owners | 72.58% | |||||||
Preferred Stock [Member] | Plus Corp Plus [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Investment owned number of shares | shares | 135,056,917 | 322,768,350 | ||||||
Number of shares eligible to be purchased | shares | 69,787,575 | |||||||
Exercise price of shares eligible to be purchased | $ / shares | $ 0.2866 | |||||||
Period of exercise of warrants or rights eligible to be purchased | 3 years | |||||||
Payment to acquire long term investments | ¥ 460,959 | |||||||
Number of votes per share | ¥ / shares | 4 | |||||||
Percentage of voting rights | 56.15% | 60.37% | ||||||
Preferred Stock [Member] | Plus Corp Plus [Member] | Equity Interest [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Non controlling interest ownership percentage by non controlling owners | 28.85% | 30.00% | 26.00% | |||||
Payment to acquire long term investments | ¥ 451,822 | |||||||
Preferred Stock [Member] | Jiayibingding Beijing E Commerce Limited [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Payment to acquire long term investments | ¥ 30,000 | ¥ 250,000 | ¥ 70,000 | |||||
Preferred Stock [Member] | Jiayibingding Beijing E Commerce Limited [Member] | Equity Interest [Member] | ||||||||
Schedule of Investments [Line Items] | ||||||||
Non controlling interest ownership percentage by non controlling owners | 23.70% |
Investments in Equity Investe_4
Investments in Equity Investees - Summary of the Group's balances of investment in equity investees (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Equity Method Investments And Cost Method Investments [Line Items] | ||||
Equity Method Investments | ¥ 0 | ¥ 0 | ¥ 0 | |
Total Investment | 1,678,351 | $ 263,370 | 875,205 | |
Plus Corp Plus [Member] | ||||
Equity Method Investments And Cost Method Investments [Line Items] | ||||
Equity Investments without Readily Determinable Fair Value | 1,007,361 | 460,959 | ||
Jiayibingding Beijing E Commerce Limited [Member] | ||||
Equity Method Investments And Cost Method Investments [Line Items] | ||||
Equity Investments without Readily Determinable Fair Value | 350,000 | 280,000 | ||
Guizhou Fubao Digital Venture Capital Partnership [Member] | ||||
Equity Method Investments And Cost Method Investments [Line Items] | ||||
Equity Method Investments | 318,588 | 0 | ||
Others [Member] | ||||
Equity Method Investments And Cost Method Investments [Line Items] | ||||
Equity Investments without Readily Determinable Fair Value | 879 | 69,906 | ||
Equity Method Investments | ¥ 1,523 | ¥ 64,340 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Net Book Value of the Intangible Assets (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Less: Accumulated amortization | ¥ (186,554) | ¥ (136,444) |
Intangible assets, net | 557,016 | 491,279 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | 40,570 | 27,723 |
Trademarks [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | 621,000 | 576,000 |
Platform [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | 24,000 | 24,000 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | 18,000 | 0 |
Non-compete commitment [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, net | ¥ 40,000 | ¥ 0 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | ¥ 49,957 | ¥ 47,047 | ¥ 44,474 |
Intangible Assets, Net - Summ_2
Intangible Assets, Net - Summary of Estimated Aggregate Amortization Expenses (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |||
2022 | ¥ 61,246 | ||
2023 | 56,243 | ||
2024 | 55,360 | ||
2025 | 53,500 | ||
2026 | 52,001 | ||
Thereafter | 278,666 | ||
Total | ¥ 557,016 | $ 87,408 | ¥ 491,279 |
Other Non-Current Assets - Summ
Other Non-Current Assets - Summary of Other Non-Current Assets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Other Assets, Noncurrent [Abstract] | |||
Prepayment for a new equity method investment | ¥ 0 | ¥ 100,000 | |
Prepayment for an office building | 0 | 43,000 | |
Deposits | 0 | 4,000 | |
Prepayment for furniture, fixtures and equipment | 3,847 | 0 | |
Total | ¥ 3,847 | $ 604 | ¥ 147,000 |
Short-Term Loans - Summary of S
Short-Term Loans - Summary of Short-Term Debt (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) |
Debt Disclosure [Abstract] | |||
Short-term borrowing—banks | ¥ 9,000 | $ 1,412 | ¥ 500,000 |
Total | ¥ 9,000 |
Short-Term Loans - Additional I
Short-Term Loans - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Short-term Debt [Line Items] | |||||
Short term bank borrowings outstanding | ¥ 9,000 | ¥ 500,000 | $ 1,412 | ||
Short term debt weighted average weighted average rate of interest over time | 5.03% | 5.03% | 4.39% | 4.55% | |
Interest expense | ¥ 40 | $ 6 | ¥ 8,367 | ¥ 39,996 | |
Beijing Bang Li De Network Technology Co., Ltd [Member] | |||||
Short-term Debt [Line Items] | |||||
Short term bank borrowings outstanding | ¥ 9,000 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Liabilities and Other Liabilities Disclosure Current (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | |
Payables and Accruals [Abstract] | ||||
Advance from shippers and truckers | [1] | ¥ 687,971 | ¥ 411,577 | |
Payables for repurchase of ordinary shares and share options from employees | 273,790 | |||
Salaries and welfare payables | 272,702 | 174,142 | ||
Consideration payable for acquisition of TYT | 70,760 | |||
Deposit from truckers for value added service | 53,820 | 47,251 | ||
Accrued rental and other service fees | 56,095 | 20,388 | ||
Others | 64,831 | 14,494 | ||
Total | ¥ 1,206,179 | $ 189,276 | ¥ 941,642 | |
[1] | Representing the refundable prepayments from shippers and truckers for future shipping arrangements under freight brokerage services and value-added services. |
Mezzanine Equity - Summary of M
Mezzanine Equity - Summary of Mezzanine Equity (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | Jun. 22, 2021USD ($)$ / sharesshares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($)shares | Nov. 30, 2020CNY (¥) |
Temporary Equity [Line Items] | |||||||
Proceeds from Issuance, net of issuance cost | ¥ 385,788 | $ 60,539 | ¥ 11,081,037 | ¥ 1,672,415 | |||
Repurchase of preferred shares | ¥ | (1,665,018) | (811,152) | ¥ (543,211) | ||||
Carrying Amount | ¥ 0 | ¥ (32,846,087) | $ 0 | ||||
Series A-1 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 949,479,433 | ||||||
Temporary Equity, Shares Outstanding | shares | 949,479,433 | ||||||
Series A-2 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 204,934,452 | ||||||
Temporary Equity, Shares Outstanding | shares | 204,934,452 | ||||||
Series A-3 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 358,930,419 | ||||||
Temporary Equity, Shares Outstanding | shares | 358,930,419 | ||||||
Series A-4 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 1,425,011,610 | ||||||
Temporary Equity, Shares Outstanding | shares | 1,425,011,610 | ||||||
Series A-5 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 687,241,088 | ||||||
Temporary Equity, Shares Outstanding | shares | 687,241,088 | ||||||
Series A-5 One Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 48,936,447 | ||||||
Temporary Equity, Shares Outstanding | shares | 48,936,447 | ||||||
Series A-6 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 397,653,060 | ||||||
Temporary Equity, Shares Outstanding | shares | 397,653,060 | ||||||
Series A-7 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 695,016,200 | ||||||
Temporary Equity, Shares Outstanding | shares | 695,016,200 | ||||||
Series A-8 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 392,106,200 | ||||||
Temporary Equity, Shares Outstanding | shares | 392,106,200 | ||||||
Series A-9 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 133,697,101 | ||||||
Temporary Equity, Shares Outstanding | shares | 133,697,101 | ||||||
Series A-10 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 272,591,789 | ||||||
Temporary Equity, Shares Outstanding | shares | 272,591,789 | ||||||
Series A-10 One Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 3,154,996 | ||||||
Temporary Equity, Shares Outstanding | shares | 3,154,996 | ||||||
Series A-11 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 249,759,201 | ||||||
Temporary Equity, Shares Outstanding | shares | 249,759,201 | ||||||
Series A-12 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 429,972,942 | ||||||
Temporary Equity, Shares Outstanding | shares | 429,972,942 | ||||||
Series A-13 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 186,944,757 | ||||||
Temporary Equity, Shares Outstanding | shares | 186,944,757 | ||||||
Series A-14 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 281,297,804 | ||||||
Temporary Equity, Shares Outstanding | shares | 281,297,804 | ||||||
Series A-15 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 5,204,626,301 | ||||||
Temporary Equity, Shares Outstanding | shares | 5,204,626,301 | ||||||
Series A-16 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 2,942,381,074 | ||||||
Temporary Equity, Shares Outstanding | shares | 2,942,381,074 | ||||||
Series A-16 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Temporary Equity, Shares Issued | shares | 104,463,233 | ||||||
Temporary Equity, Shares Outstanding | shares | 104,463,233 | ||||||
Proceeds from Issuance, net of issuance cost | $ 60,000 | ||||||
Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Shares Issued at issuance date | shares | 15,398,986,714 | ||||||
Temporary Equity, Shares Issued | shares | 14,968,198,107 | 0 | 15,033,856,835 | 0 | |||
Temporary Equity, Shares Outstanding | shares | 14,968,198,107 | 0 | 15,033,856,835 | 0 | |||
Proceeds from Issuance, net of issuance cost | $ 4,409,762 | ||||||
Accretion of interest | 810,242 | ||||||
Modification of Mezzanine equity | 8,346 | ||||||
Repurchase of preferred shares | (48,951) | ||||||
Carrying Amount | $ (5,179,399) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-1 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.03386 | ||||||
Issuance Date | May 6, 2015 | ||||||
Shares Issued at issuance date | shares | 1,139,355,179 | ||||||
Proceeds from Issuance, net of issuance cost | $ 119,697 | ||||||
Repurchase of preferred shares | (19,948) | ||||||
Carrying Amount | $ (99,749) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-2 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.09305 | ||||||
Issuance Date | Aug. 7, 2015 | ||||||
Shares Issued at issuance date | shares | 214,928,417 | ||||||
Proceeds from Issuance, net of issuance cost | $ 29,062 | ||||||
Repurchase of preferred shares | (1,351) | ||||||
Carrying Amount | $ (27,711) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-3 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.09305 | ||||||
Issuance Date | Jul. 20, 2016 | ||||||
Shares Issued at issuance date | shares | 376,124,692 | ||||||
Proceeds from Issuance, net of issuance cost | $ 50,859 | ||||||
Repurchase of preferred shares | (2,325) | ||||||
Carrying Amount | $ (48,534) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-4 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.16048 | ||||||
Issuance Date | Apr. 27, 2017 | ||||||
Shares Issued at issuance date | shares | 1,431,243,120 | ||||||
Proceeds from Issuance, net of issuance cost | $ 243,899 | ||||||
Accretion of interest | 54,684 | ||||||
Repurchase of preferred shares | (1,300) | ||||||
Carrying Amount | $ (297,283) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-5 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.00009 | ||||||
Issuance Date | Mar. 27, 2014 | ||||||
Shares Issued at issuance date | shares | 724,612,240 | ||||||
Proceeds from Issuance, net of issuance cost | $ 65 | ||||||
Accretion of interest | 20 | ||||||
Repurchase of preferred shares | (5) | ||||||
Carrying Amount | $ (80) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-5 One Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.00001 | ||||||
Issuance Date | May 15, 2018 | ||||||
Shares Issued at issuance date | shares | 48,936,447 | ||||||
Proceeds from Issuance, net of issuance cost | $ 9,616 | ||||||
Carrying Amount | $ (9,616) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-6 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.00578 | ||||||
Issuance Date | Jun. 9, 2014 | ||||||
Shares Issued at issuance date | shares | 397,653,060 | ||||||
Proceeds from Issuance, net of issuance cost | $ 2,300 | ||||||
Accretion of interest | 690 | ||||||
Carrying Amount | $ (2,990) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-7 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.02608 | ||||||
Issuance Date | Jan. 27, 2015 | ||||||
Shares Issued at issuance date | shares | 695,016,200 | ||||||
Proceeds from Issuance, net of issuance cost | $ 18,128 | ||||||
Accretion of interest | 5,438 | ||||||
Carrying Amount | $ (23,566) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-8 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.07651 | ||||||
Issuance Date | Jul. 21, 2015 | ||||||
Shares Issued at issuance date | shares | 392,106,200 | ||||||
Proceeds from Issuance, net of issuance cost | $ 30,000 | ||||||
Accretion of interest | 9,000 | ||||||
Carrying Amount | $ (39,000) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-9 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.10862 | ||||||
Issuance Date | Jul. 23, 2016 | ||||||
Shares Issued at issuance date | shares | 303,819,062 | ||||||
Proceeds from Issuance, net of issuance cost | $ 33,000 | ||||||
Accretion of interest | 9,900 | ||||||
Repurchase of preferred shares | (24,022) | ||||||
Carrying Amount | $ (18,878) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-10 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.13207 | ||||||
Issuance Date | Dec. 23, 2016 | ||||||
Shares Issued at issuance date | shares | 272,591,789 | ||||||
Proceeds from Issuance, net of issuance cost | $ 36,000 | ||||||
Accretion of interest | 10,800 | ||||||
Carrying Amount | $ (46,800) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-10 One Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.15550 | ||||||
Issuance Date | Dec. 27, 2017 | ||||||
Shares Issued at issuance date | shares | 3,154,996 | ||||||
Proceeds from Issuance, net of issuance cost | $ 491 | ||||||
Accretion of interest | 51 | ||||||
Carrying Amount | $ (542) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-11 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.16015 | ||||||
Issuance Date | Mar. 17, 2017 | ||||||
Shares Issued at issuance date | shares | 249,759,201 | ||||||
Proceeds from Issuance, net of issuance cost | $ 40,000 | ||||||
Accretion of interest | 12,000 | ||||||
Carrying Amount | $ (52,000) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-12 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.16588 | ||||||
Issuance Date | Sep. 19, 2017 | ||||||
Shares Issued at issuance date | shares | 429,972,942 | ||||||
Proceeds from Issuance, net of issuance cost | $ 71,325 | ||||||
Accretion of interest | 21,398 | ||||||
Carrying Amount | $ (92,723) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-13 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.16048 | ||||||
Issuance Date | Oct. 30, 2018 | ||||||
Shares Issued at issuance date | shares | 186,944,757 | ||||||
Proceeds from Issuance, net of issuance cost | $ 30,000 | ||||||
Accretion of interest | 9,000 | ||||||
Carrying Amount | $ (39,000) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-14 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.16048 | ||||||
Issuance Date | Jan. 4, 2018 | ||||||
Shares Issued at issuance date | shares | 281,297,804 | ||||||
Proceeds from Issuance, net of issuance cost | $ 45,141 | ||||||
Accretion of interest | 13,542 | ||||||
Carrying Amount | $ (58,683) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-15 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.36740 | ||||||
Issuance Date | May 15, 2018 | ||||||
Shares Issued at issuance date | shares | 5,204,626,301 | ||||||
Proceeds from Issuance, net of issuance cost | $ 1,900,668 | ||||||
Accretion of interest | 573,655 | ||||||
Modification of Mezzanine equity | 8,346 | ||||||
Carrying Amount | $ (2,482,669) | ||||||
Redeemable Convertible Preferred Stock [Member] | Series A-16 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.57436 | ||||||
Issuance Date | Nov. 19, 2020 | ||||||
Shares Issued at issuance date | shares | 2,942,381,074 | ||||||
Proceeds from Issuance, net of issuance cost | $ 1,689,511 | ||||||
Accretion of interest | 90,064 | ||||||
Carrying Amount | $ (1,779,575) | ¥ (385,788) | |||||
Redeemable Convertible Preferred Stock [Member] | Series A-16 Redeemable Convertible Preferred Stock [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Average Issue Price per Share | $ / shares | $ 0.57436 | ||||||
Issuance Date | Jun. 17, 2021 | ||||||
Shares Issued at issuance date | shares | 104,463,233 | ||||||
Carrying Amount | $ (60,000) |
Mezzanine Equity - Additional I
Mezzanine Equity - Additional Information (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Jun. 22, 2021CNY (¥)shares | May 31, 2021CNY (¥)shares | Nov. 30, 2020CNY (¥)shares | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | Jun. 30, 2021CNY (¥)shares | Jun. 30, 2021$ / shares | Jun. 22, 2021USD ($) | May 31, 2021$ / shares | Nov. 30, 2020$ / shares |
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||
Redeemable noncontrolling interest equity preferred carrying amount | ¥ 0 | ¥ 32,846,087 | $ 0 | ||||||||||
Payment of stock issuance costs | 31,785 | ||||||||||||
Reduction of mezzanine equity | ¥ 153,237 | ||||||||||||
Stock Repurchased Of Preferred During Period Value | (877,732) | ||||||||||||
Compensation expense | 3,628,602 | $ 569,407 | 3,254,335 | ¥ 455,634 | |||||||||
Stock Issued During Period, Value, New Issues | 11,059,043 | ||||||||||||
Increase in Carrying Amount of Redeemable Preferred Stock | 120,086 | ||||||||||||
Preferred Stock [Member] | |||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||
Stock Repurchased Of Preferred During Period Shares | shares | 170,121,961 | ||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.9864 | ||||||||||||
Stock Repurchased Of Preferred During Period Value | ¥ 877,732 | ||||||||||||
Compensation expense | ¥ 39,549 | ||||||||||||
Converson of stock | shares | 14,968,198,107 | ||||||||||||
Maximum [Member] | |||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||
Increase of APIC | ¥ 33,587,714 | 626,431 | |||||||||||
Minimum [Member] | |||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||
Increase of APIC | ¥ 8,389 | 1,038,564 | 376,820 | ||||||||||
Series A Sixteen Redeemable Convertible Preferred Stock [Member] | |||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||
Payment of stock issuance costs | ¥ 3,216 | ||||||||||||
Temporary equity accretion to redemption value | ¥ 65,199 | ||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.00001 | ||||||||||||
Preferred Stock, Value, Issued | ¥ 11,081,037 | ||||||||||||
Stock Issued During Period, Shares, New Issue | shares | 2,942,381,074 | ||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.5744 | ||||||||||||
Stock Issued During Period, Value, New Issues | ¥ 1,690,000 | ||||||||||||
Increase in Carrying Amount of Redeemable Preferred Stock | 54,887 | ||||||||||||
Series A Sixteen Redeemable Convertible Preferred Stock [Member] | Sinopec Capital Co., Ltd [Member] | |||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.00001 | ||||||||||||
Redeemable Convertible Preferred Stock [Member] | |||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||
Redeemable noncontrolling interest equity preferred carrying amount | $ | $ 5,179,399 | ||||||||||||
Redeemable Convertible Preferred Stock [Member] | Series A Sixteen Redeemable Convertible Preferred Stock [Member] | |||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||
Redeemable noncontrolling interest equity preferred carrying amount | ¥ 385,788 | $ 1,779,575 | |||||||||||
Temporary equity accretion to redemption value | ¥ 518,432 | ||||||||||||
Common Class A [Member] | |||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||
Converson of stock | shares | 14,965,476,285 | ||||||||||||
Common stock conversion basis | one-on-one basis | ||||||||||||
Common Class B [Member] | |||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||
Converson of stock | shares | 2,721,822 | ||||||||||||
Series A16 Preferred Shares [Member] | Sinopec Capital Co., Ltd [Member] | |||||||||||||
Redeemable Noncontrolling Interest [Line Items] | |||||||||||||
Preferred Stock, Shares Issued | shares | 104,463,233 | ||||||||||||
Preferred Stock, No Par Value | $ / shares | $ 0.5744 | ||||||||||||
Preferred Stock, Value, Issued | ¥ 385,788 |
Ordinary Shares - Additional In
Ordinary Shares - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Thousands | Jun. 22, 2021CNY (¥)shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / shares | Dec. 31, 2020CNY (¥)shares | Nov. 30, 2020$ / sharesshares |
Stock repurchased during period, shares | shares | 177,267,715 | 177,267,715 | 190,527,542 | ||||||
Stock repurchased during period, value | ¥ | ¥ 1,665,018 | ¥ 811,152 | ¥ 543,211 | ||||||
Share-based payment arrangement, expense | ¥ | ¥ 3,837,913 | 3,486,307 | 455,634 | ||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | shares | 866,230,796 | 866,230,796 | |||||||
Stock issued during period, value, stock options exercised | ¥ | ¥ 4,993 | 48,757 | 101,839 | ||||||
Proceeds from Issuance Initial Public Offering | ¥ 11,059,043 | ¥ 11,059,043 | $ 1,735,405 | 0 | ¥ 0 | ||||
Shareholder Resolutions [Member] | |||||||||
Reclassification of ordinary shares from one class to another | shares | 2,013,034,312 | 2,013,034,312 | |||||||
Truck Alliance [Member] | |||||||||
Stock repurchased during period, value | ¥ | ¥ 1,077,505 | 489,391 | |||||||
Share-based payment arrangement, expense | ¥ | 38,929 | ¥ 112,558 | |||||||
Minimum [Member] | |||||||||
Reduction in common stock | ¥ | 12 | ¥ 12 | |||||||
Reduction in additional paid in capital | ¥ | 8,389 | 1,038,564 | 376,820 | ||||||
Maximum [Member] | |||||||||
Reduction in additional paid in capital | ¥ | ¥ 33,587,714 | 626,431 | |||||||
Employees | |||||||||
Reduction in additional paid in capital | ¥ | 117,211 | ||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | shares | 106,422,541 | ||||||||
Stock issued during period, value, stock options exercised | ¥ | ¥ 385,270 | ||||||||
Employees | Minimum [Member] | |||||||||
Reduction in common stock | ¥ | 7 | ||||||||
Reduction in additional paid in capital | ¥ | 268,052 | ||||||||
Common Class A [Member] | |||||||||
Reduction in common stock | ¥ 1,198 | $ 188 | ¥ 233 | ||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | shares | 351,972,260 | 351,972,260 | |||||||
Common stock, shares authorized | shares | 40,000,000,000 | 40,000,000,000 | 33,562,015,467 | 33,562,015,467 | |||||
Common stock, par or stated value per share | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||
Common Stock, Shares, Issued | shares | 18,505,617,508 | 18,505,617,508 | 3,517,944,736 | ||||||
Common Class A [Member] | Private Placement [Member] | |||||||||
Common Stock, Shares, Issued | shares | 210,526,314 | ||||||||
Common Class A [Member] | Public investor [Member] | |||||||||
Common Stock, Shares, Issued | shares | 1,650,000,000 | ||||||||
Common Class B [Member] | |||||||||
Reduction in common stock | ¥ 218 | $ 34 | ¥ 63 | ||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period | shares | 514,258,536 | 514,258,536 | |||||||
Common stock, shares authorized | shares | 10,000,000,000 | 10,000,000,000 | 963,610,653 | 963,610,653 | |||||
Common stock, par or stated value per share | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.0001 | ||||||
Common Stock, Shares, Issued | shares | 3,323,790,823 | 3,323,790,823 | 963,610,653 | ||||||
Withheld of shares | shares | 169,834,500 | 169,834,500 | |||||||
Common Class B [Member] | Minimum [Member] | |||||||||
Reduction in common stock | ¥ | ¥ 11 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) ¥ in Thousands, $ in Thousands | Mar. 16, 2007 | Dec. 31, 2021HKD ($) | Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Operating loss carryforwards | ¥ 2,432,000 | ¥ 2,084,000 | ||||
Income (Loss) from continuing operations | 23,000 | 35,000 | ||||
Operating loss carryforwards, valuation allowance | ¥ 811,324 | ¥ 747,354 | ¥ 727,508 | ¥ 599,633 | ||
Effective income tax rate reconciliation, foreign income tax rate differential, percent | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | |
HONG KONG | ||||||
Effective income tax rate reconciliation at federal statutory income tax rate, amount | $ | $ 2,000 | |||||
CHINA | ||||||
Effective income tax rate reconciliation, foreign income tax rate differential, percent | 25.00% | |||||
Withholding Tax Rate On Dividend Distributed By Foreign Invested Enterprise To Its Immediate Holding Company | 10.00% | |||||
Preferential Corporate Income Tax Rate | 15.00% | |||||
Maximum [Member] | ||||||
Operating loss carryforwards, expiration period | 2030 | 2030 | ||||
Maximum [Member] | HONG KONG | ||||||
Income Taxes Foreign Statutory Corporate Tax Rate | 16.50% | 16.50% | ||||
Maximum Rate Of Withholding Tax For Dividends Paid By FIE In China To Its Immediate Holding Company In Hong Kong Under Specified Conditions | 5.00% | |||||
Maximum [Member] | CHINA | State Tax Bureau [Member] | ||||||
Percentage Of Entitled To Claim For Research And Development Expenses By State Taxation Administration | 75.00% | 75.00% | ||||
Minimum [Member] | ||||||
Operating loss carryforwards, expiration period | 2022 | 2022 | ||||
Minimum [Member] | HONG KONG | ||||||
Income Taxes Foreign Statutory Corporate Tax Rate | 8.25% | 8.25% | ||||
Minimum [Member] | CHINA | State Tax Bureau [Member] | ||||||
Maximum Rate Of Withholding Tax For Dividends Paid By FIE In China To Its Immediate Holding Company In Hong Kong Under Specified Conditions | 50.00% | 50.00% |
Income Taxes - Schedule Loss by
Income Taxes - Schedule Loss by tax jurisdictions (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |||
Net loss (income) from PRC operations | ¥ (56,957) | ¥ (145,611) | ¥ 995,145 |
Net loss from non-PRC operations | 3,697,294 | 3,597,207 | 561,198 |
Total net loss before tax | ¥ 3,640,337 | ¥ 3,451,596 | ¥ 1,556,343 |
Income Taxes - Schedule the cur
Income Taxes - Schedule the current and deferred portion of income tax expenses included in the consolidated statements of operations and comprehensive loss (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Current tax expenses | ¥ 27,018 | ¥ 31,844 | ¥ 9,663 | |
Deferred tax benefits | (12,827) | (12,508) | (24,339) | |
Income tax (benefit) expense | ¥ 14,191 | $ 2,227 | ¥ 19,336 | ¥ (14,676) |
Income Taxes - Schedule Reconci
Income Taxes - Schedule Reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rate (Detail) | Mar. 16, 2007 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||
PRC statutory tax rate | 25.00% | 25.00% | 25.00% | 25.00% |
Effect of different tax rates of subsidiaries operating in other jurisdictions | 0.96% | 0.89% | 2.31% | |
Preferential tax rates and local tax exemptions | (0.44%) | (0.22%) | (0.45%) | |
Expenses/losses not deductible for tax purposes | (0.91%) | (0.71%) | (9.63%) | |
Research and development expenses super deduction | 2.65% | 2.00% | 3.30% | |
Compensation cost in relation to ordinary shares and options | (26.36%) | (26.95%) | (11.37%) | |
True up | (0.04%) | 0.00% | 0.00% | |
Effect of change of valuation allowance | (1.25%) | (0.57%) | (8.22%) | |
Effective tax rate | (0.39%) | (0.56%) | 0.94% |
Income Taxes - Schedule Deferre
Income Taxes - Schedule Deferred tax assets and deferred tax liabilities (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets | ||||
Advertising and business promotion expenditure | ¥ 5,997 | ¥ 11,676 | ||
Impairment loss | 177,368 | 182,876 | ||
Allowance for doubtful accounts | 15,431 | 24,026 | ||
Loan loss provision | 23,985 | 23,207 | ||
Accrued expense | 5,792 | 2,309 | ||
Net operating loss carry forwards | 598,975 | 521,022 | ||
Others | 4,268 | 1,204 | ||
Less: valuation allowance | (811,324) | (747,354) | ¥ (727,508) | ¥ (599,633) |
Net deferred tax assets | 20,492 | 18,966 | ||
Deferred tax liabilities | ||||
Identifiable intangible assets from business combination | 135,764 | 118,783 | ||
Total deferred tax liabilities | ¥ 135,764 | ¥ 118,783 |
Income Taxes - Schedule Movemen
Income Taxes - Schedule Movement of valuation allowance (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation Allowance [Line Items] | |||
Balance at beginning of the year | ¥ 747,354 | ¥ 727,508 | ¥ 599,633 |
Addition | 63,970 | 19,846 | 127,875 |
Total | ¥ 811,324 | ¥ 747,354 | ¥ 727,508 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Due to related parties, current | ¥ 179,859 | ¥ 172,779 | $ 28,224 | |
Revenue from Related Parties | 0 | 10,333 | ¥ 2,235 | |
Service fee to JYBD | 12,500 | |||
JYBD [Member] | ||||
Revenue from Related Parties | 9,434 | |||
Service fee to JYBD | ¥ 12,500 | ¥ 0 | ¥ 0 |
Related Party Transactions - Su
Related Party Transactions - Summary of Related Party Transactions (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | Dec. 31, 2021USD ($) | |
Related Party Transaction [Line Items] | ||||
Service fee to JYBD | ¥ 12,500 | |||
Due from Related Parties, Current | 7,075 | ¥ 0 | $ 1,110 | |
Due to Related Parties, Current | 179,859 | 172,779 | $ 28,224 | |
Revenue from Related Parties | ¥ 0 | 10,333 | ¥ 2,235 | |
JYBD [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An affiliate of the Group | |||
Service fee to JYBD | ¥ 12,500 | 0 | 0 | |
Due from Related Parties, Current | ¥ 7,075 | |||
Revenue from Related Parties | 9,434 | |||
Euclidean [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by management founder of an affiliate of the Group | |||
Due to Related Parties, Current | ¥ 7,970 | 8,156 | ||
Sigma [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by management founder of an affiliate of the Group | |||
Due to Related Parties, Current | ¥ 7,970 | 8,156 | ||
Plus [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An affiliate of the Group | |||
Due to Related Parties, Current | ¥ 0 | 771 | ||
Yinghuo [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity over which management has a significant influence | |||
Revenue from Related Parties | ¥ 2,235 | |||
Horgos [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity over which management has a significant influence | |||
Revenue from Related Parties | 899 | |||
Champion [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An affiliate of the Group | |||
Dai WJ Holding limited (DWJ) [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by a management shareholder of the Group | |||
Due to Related Parties, Current | ¥ 80,501 | 61,726 | ||
Capital Champion Holdings Limited (Capital) | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by a shareholder of the Group | |||
Due to Related Parties, Current | ¥ 27,378 | 0 | ||
DWJ Partners Limited (DWJ Partners) | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by a management shareholder of the Group | |||
Due to Related Parties, Current | ¥ 1,847 | 0 | ||
Liu XF Holdings Limited (LXF) [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by a shareholder of the Group | |||
Due to Related Parties, Current | ¥ 15,939 | 16,414 | ||
Tang TG Holdings Limited (TTG) [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by a shareholder of the Group | |||
Due to Related Parties, Current | ¥ 25,503 | 0 | ||
Luo P Holdings Limited (LP) [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by a shareholder of the Group | |||
Geng XF Holding Limited (GXF) | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | An entity controlled by a shareholder of the Group | |||
Due to Related Parties, Current | ¥ 12,751 | 0 | ||
SVF Bumble (Cayman) Limited (SVF) [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | A shareholder of Champion | |||
Others [Member] | ||||
Related Party Transaction [Line Items] | ||||
Related Party Transaction, Description of Transaction | Executives of the Group | |||
Due to Related Parties, Current | ¥ 0 | ¥ 77,556 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share Options Activity Classified as Liability (Detail) ¥ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020$ / shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019$ / shares | Dec. 31, 2019CNY (¥)shares | Dec. 31, 2020CNY (¥)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options, Exercised | shares | (866,230,796) | |||||
Options Classified as Liability [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted average exercise price, Beginning balance | $ / shares | $ 0.01 | |||||
Options Classified as Liability [Member] | Share-based Payment Arrangement, Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options, Beginning balance | shares | 0 | 40,026,573 | 89,840,646 | |||
Number of options, Exercised | shares | (23,391,140) | (49,814,073) | ||||
Number of options, Reclassified as equity | shares | (16,635,433) | |||||
Number of options, Ending balance | shares | 0 | 40,026,573 | ||||
Exercisable at December 31, 2020 | shares | 0 | |||||
Weighted average exercise price, Beginning balance | $ / shares | $ 0.00001 | 0.00001 | ||||
Weighted average exercise price, Exercised | $ / shares | 0.00001 | 0.00001 | ||||
Weighted average exercise price, Reclassified as equity | $ / shares | 0.00001 | |||||
Weighted average exercise price, Ending balance | $ / shares | 0 | $ 0.00001 | ||||
Weighted average exercise price, Exercisable | $ / shares | $ 0 | |||||
Aggregate intrinsic value, Beginning balance | ¥ | ¥ 0 | ¥ 10,350 | ¥ 18,812 | |||
Aggregate intrinsic value, Reclassified as equity | ¥ | 5,110 | |||||
Aggregate intrinsic value, Ending balance | ¥ | ¥ 0 | ¥ 10,350 | ||||
Aggregate intrinsic value, Exercisable | ¥ | ¥ 0 |
Share-Based Compensation - Sum
Share-Based Compensation - Summary of Share Options Activity Classified as Equity (Detail) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2021$ / shares | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2021CNY (¥)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options, Granted | shares | 695,927,716 | |||
Number of options, Exercised | shares | (866,230,796) | |||
Options Classified as Equity [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options, Beginning balance | shares | 45,654,760 | |||
Number of options, Ending balance | shares | 114,650,555 | 45,654,760 | ||
Options Classified as Equity [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options, Beginning balance | shares | 418,452,697 | |||
Number of options, Granted | shares | 894,515,686 | |||
Number of options, Exercised | shares | (866,230,796) | |||
Number of options, Forfeited | shares | (18,159,814) | |||
Number of options, Ending balance | shares | 428,577,773 | 418,452,697 | ||
Number of options, Vested and expected to vest | shares | 428,577,773 | |||
Number of options, Exercisable | shares | 93,474,222 | |||
Weighted average exercise price, Beginning balance | $ 0.000007 | |||
Weighted average exercise price, Granted | 0.000010 | |||
Weighted average exercise price, Exercised | 0.000010 | |||
Weighted average exercise price, Forfeited | 0.000008 | |||
Weighted average exercise price, Ending balance | 0.000010 | |||
Weighted average exercise price, Vested and expected to vest | 0.000010 | |||
Weighted average exercise price, Exercisable | 0.000008 | |||
Weighted average remaining contract life | 8 years 9 months | 8 years 6 months 21 days | ||
Weighted average remaining contract life, Vested and expected to vest | 8 years 9 months | |||
Weighted average remaining contract life, Exercisable | 6 years 11 months 4 days | |||
Weighted average grant date fair value, Beginning balance | 0.2569 | |||
Weighted average grant date fair value, Granted | 0.7195 | |||
Weighted average grant date fair value, Exercised | 0.6822 | |||
Weighted average grant date fair value, Forfeited | 0.4491 | |||
Weighted average grant date fair value, Ending balance | 0.4547 | |||
Weighted average grant date fair value, Vested and expected to vest | 0.4547 | |||
Weighted average grant date fair value, Exercisable | $ 0.2414 | |||
Aggregate intrinsic value, Beginning balance | ¥ | ¥ 165,035 | |||
Aggregate intrinsic value, Ending balance | ¥ | ¥ 179,544 | ¥ 165,035 | ||
Aggregate intrinsic value, Vested and expected to vest | ¥ | ¥ 179,544 | |||
Aggregate intrinsic value, Exercisable | ¥ | ¥ 39,118 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Fair Value of Stock Options Valuation Assumptions (Detail) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility Maximum | 38.10% | 39.30% | 35.90% |
Risk-free interest rate (per annum) Minimum | 1.00% | 0.30% | 1.67% |
Risk-free interest rate (per annum) Maximum | 1.96% | 1.04% | 2.46% |
Exercise multiples | 2.8 | 2.8 | 2.8 |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility Minimum | 37.20% | 35.90% | 34.20% |
Fair value of underlying ordinary shares | $ 0.370 | $ 0.261 | $ 0.216 |
Fair value of share option | 0.370 | 0.294 | 0.293 |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of underlying ordinary shares | 1.050 | 0.395 | 0.259 |
Fair value of share option | $ 1.050 | $ 0.395 | $ 0.305 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Restricted Share Activity (Detail) - $ / shares | Oct. 19, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
TYT Company [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Begining Balance (Number of restricted share units) | 0 | |||
Grant (Number of restricted share) | 968,198 | |||
Ending Balance (Number of restricted share units) | 968,198 | 0 | ||
Begining balance (Weighted average grant date fair value) | $ 0 | |||
Grant ( Weighted average grant date fair value) | 15.68 | |||
Ending balance (Weighted average grant date fair value) | $ 15.68 | $ 0 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Begining Balance (Number of restricted share units) | 51,034,162 | 68,045,550 | ||
Vested | (51,034,162) | (17,011,388) | ||
Grant (Number of restricted share) | 34,022,775 | |||
Ending Balance (Number of restricted share units) | 51,034,162 | |||
Begining balance (Weighted average grant date fair value) | $ 0.1965 | $ 0.1965 | ||
Vested ( Weighted average grant date fair value) | 0.1965 | 0.1965 | ||
Ending balance (Weighted average grant date fair value) | $ 0.1965 |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Share Based Compensation Expense (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation expense | ¥ 3,837,913 | ¥ 3,486,307 | ¥ 455,634 |
General and administrative expenses [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation expense | 3,728,421 | 3,341,145 | ¥ 455,634 |
Selling and marketing expense [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation expense | 56,975 | 94,640 | |
Research and development expense [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation expense | 48,777 | 42,680 | |
Cost of revenues [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation expense | ¥ 3,740 | ¥ 7,842 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) | Jan. 01, 2022 | Nov. 30, 2020CNY (¥)shares | Oct. 19, 2018CNY (¥)shares | Nov. 30, 2021 | Dec. 31, 2020CNY (¥)shares | Sep. 30, 2020CNY (¥) | Dec. 31, 2021CNY (¥)shares | Dec. 31, 2020CNY (¥)shares | Dec. 31, 2019CNY (¥) | Dec. 31, 2017shares | Nov. 30, 2020$ / shares | Dec. 31, 2018$ / shares |
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Number of options, Granted | 695,927,716 | |||||||||||
Share based compensation expense | ¥ | ¥ 3,837,913,000 | ¥ 3,486,307,000 | ¥ 455,634,000 | |||||||||
Number of shares repurchased | 177,267,715 | 190,527,542 | ||||||||||
Total consideration for repurchase of shares | ¥ | ¥ 1,665,018,000 | ¥ 811,152,000 | 543,211,000 | |||||||||
Perentage of total outstanding shares on the last day of a calendar year | 3.00% | |||||||||||
General and Administrative Expense [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Share based compensation expense | ¥ | ¥ 3,728,421,000 | 3,341,145,000 | 455,634,000 | |||||||||
Vested Options [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Number of options, Granted | 421,060 | |||||||||||
Unvested Options [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Number of shares repurchased | 3,694,402 | |||||||||||
Total consideration for repurchase of shares | ¥ | ¥ 13,863,000 | |||||||||||
Unvested Options [Member] | General and Administrative Expense [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Share based compensation expense | ¥ | ¥ 6,251,000 | |||||||||||
Restricted shares [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Share based compensation expense | ¥ | ¥ 0 | ¥ 57,000,000 | 21,000,000 | |||||||||
Unrecognized compensation costs | ¥ | ¥ 40,040,000 | |||||||||||
Number of shares granted | 34,022,775 | |||||||||||
Shares vesting period | 4 years | |||||||||||
Estimated fair value on the grant date | ¥ | ¥ 196.5000 | |||||||||||
Number of shares repurchased | 68,045,550 | |||||||||||
Sale of stock, price per share | $ / shares | $ 0.3674 | |||||||||||
Total consideration for repurchase of shares | ¥ | ¥ 166,260,000 | |||||||||||
Maximum [Member] | Subsequent Event [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Perentage of total outstanding shares on the last day of a calendar year | 3.00% | |||||||||||
Options Classified as Liability [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Exercise price of options | $ / shares | $ 0.01 | |||||||||||
Threshold percentage of placing price per share of latest private placement used to repurchase the options upon termination of agreement as per modified terms | 80.00% | |||||||||||
Threshold percentage of net assets based on the latest financial statements used to repurchase of options upon termination of employment as per modified terms | 5.00% | |||||||||||
Unsettled liability as of modification date was reclassified to additional paid in capital amount | ¥ | ¥ 20,695,000 | |||||||||||
Options Classified as Liability [Member] | Modified Exercise Price [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Exercise price of options | $ / shares | $ 0.00001 | |||||||||||
Options Classified as Equity [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Options vest over a service period | 4 years | |||||||||||
Number of options | 45,654,760 | 114,650,555 | 45,654,760 | |||||||||
Share based compensation expense | ¥ | ¥ 3,837,913,000 | ¥ 3,428,914,000 | ¥ 434,817,000 | |||||||||
Unrecognized compensation costs | ¥ | ¥ 905,000,000 | |||||||||||
Weighted average period | 3 years 3 months 18 days | |||||||||||
Options Classified as Equity [Member] | Vested Options [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Incremental cost | ¥ | ¥ 231,972,000 | ¥ 209,311,000 | ||||||||||
Options Classified as Equity [Member] | Prior Employees of Truck Alliance [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Number of options issued | 291,277,872 | |||||||||||
Options Classified as Equity [Member] | Prior Employees of Truck Alliance [Member] | Maximum [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Options vest over a service period | 4 years | |||||||||||
Options Classified as Equity [Member] | Prior Employees of Truck Alliance [Member] | Minimum [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Options vest over a service period | 1 day | |||||||||||
2015 Plan [Member] | Options Classified as Liability [Member] | Director and Employees [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Number of shares issued | 228,034,872 | |||||||||||
Threshold percentage of the placing price per share of the latest private placement upon termination of employment at which grantees to sell each vested option | 80.00% | |||||||||||
2018 Plan [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Number of ordinary shares authorized | 2,636,675,056 | |||||||||||
Number of options, Granted | 2,300,588,991 | |||||||||||
Expiration period | 10 years | |||||||||||
2018 Plan [Member] | Vested Options [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Number of options, Granted | 198,166,910 | |||||||||||
2018 Plan [Member] | Maximum [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Options vest over a service period | 5 years | |||||||||||
Number of Shares Available for Grant | 1,280,318,400 | 1,280,318,400 | ||||||||||
2018 Plan [Member] | Minimum [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Options vest over a service period | 3 years | |||||||||||
Number of Shares Available for Grant | 1,001,398,129 | 1,001,398,129 | ||||||||||
2018 Plan [Member] | Options Classified as Equity [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Number of options, Granted | 894,515,686 | |||||||||||
2021 Plan [Member] | ||||||||||||
DisclosureOfCompensationRelatedCostsSharebasedPayments [Line Items] | ||||||||||||
Number of ordinary shares authorized | 466,685,092 | |||||||||||
Number of options, Granted | 528,463,580 | |||||||||||
Expiration period | 10 years |
Loss Per Share - Summary of Los
Loss Per Share - Summary of Loss Per Share (Detail) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥)¥ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020CNY (¥)¥ / sharesshares | Dec. 31, 2019CNY (¥)¥ / sharesshares | |
Numerator | ||||
Net loss available to Full Truck Alliance Co. Ltd. from continuing operations | ¥ (3,654,448) | ¥ (3,470,924) | ¥ (1,541,660) | |
Net income available to Full Truck Alliance Co. Ltd. from discontinued operations | 0 | $ 0 | 452 | 18,010 |
Net loss available to Full Truck Alliance Co. Ltd | (3,654,448) | (573,463) | (3,470,472) | (1,523,650) |
Deemed dividend | (518,432) | $ (81,353) | (120,086) | 0 |
Net loss available to ordinary shareholders—basic and diluted | ¥ (4,172,880) | ¥ (3,590,558) | ¥ (1,523,650) | |
Denominator | ||||
Weighted average number of ordinary shares outstanding—basic and diluted | shares | 13,445,972,280 | 13,445,972,280 | 3,423,687,654 | 3,299,723,079 |
Basic and diluted loss per share-continuing operations | (per share) | ¥ (0.31) | $ (0.05) | ¥ (1.05) | ¥ (0.47) |
Basic and diluted earnings per share-discontinued operations | ¥ / shares | 0 | 0 | 0.01 | |
Basic and diluted loss per share | (per share) | ¥ (0.31) | $ (0.05) | ¥ (1.05) | ¥ (0.46) |
Loss Per Share - Summary of An
Loss Per Share - Summary of Antidilutive Securities Excluded from Computation of Earnings Per share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Convertible redeemable preferred shares [Member] | ||
Convertible redeemable preferred shares | 0 | 15,033,856,835 |
Share options [Member] | ||
Convertible redeemable preferred shares | 428,577,773 | 418,452,697 |
Employee Benefit - Additional I
Employee Benefit - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Contribution to defined contribution plan | ¥ 217,783 | ¥ 80,152 | ¥ 158,181 |
Risks And Concentrations - Addi
Risks And Concentrations - Additional Information (Detail) - CNY (¥) ¥ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CN | ||
Foreign Currency Risk [Line Items] | ||
Cash and cash equivalents,restricted cash and Short-term investments | ¥ 3,806,418 | ¥ 2,789,813 |
Restricted Net Assets - Additio
Restricted Net Assets - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Assets Disclosure [Abstract] | ||
Percentage of after-tax income required to be transferred to statutory general reserve fund | 10.00% | |
Reserve level threshold for mandatory transfer percentage. | 50.00% | |
Restricted net assets | ¥ 15,505,422 | ¥ 10,653,119 |
Commitments And Contingencies -
Commitments And Contingencies - Additional Information (Detail) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2023 | Jan. 01, 2022 | |
Rental expenses | ¥ 20,419 | ¥ 28,997 | ¥ 24,766 | ||
Subsequent Event [Member] | |||||
Lessee, Operating Lease, Liability, to be Paid, Year One | ¥ 43,301 | ||||
Lessee, Operating Lease, Liability, to be Paid, Year Two | ¥ 43,301 |
Commitments And Contingencies_2
Commitments And Contingencies - Summary of Future Minimum lease Payments For Non-cancellable Operating Leases (Detail) ¥ in Thousands | Dec. 31, 2021CNY (¥) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2022 | ¥ 18,746 |
2023 | 13,922 |
2024 | 7,167 |
2025 | 4,320 |
2026 | 0 |
Total | ¥ 44,155 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) $ / shares in Units, ¥ in Thousands, $ in Millions | Apr. 14, 2022USD ($)$ / sharesshares | Feb. 28, 2022CNY (¥)shares | Feb. 28, 2022$ / shares | Dec. 31, 2021shares |
Equity method investee cumulative Voting Rights after all transactions | ||||
Options granted during the period | shares | 695,927,716 | |||
Subsequent Event [Member] | Common Class A [Member] | Share Surrender And Loan Repayment Agreement [Member] | ||||
Equity method investee cumulative Voting Rights after all transactions | ||||
Common stock share subscriptions receivable settlement due to shares surrendered | $ | $ 200 | |||
Settlement notice delivered date | Jul. 31, 2022 | |||
Description of calculation of share price repayment for shares surrendered | the repayment price per share will be equal to the price per Class A ordinary share during the three-trading day period starting from August 1, 2022 | |||
Share Price Per Share For Settlement | $ / shares | $ 0.2717 | |||
Common stock shares subscribed but surrendered | shares | 736,177,535 | |||
Subsequent Event [Member] | 2018 Plan [Member] | Share-based Payment Arrangement, Employee [Member] | ||||
Equity method investee cumulative Voting Rights after all transactions | ||||
Share-based payment arrangement, amount to be recognized | ¥ | ¥ 274,758 | |||
Subsequent Event [Member] | 2018 Plan [Member] | Share-based Payment Arrangement, Employee [Member] | Maximum [Member] | ||||
Equity method investee cumulative Voting Rights after all transactions | ||||
Options granted fair value | $ / shares | $ 0.46 | |||
Subsequent Event [Member] | 2018 Plan [Member] | Share-based Payment Arrangement, Employee [Member] | Minimum [Member] | ||||
Equity method investee cumulative Voting Rights after all transactions | ||||
Options granted fair value | $ / shares | $ 0.42 | |||
Subsequent Event [Member] | 2018 Plan [Member] | Share-based Payment Arrangement, Employee [Member] | Class B Ordinary Shares [Member] | ||||
Equity method investee cumulative Voting Rights after all transactions | ||||
Options granted during the period | shares | 97,318,000 |
Additional Financial Informat_2
Additional Financial Information of Parent Company - Condensed Balance Sheets (Detail) ¥ in Thousands, $ in Thousands | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2019CNY (¥) | Dec. 31, 2018CNY (¥) |
Current assets: | ||||||
Cash and cash equivalents | ¥ 4,284,291 | $ 672,299 | ¥ 10,060,391 | ¥ 3,983,721 | ||
Short-term investments | 21,634,642 | 3,394,947 | 8,731,195 | |||
Prepayments and other current assets | 1,099,607 | 172,550 | 456,802 | |||
Total current assets | 28,898,243 | 4,534,763 | 20,683,351 | |||
Long-term investments | 1,678,351 | 263,370 | 875,205 | |||
Total non-current assets | 5,500,192 | 863,101 | 4,450,005 | |||
TOTAL ASSETS | 34,398,435 | 5,397,864 | 25,133,356 | |||
LIABILITIES | ||||||
Amounts due to related parties | 179,859 | 28,224 | 172,779 | |||
Accrued expenses and other current liabilities | 1,206,179 | 189,276 | 941,642 | |||
TOTAL LIABILITIES | 2,869,549 | 450,295 | 2,081,130 | |||
Accounts payable | 29,381 | 4,611 | 23,839 | |||
Income tax payable | 31,538 | 4,949 | 25,924 | |||
Other tax payable | 894,592 | 140,381 | 446,839 | |||
MEZZANINE EQUITY | 0 | 0 | 32,846,087 | |||
SHAREHOLDERS' (DEFICIT) EQUITY | ||||||
Accumulated other comprehensive income | 538,650 | 84,526 | 1,072,307 | |||
Subscription receivable | 1,310,140 | 205,590 | ||||
Accumulated deficit | (17,020,254) | (2,670,849) | (13,365,806) | |||
TOTAL SHAREHOLDERS' (DEFICIT) EQUITY | 31,528,886 | 4,947,569 | (8,483,721) | (7,091,266) | ¥ (5,600,151) | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT) EQUITY | 34,398,435 | 5,397,864 | 25,133,356 | |||
Common Class A [Member] | ||||||
SHAREHOLDERS' (DEFICIT) EQUITY | ||||||
Common Stock Value | 1,198 | 188 | 233 | |||
Common Class B [Member] | ||||||
SHAREHOLDERS' (DEFICIT) EQUITY | ||||||
Common Stock Value | 218 | 34 | 63 | |||
Parent Company [Member] | ||||||
Current assets: | ||||||
Cash and cash equivalents | 1,032,540 | 162,028 | 7,025,967 | $ 1,102,528 | ¥ 693,676 | ¥ 933,056 |
Short-term investments | 17,866,528 | 2,803,648 | 6,270,302 | |||
Prepayments and other current assets | 113,595 | 17,826 | 13,762 | |||
Total current assets | 19,012,663 | 2,983,502 | 13,310,031 | |||
Investment in and amount due from subsidiaries/VIEs | 11,885,179 | 1,865,044 | 9,675,404 | |||
Long-term investments | 1,007,361 | 158,077 | 522,672 | |||
Total non-current assets | 12,892,540 | 2,023,121 | 10,198,076 | |||
TOTAL ASSETS | 31,905,203 | 5,006,623 | 23,508,107 | |||
LIABILITIES | ||||||
Amounts due to related parties | 179,859 | 28,224 | 172,779 | |||
Accrued expenses and other current liabilities | 10,765 | 1,690 | 283,524 | |||
TOTAL LIABILITIES | 449,758 | 70,578 | 456,303 | |||
Accounts payable | 42 | 7 | 0 | |||
Income tax payable | 9,084 | 1,425 | 0 | |||
Other tax payable | 250,008 | 39,232 | 0 | |||
MEZZANINE EQUITY | 0 | 0 | 31,535,947 | |||
SHAREHOLDERS' (DEFICIT) EQUITY | ||||||
Additional paid-in capital | 49,245,773 | 7,727,736 | 3,809,060 | |||
Accumulated other comprehensive income | 538,650 | 84,526 | 1,072,307 | |||
Subscription receivable | (1,310,140) | (205,590) | 0 | |||
Accumulated deficit | (17,020,254) | (2,670,849) | (13,365,806) | |||
TOTAL SHAREHOLDERS' (DEFICIT) EQUITY | 31,455,445 | 4,936,045 | (8,484,143) | |||
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS' (DEFICIT) EQUITY | 31,905,203 | 5,006,623 | 23,508,107 | |||
Parent Company [Member] | Common Class A [Member] | ||||||
SHAREHOLDERS' (DEFICIT) EQUITY | ||||||
Common Stock Value | 1,201 | 188 | 233 | |||
Parent Company [Member] | Common Class B [Member] | ||||||
SHAREHOLDERS' (DEFICIT) EQUITY | ||||||
Common Stock Value | ¥ 215 | $ 34 | ¥ 63 |
Additional Financial Informat_3
Additional Financial Information of Parent Company - Condensed Balance Sheets (Parenthetical) (Detail) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2020 |
Common Class A [Member] | |||
Common stock par or stated value per share | $ 0.00001 | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 40,000,000,000 | 33,562,015,467 | 33,562,015,467 |
Common Stock, Shares, Issued | 18,505,617,508 | 3,517,944,736 | |
Common Stock, Shares, Outstanding | 18,505,617,508 | 3,517,944,736 | |
Common Class B [Member] | |||
Common stock par or stated value per share | $ 0.00001 | $ 0.00001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000,000 | 963,610,653 | 963,610,653 |
Common Stock, Shares, Issued | 3,323,790,823 | 963,610,653 | |
Common Stock, Shares, Outstanding | 3,323,790,823 | 963,610,653 | |
Parent Company [Member] | Common Class A [Member] | |||
Common stock par or stated value per share | $ 0.00001 | $ 0.00001 | |
Common stock, shares authorized | 40,000,000,000 | 33,562,015,467 | |
Common Stock, Shares, Issued | 18,559,858,605 | 3,517,944,736 | |
Common Stock, Shares, Outstanding | 18,559,858,605 | 3,517,944,736 | |
Parent Company [Member] | Common Class B [Member] | |||
Common stock par or stated value per share | $ 0.00001 | $ 0.00001 | |
Common stock, shares authorized | 10,000,000,000 | 963,610,653 | |
Common Stock, Shares, Issued | 3,269,099,726 | 963,610,653 | |
Common Stock, Shares, Outstanding | 3,269,099,726 | 963,610,653 |
Additional Financial Informat_4
Additional Financial Information of Parent Company - Condensed Statements of Operations and Comprehensive Loss (Detail) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) | |
Fair value change in trading securities | ¥ 23,967 | $ 3,761 | ¥ 18,140 | ¥ 0 |
Income tax expenses | (14,191) | (2,227) | (19,336) | 14,676 |
Net loss attributable to Full Truck Alliance Co. Ltd. | (3,654,528) | (3,470,480) | (1,523,657) | |
Other comprehensive income (loss) | ||||
Comprehensive loss attributable to Full Truck Alliance Co. Ltd. | (4,188,105) | (657,205) | (3,968,629) | (1,434,251) |
Parent Company [Member] | ||||
Cost and operating expenses | (3,959,299) | (621,300) | (3,729,055) | (712,108) |
Interest income | 153,749 | 24,127 | 93,897 | 176,925 |
Investment income | (379) | (59) | ||
Fair value change in trading securities | 18,333 | 2,877 | ||
Impairment loss and others | (44,348) | (6,960) | ||
Equity in losses of equity investees | (5,696) | (894) | (10,975) | (1,444) |
Income tax expenses | (14,090) | (2,211) | ||
Equity in (loss) income of subsidiaries, VIEs and VIEs' subsidiaries | 197,282 | 30,957 | 175,661 | (987,023) |
Net loss attributable to Full Truck Alliance Co. Ltd. | (3,654,448) | (573,463) | (3,470,472) | (1,523,650) |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments, net of tax of nil | (533,657) | (83,742) | (498,157) | 89,399 |
Comprehensive loss attributable to Full Truck Alliance Co. Ltd. | ¥ (4,188,105) | $ (657,205) | ¥ (3,968,629) | ¥ (1,434,251) |
Additional Financial Informat_5
Additional Financial Information of Parent Company - Condensed Statements of Cash Flows (Detail) ¥ in Thousands, $ in Thousands | Jun. 22, 2021CNY (¥) | Sep. 30, 2021CNY (¥) | Dec. 31, 2021CNY (¥) | Dec. 31, 2021USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019CNY (¥) |
Cash flows from operating activities: | ||||||
Net loss attribute to ordinary shareholders | ¥ (3,654,528) | ¥ (3,470,480) | ¥ (1,523,657) | |||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||
Share-based compensation | 3,628,602 | $ 569,407 | 3,254,335 | 455,634 | ||
Net gain from disposal of investment in equity investees | ¥ 379 | |||||
Unrealized gains from fair value changes of trading securities and derivative assets | (23,967) | (3,761) | (18,140) | 0 | ||
Foreign exchange loss | 15,468 | 2,428 | 21,276 | 4,410 | ||
Impairment loss | 96,099 | 15,080 | 22,030 | 710,331 | ||
Changes in operating assets and liabilities: | ||||||
Prepayments and other current assets | 656,008 | 102,942 | 27,773 | (413,677) | ||
Amounts due to related parties | (31,213) | (4,898) | 22,242 | 28,669 | ||
Income tax payable | 5,614 | 881 | 15,465 | 3,953 | ||
Net cash (used in) provided by operating activities | (211,419) | (33,176) | 574,742 | (923,965) | ||
Cash flows from investing activities: | ||||||
Return from dissolution of an equity investment | 0 | 0 | (90,000) | 0 | ||
Investment in subsidiaries and VIEs | 887,327 | 139,241 | 34,475 | 214,739 | ||
Net cash used in investing activities | (14,398,973) | (2,259,513) | (2,690,895) | (3,391,199) | ||
Cash flows from financing activities: | ||||||
Proceeds from initial public offerings, net | ¥ 11,059,043 | 11,059,043 | 1,735,405 | 0 | 0 | |
Proceeds from exercise of share options | 20 | 3 | 87 | 0 | ||
Loan to a shareholder pledged by preferred shares | 0 | 0 | 1,310,140 | 0 | ||
Net cash provided by financing activities | 8,901,514 | 1,396,842 | 8,324,448 | 1,693,225 | ||
Effect of exchange rate changes on cash and cash equivalents | (87,677) | (13,759) | (127,770) | 19,884 | ||
Cash and cash equivalents, beginning of the year | 10,060,391 | 10,060,391 | 3,983,721 | |||
Cash and cash equivalents, end of the year | 4,284,291 | 672,299 | 10,060,391 | 3,983,721 | ||
Parent Company [Member] | ||||||
Cash flows from operating activities: | ||||||
Net loss attribute to ordinary shareholders | (3,654,448) | (573,463) | (3,470,472) | (1,523,650) | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||
Equity in income (loss) of subsidiaries, VIEs and VIEs' subsidiaries | (197,282) | (30,957) | (175,661) | 987,023 | ||
Share-based compensation | 3,628,602 | 569,407 | 3,254,335 | 455,634 | ||
Modification of share options | 209,311 | 32,845 | 231,972 | 0 | ||
Equity in earnings of unconsolidated investees | 5,696 | 894 | 10,975 | 1,444 | ||
Net gain from disposal of investment in equity investees | 379 | 59 | ||||
Unrealized gains from fair value changes of trading securities and derivative assets | (18,333) | (2,877) | ||||
Foreign exchange loss | 2,917 | 458 | ||||
Impairment loss | 43,708 | 6,859 | ||||
Changes in operating assets and liabilities: | ||||||
Prepayments and other current assets | (108,119) | (16,966) | 22,727 | 849 | ||
Accounts payable | 42 | 7 | ||||
Amounts due to related parties | (31,213) | (4,898) | 22,242 | 28,669 | ||
Income tax payable | 9,084 | 1,425 | ||||
Accrued expenses and other current liabilities | (78,313) | (12,289) | 91,377 | 0 | ||
Net cash (used in) provided by operating activities | (187,969) | (29,496) | (12,505) | (50,031) | ||
Cash flows from investing activities: | ||||||
Purchases of short-term investments | (19,376,170) | (3,040,544) | (6,766,468) | (4,404,601) | ||
Maturity of short-term investments | 7,464,384 | 1,171,325 | 4,638,930 | 3,107,061 | ||
Payment for investment in equity investees | (580,888) | (91,154) | (19,312) | (75,739) | ||
Return from dissolution of an equity investment | 11,929 | 1,872 | ||||
Loans to related parties | 0 | 0 | (63,482) | (48,458) | ||
Repayment of loans from related parties | 0 | 0 | 109,792 | 0 | ||
Investment in subsidiaries and VIEs | (2,081,323) | (326,605) | (493,225) | (91,803) | ||
Net cash used in investing activities | (14,562,068) | (2,285,106) | (2,593,765) | (1,513,540) | ||
Cash flows from financing activities: | ||||||
Cash paid for repurchase of ordinary shares and preferred shares | (2,585,437) | (405,711) | (557,836) | (384,880) | ||
Proceeds from issuing preferred shares, net of issuance cost | 385,788 | 60,539 | ||||
Proceeds from initial public offerings, net | 11,059,043 | 1,735,405 | ||||
Proceeds from exercise of share options | 20 | 3 | 87 | 0 | ||
Proceeds from issuance of convertible redeemable preferred shares, net of issuance cost | 0 | 0 | 11,081,037 | 1,672,415 | ||
Loan to a shareholder pledged by preferred shares | 0 | 0 | (1,310,140) | 0 | ||
Net cash provided by financing activities | 8,859,414 | 1,390,236 | 9,213,148 | 1,287,535 | ||
Effect of exchange rate changes on cash and cash equivalents | (102,804) | (16,134) | (274,587) | 36,656 | ||
Net (decrease) increase in cash and cash equivalents | (5,993,427) | (940,500) | 6,332,291 | (239,380) | ||
Cash and cash equivalents, beginning of the year | ¥ 7,025,967 | 7,025,967 | 1,102,528 | 693,676 | 933,056 | |
Cash and cash equivalents, end of the year | ¥ 1,032,540 | $ 162,028 | ¥ 7,025,967 | ¥ 693,676 |
Additional Financial Informat_6
Additional Financial Information of Parent Company - Additional Information (Detail) - Parent Company [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Investments, Percent of Net Assets | 25.00% | ||
Description of Material Contingencies of Registrant | no | no | no |