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Intangible Assets

12 Months Ended

Dec. 31, 2021

8.	INTANGIBLE ASSETS

Intangible assets consist of the following:


	As of December 31,
	2020			2021
	RMB			RMB			US$
Finite-lived intangible asset:
Software		4,164,764			5,796,893			909,659
Less: Accumulated amortization		(2,368,396	)		(2,956,852	)		(463,995	)

Total finite-lived intangible asset		1,796,368			2,840,041			445,664

Indefinite-lived intangible asset:
License*		43,091,503			43,091,503			6,761,998

Total infinite-lived intangible asset		43,091,503			43,091,503			6,761,998

		44,887,871			45,931,544			7,207,662

Amortization expenses of finite-lived intangible asset for the years ended December 31, 2019, 2020 and 2021 were RMB496,072, RMB393,547 and RMB588,456 (US$92,342), respectively.

The estimated useful life of the intangible assets are

6-10

years. The estimated aggregate amortization expenses for each of the five succeeding fiscal years are as follows:


	As of December 31,
	2022		2023		2024		2025		2026
	RMB		RMB		RMB		RMB		RMB
Software		638,471		335,489		329,697		328,671		270,141

	US$		US$		US$		US$		US$
Software		100,190		52,646		51,737		51,576		42,391

The Company acquired Fushun Insurance Brokerage Co., Ltd in 2019. The acquisition met the “substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets” criteria and is not considered a business combination in accordance with ASC Topic 805.