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Parent company only condensed financial information | 12 Months Ended
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Dec. 31, 2022
Parent company only condensed financial information |
Parent company only condensed financial information |
36. | Parent company only condensed financial information
The Company performed a test on the restricted net assets of the consolidated subsidiaries and VIEs in accordance with Rule 5-04 (c) of Regulation S-X, and concluded that it was applicable for the Company to disclose the financial information for the parent company only. As of December 31, 2022, the Company did not have significant capital commitments and other significant commitments, or guarantees, except for those which have been separately disclosed in the consolidated financial statements. Condensed Balance Sheets
|  | As of December 31, |
|  | 2021 |  |  | 2022 |
|  | RMB |  |  | RMB |  |  | US$ Note 2(g) |
|  | (in millions, except share and per share data) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 7,417 |  |  |  | 5,029 |  |  |  | 729 |
Short-term investments |  |  | 1 |  |  |  | — |  |  |  | — |
Internal balance |  |  | 65,120 |  |  |  | 63,708 |  |  |  | 9,237 |
Investments in subsidiaries and consolidated VIEs |  |  | 148,607 |  |  |  | 162,015 |  |  |  | 23,491 |
Prepayments and other assets |  |  | 419 |  |  |  | 308 |  |  |  | 44 |
Total assets |  |  | 221,564 |  |  |  | 231,060 |  |  |  | 33,501 |
LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |
Short-term debts |  |  | 2,869 |  |  |  | — |  |  |  | — |
Unsecured senior notes |  |  | 9,461 |  |  |  | 10,347 |  |  |  | 1,499 |
Long-term borrowings |  |  | — |  |  |  | 6,965 |  |  |  | 1,010 |
Accrued expenses and other liabilities |  |  | 323 |  |  |  | 382 |  |  |  | 56 |
Total liabilities |  |  | 12,653 |  |  |  | 17,694 |  |  |  | 2,565 |
SHAREHOLDERS’ EQUITY: |  |  |  |  |  |  |  |  |  |  |  |
Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 2,731,123,330 Class A ordinary shares issued and 2,690,342,230 outstanding, 428,185,501 Class B ordinary shares issued and 420,449,419 outstanding as of December 31, 2021; 2,793,298,344 Class A ordinary shares issued and 2,756,458,772 outstanding, 386,374,723 Class B ordinary shares issued and 379,220,475 outstanding as of December 31, 2022.) |  |  | — | * |  |  | — | * |  |  | — | *
Additional paid-in capital |  |  | 182,578 |  |  |  | 184,041 |  |  |  | 26,683 |
Statutory reserves |  |  | 1,586 |  |  |  | 3,473 |  |  |  | 504 |
Treasury stock |  |  | (2,968 | ) |  |  | (2,493 | ) |  |  | (361 | )
Retained earnings |  |  | 33,805 |  |  |  | 29,304 |  |  |  | 4,249 |
Accumulated other comprehensive loss |  |  | (6,090 | ) |  |  | (959 | ) |  |  | (139 | )
Total shareholders’ equity |  |  | 208,911 |  |  |  | 213,366 |  |  |  | 30,936 |
Total liabilities and shareholders’ equity |  |  | 221,564 |  |  |  | 231,060 |  |  |  | 33,501 |
* | Absolute value is less than RMB1 million.
Condensed Statements of Operations and Comprehensive Income/(Loss)
|  | For the year ended December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  |  |  |  |  |  |  |  |  |  | Note 2(g) |
|  | (in millions, except share and per share data) |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketing |  |  | (11 | ) |  |  | (4 | ) |  |  | (2 | ) |  |  | — |
General and administrative |  |  | (453 | ) |  |  | (465 | ) |  |  | (331 | ) |  |  | (48 | )
Loss from operations |  |  | (464 | ) |  |  | (469 | ) |  |  | (333 | ) |  |  | (48 | )
Other income/(expense) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income/(loss) from subsidiaries and consolidated VIEs |  |  | 50,154 |  |  |  | (2,708 | ) |  |  | 10,667 |  |  |  | 1,548 |
Other income/(expense), net |  |  | (266 | ) |  |  | (376 | ) |  |  | 48 |  |  |  | 7 |
Income/(loss) before tax |  |  | 49,424 |  |  |  | (3,553 | ) |  |  | 10,382 |  |  |  | 1,507 |
Income tax expenses |  |  | (19 | ) |  |  | (7 | ) |  |  | (2 | ) |  |  | — |
Net income/(loss) |  |  | 49,405 |  |  |  | (3,560 | ) |  |  | 10,380 |  |  |  | 1,507 |
Net income/(loss) attributable to ordinary shareholders |  |  | 49,405 |  |  |  | (3,560 | ) |  |  | 10,380 |  |  |  | 1,507 |
Net income/(loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other comprehensive income/(loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  |  | (7,656 | ) |  |  | (2,542 | ) |  |  | 5,131 |  |  |  | 744 |
Net change in unrealized gains/(losses) on available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains, net of tax |  |  | 705 |  |  |  | — |  |  |  | — |  |  |  | — |
Reclassification adjustment for gains recorded in net income, net of tax |  |  | (760 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net unrealized losses on available-for-sale securities |  |  | (55 | ) |  |  | — |  |  |  | — |  |  |  | — |
Total other comprehensive income/(loss) |  |  | (7,711 | ) |  |  | (2,542 | ) |  |  | 5,131 |  |  |  | 744 |
Total comprehensive income/(loss) |  |  | 41,694 |  |  |  | (6,102 | ) |  |  | 15,511 |  |  |  | 2,251 |
Condensed Statements of Cash Flows
|  | For the year ended December 31, |
|  | 2020 |  |  | 2021 |  |  | 2022 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
|  |  |  |  |  |  |  |  |  |  | Note 2(g) |
|  | (in millions) |
Net cash used in operating activities |  |  | (243 | ) |  |  | (411 | ) |  |  | (509 | ) |  |  | (74 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of short-term investments |  |  | (3,421 | ) |  |  | (3,189 | ) |  |  | — |  |  |  | — |
Maturity of short-term investments |  |  | — |  |  |  | 6,546 |  |  |  | 1 |  |  |  | — |
Loans (provided to)/settled by internal companies |  |  | (13,421 | ) |  |  | (20,900 | ) |  |  | 7,426 |  |  |  | 1,077 |
Other investing activities |  |  | 40 |  |  |  | 3,147 |  |  |  | — |  |  |  | — |
Net cash provided by/(used in) investing activities |  |  | (16,802 | ) |  |  | (14,396 | ) |  |  | 7,427 |  |  |  | 1,077 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of ordinary shares |  |  | 31,342 |  |  |  | — |  |  |  | — |  |  |  | — |
Repurchase of ordinary shares |  |  | — |  |  |  | — |  |  |  | (1,823 | ) |  |  | (264 | )
Cash paid for dividends |  |  | — |  |  |  | — |  |  |  | (13,087 | ) |  |  | (1,897 | )
Proceeds from short-term borrowings |  |  | — |  |  |  | — |  |  |  | 3,945 |  |  |  | 572 |
Repayment of short-term borrowings |  |  | — |  |  |  | — |  |  |  | (7,005 | ) |  |  | (1,016 | )
Proceeds from long-term borrowings |  |  | — |  |  |  | — |  |  |  | 6,618 |  |  |  | 960 |
Proceeds from unsecured senior notes |  |  | 6,804 |  |  |  | — |  |  |  | — |  |  |  | — |
Repayment of unsecured senior notes |  |  | — |  |  |  | (3,246 | ) |  |  | — |  |  |  | — |
Other financing activities |  |  | 236 |  |  |  | 62 |  |  |  | 1,043 |  |  |  | 151 |
Net cash provided by/(used in) financing activities |  |  | 38,382 |  |  |  | (3,184 | ) |  |  | (10,309 | ) |  |  | (1,494 | )
Effect of exchange rate changes on cash, cash equivalents, and restricted cash |  |  | (2,369 | ) |  |  | (136 | ) |  |  | 1,003 |  |  |  | 145 |
Net increase/(decrease) in cash, cash equivalents, and restricted cash |  |  | 18,968 |  |  |  | (18,127 | ) |  |  | (2,388 | ) |  |  | (346 | )
Cash, cash equivalents, and restricted cash at beginning of year |  |  | 6,576 |  |  |  | 25,544 |  |  |  | 7,417 |  |  |  | 1,075 |
Cash, cash equivalents, and restricted cash at end of year |  |  | 25,544 |  |  |  | 7,417 |  |  |  | 5,029 |  |  |  | 729 |
Basis of presentation The Company’s accounting policies are the same as the Group’s accounting policies with the exception of the accounting for the investments in subsidiaries and consolidated VIEs. For the parent company only condensed financial information, the Company records its investments in subsidiaries and consolidated VIEs under the equity method of accounting as prescribed in ASC 323. Such investments are presented in the condensed balance sheets as “Investments in subsidiaries and consolidated VIEs” and shares in the subsidiaries and consolidated VIEs’ financial results are presented as “Income/(loss) from subsidiaries and consolidated VIEs” in the condensed statements of operations and comprehensive income/(loss). The parent company only condensed financial information should be read in conjunction with the Group’ consolidated financial statements.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI https://asc.fasb.org/extlink&oid=126898705&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI https://asc.fasb.org/extlink&oid=126929396&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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