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Parent company only condensed financial information

12 Months Ended

Dec. 31, 2023

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

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, 2023, 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,
	2022			2023
	RMB			RMB			US$
							Note 2(g)
	(in millions, except share and per share data)
ASSETS
Cash and cash equivalents		5,029			4,788			674
Short-term investments		—			2,843			400
Internal balance		63,708			53,088			7,478
Investments in subsidiaries and consolidated VIEs		162,015			188,817			26,595
Prepayments and other assets		308			154			22

Total assets		231,060			249,690			35,169

LIABILITIES
Unsecured senior notes		10,347			10,536			1,484
Long-term borrowings		6,965			7,083			998
Accrued expenses and other liabilities		382			213			30

Total liabilities		17,694			17,832			2,512

SHAREHOLDERS’ EQUITY:
Ordinary shares (US$0.00002 par value; 100,000,000,000 shares authorized; 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; 2,860,222,213 Class A ordinary shares issued and 2,820,978,543 outstanding, 323,212,124 Class B ordinary shares issued and 316,685,372 outstanding as of December 31, 2023.)		—	*		—	*		—	*
Additional paid-in capital		184,041			184,204			25,945
Statutory reserves		3,473			6,109			860
Treasury stock		(2,493	)		(3,409	)		(480	)
Retained earnings		29,304			44,051			6,205
Accumulated other comprehensive income/(loss)		(959	)		903			127

Total shareholders’ equity		213,366			231,858			32,657

Total liabilities and shareholders’ equity		231,060			249,690			35,169

*	Absolute amount is less than RMB1 million.

Condensed Statements of Operations and Comprehensive Income/(Loss)


	For the year ended December 31,
	2021			2022			2023
	RMB			RMB			RMB			US$
										Note 2(g)
	(in millions)
Operating expenses
Marketing		(4	)		(2	)		(4	)		(1	)
General and administrative		(465	)		(331	)		(204	)		(29	)

Loss from operations		(469	)		(333	)		(208	)		(30	)

Other income/(expense)
Income/(loss) from subsidiaries and consolidated VIEs		(2,708	)		10,667			24,967			3,516
Other income/(expense), net		(376	)		48			(591	)		(83	)

Income/(loss) before tax		(3,553	)		10,382			24,168			3,403
Income tax expenses		(7	)		(2	)		(1	)		—

Net income/(loss)		(3,560	)		10,380			24,167			3,403

Net income/(loss) attributable to the Company’s ordinary shareholders		(3,560	)		10,380			24,167			3,403


Net income/(loss)		(3,560	)		10,380			24,167			3,403
Other comprehensive income/(loss):
Foreign currency translation adjustments		(2,542	)		5,131			1,862			263

Total other comprehensive income/(loss)		(2,542	)		5,131			1,862			263

Total comprehensive income/(loss)		(6,102	)		15,511			26,029			3,666

Condensed Statements of Cash Flows


	For the year ended December 31,
	2021			2022			2023
	RMB			RMB			RMB			US$
										Note 2(g)
	(in millions)
Net cash used in operating activities		(411	)		(509	)		(765	)		(108	)

Cash flows from investing activities:
Purchase of short-term investments		(3,189	)		—			(2,833	)		(399	)
Maturity of short-term investments		6,546			1			—			—
Loans (provided to)/settled by internal companies		(20,900	)		7,426			12,633			1,779
Other investing activities		3,147			—			—			—

Net cash provided by/(used in) investing activities		(14,396	)		7,427			9,800			1,380

Cash flows from financing activities:
Repurchase of ordinary shares		—			(1,823	)		(2,497	)		(352	)
Cash paid for dividends		—			(13,087	)		(6,741	)		(949	)
Proceeds from short-term borrowings		—			3,945			—			—
Repayment of short-term borrowings		—			(7,005	)		—			—
Proceeds from long-term borrowings		—			6,618			—			—
Repayment of unsecured senior notes		(3,246	)		—			—			—
Other financing activities		62			1,043			33			5

Net cash used in financing activities		(3,184	)		(10,309	)		(9,205	)		(1,296	)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(136	)		1,003			(71	)		(10	)

Net decrease in cash, cash equivalents, and restricted cash		(18,127	)		(2,388	)		(241	)		(34	)
Cash, cash equivalents, and restricted cash at beginning of year		25,544			7,417			5,029			708

Cash, cash equivalents, and restricted cash at end of year		7,417			5,029			4,788			674

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’s consolidated financial statements.