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PARENT ONLY FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2020
PARENT ONLY FINANCIAL INFORMATION |
Schedule of condensed financial statements | Condensed Balance Sheets ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2019 |  | 2020
Assets |  |  |  |
​ | ​ | ​ | ​ | ​
Current assets |  |  |  |
Cash |  | 2,560,388 |  | 12,312,249
Prepaid expenses | ​ | 7,048 | ​ | 39,187
Other current assets | ​ | 21,537 | ​ | 23,136
Total current assets |  | 2,588,973 |  | 12,374,572
Restricted cash | ​ | 27,225 | ​ | —
Investment and loans to subsidiaries |  | 11,539,590 |  | 16,146,058
Other non-current assets | ​ | 4,954 | ​ | 3,616
Total assets |  | 14,160,742 |  | 28,524,246
​ | ​ | ​ | ​ | ​
Liabilities, Mezzanine Equity and Shareholders’ Equity |  | ​ |  | ​
​ | ​ | ​ | ​ | ​
Current liabilities |  | ​ |  | ​
Accounts payable |  | 7,168 |  | 12,451
Accrued expenses and other payables |  | 49,546 |  | 29,790
Due to subsidiaries |  | 928 |  | 868
Total current liabilities |  | 57,642 |  | 43,109
​ | ​ | ​ | ​ | ​
Long-term borrowings | ​ | 681,235 | ​ | —
Convertible bonds payable |  | 2,049,654 |  | 1,928,466
Other long-term liabilities |  | 16,649 |  | 5,769
Total liabilities |  | 2,805,180 |  | 1,977,344
​ | ​ | ​ | ​ | ​
Mezzanine equity | ​ | ​ | ​ | ​
Redeemable preferred shares (US$0.00005 par value; 150,000 shares authorized, issued and outstanding as of December 31, 2019 and December 31, 2020, respectively; Redemption value of RMB1,061,981 and RMB980,910 as of December 31, 2019 and December 31, 2020, respectively; Liquidation value of RMB1,537,636 and RMB2,576,578 as of December 31, 2019 and December 31, 2020, respectively) | ​ | 1,061,981 | ​ | 980,910
Total mezzanine equity | ​ | 1,061,981 | ​ | 980,910
​ | ​ | ​ | ​ | ​
Shareholders' equity | ​ | ​ | ​ | ​
Ordinary shares (US$0.00005 par value; 2,002,000,000 authorized; 1,148,842,379 and 1,427,590,059 Class A ordinary shares issued and outstanding as of December 31, 2019 and 2020, respectively; 67,590,336 Class B ordinary shares issued and outstanding as of December 31, 2019 and 2020, respectively) |  | 412 |  | 507
Additional paid-in capital |  | 12,403,043 |  | 28,728,717
Accumulated other comprehensive loss |  | (52,684) |  | (439,635)
Accumulated deficit |  | (2,057,190) |  | (2,723,597)
Total shareholders’ equity |  | 10,293,581 |  | 25,565,992
Commitments and contingencies |  | ​ |  | ​
​ | ​ | ​ | ​ | ​
Total liabilities, mezzanine equity and shareholders’ equity |  | 14,160,742 |  | 28,524,246
​ Condensed Statements of Operations ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2018 |  | 2019 |  | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​
Net revenue |  | — |  | — | ​ | —
Cost of revenue |  | (21,132) |  | (50,201) | ​ | (94,312)
Gross loss |  | (21,132) |  | (50,201) | ​ | (94,312)
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating expenses |  | ​ |  | ​ | ​ | ​
Selling and marketing expenses |  | (26,595) |  | (40,721) | ​ | (58,649)
General and administrative expenses |  | (96,581) |  | (153,854) | ​ | (224,934)
Research and development expenses | ​ | (949) | ​ | (2,364) | ​ | (4,596)
Loss from operations |  | (145,257) |  | (247,140) | ​ | (382,491)
​ | ​ | ​ | ​ | ​ | ​ | ​
Other income (expenses): |  | ​ |  | ​ | ​ | ​
Interest income |  | 14,907 |  | 48,020 | ​ | 18,641
Interest expenses |  | (48,809) |  | (128,539) | ​ | (155,605)
Equity in loss of subsidiaries |  | (251,085) |  | (114,418) | ​ | (144,153)
Others, net |  | (24) |  | (6) | ​ | (2,799)
Loss before income taxes |  | (430,268) |  | (442,083) | ​ | (666,407)
​ | ​ | ​ | ​ | ​ | ​ | ​
Income tax expenses |  | — |  | — | ​ | —
Net loss |  | (430,268) |  | (442,083) | ​ | (666,407)
​ Condensed Statements of Comprehensive Loss ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2018 |  | 2019 |  | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss |  | (430,268) |  | (442,083) | ​ | (666,407)
Other comprehensive income (loss): |  | ​ |  | ​ | ​ | ​
Foreign currency translation adjustments, net of nil tax |  | 61,434 |  | 86,570 | ​ | (386,951)
Comprehensive loss | ​ | (368,834) | ​ | (355,513) | ​ | (1,053,358)
​ Condensed Statements of Cash Flows ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years ended December 31,
​ |  | 2018 |  | 2019 |  | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating activities: |  |  |  |  | ​ | ​
Net cash used in operating activities |  | (33,729) |  | (48,514) | ​ | (45,269)
​ | ​ | ​ | ​ | ​ | ​ | ​
Investing activities: |  | ​ |  | ​ | ​ | ​
Increase of due from subsidiaries |  | (3,846,353) |  | (4,473,682) | ​ | (4,940,005)
Net cash used in investing activities |  | (3,846,353) |  | (4,473,682) | ​ | (4,940,005)
​ | ​ | ​ | ​ | ​ | ​ | ​
Financing activities: |  | ​ |  | ​ | ​ | ​
Proceeds from long-term borrowings |  | 413,433 |  | 268,100 | ​ | —
Payment of issuance cost of borrowings |  | (25,751) |  | — | ​ | (10,619)
Payment of commitment cost of borrowings | ​ | — | ​ | — | ​ | (45,968)
Repayment of long-term borrowings | ​ | — | ​ | — | ​ | (657,820)
Proceeds from exercise of stock options |  | 16,866 |  | 55,469 | ​ | 78,748
Net proceeds from issuance of convertible bonds |  | 1,867,304 |  | — | ​ | —
Net proceeds from issuance of ordinary shares | ​ | 1,283,308 | ​ | 4,934,126 | ​ | 15,974,517
Net proceeds from issuance of redeemable preferred shares | ​ | — | ​ | 989,349 | ​ | —
Payment of redeemable preferred shares dividends | ​ | — | ​ | (25,014) | ​ | (65,489)
Net cash provided by financing activities |  | 3,555,160 |  | 6,222,030 | ​ | 15,273,369
Effect of exchange rate changes on cash and restricted cash |  | 143,216 |  | 70,291 | ​ | (563,459)
​ | ​ | ​ | ​ | ​ | ​ | ​
Net (decrease) increase in cash and restricted cash |  | (181,706) |  | 1,770,125 | ​ | 9,724,636
Cash and restricted cash at beginning of year |  | 999,194 |  | 817,488 | ​ | 2,587,613
Cash and restricted cash at end of year |  | 817,488 |  | 2,587,613 | ​ | 12,312,249
​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental disclosures of cash flow information |  | ​ |  | ​ | ​ | ​
Interest paid |  | 24,308 |  | 88,818 | ​ | 92,509
​ | ​ | ​ | ​ | ​ | ​ | ​
Supplemental disclosures of non-cash investing and financing activities |  | ​ |  | ​ | ​ | ​
Settlement of liability-classified restricted share award | ​ | 6,357 | ​ | 7,984 | ​ | 10,089
Conversion of convertible bonds |  | — |  | — | ​ | 65

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