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Leases

12 Months Ended

Dec. 31, 2021

11.

LEASES

The Group’s operating leases mainly related to office space and buildings. For leases with terms greater than 12 months, the Group records the related assets and lease liabilities at the present value of lease payments over the lease term. Certain leases include rental-free periods and rental escalation clause, which are factored into the Group’s determination of lease payments when appropriate. As of December 31, 2020 and 2021, the Group had no finance leases.

As of December 31, 2020 and 2021, the weighted average remaining lease term was 9.7 years and 8.3 years and

the

weighted average discount rate was 6.36% and 6.18% for the Group’s operating leases, respectively.

For the year

ended December 31, 2020 and 2021, operating lease cost recognized in profit or loss was RMB52,890 and RMB65,641 (US$10,301), respectively, which excluded cost of short-term contracts. Short-term lease cost for the year

ended December 31, 2020 and 2021 was RMB3,036 and RMB11,317 (US$1,776

), respectively

The undiscounted future minimum payments under the Group’s operating lease liabilities and reconciliation to the operating lease liabilities recognized on the consolidated balance sheets

were

as below:


	RMB			US$
2022		110,472			17,335
2023		59,238			9,296
2024		50,526			7,929
2025		29,347			4,605
2026 and thereafter		72,078			11,311

Total future lease payments		321,661			50,476
Less: imputed interest		(54,782	)		(8,597	)

Total lease liability balance		266,879			41,879