Retained Earnings

12 Months Ended

Dec. 31, 2021

39	Retained earnings

In accordance with the relevant laws and regulations, each of the Company’s subsidiaries, the Consolidated Affiliated Entities and Subsidiaries of Consolidated Affiliated Entities incorporated in PRC is required to annually appropriate 10% of

after-tax

income to statutory surplus reserve prior to payment of any dividends, unless such reserve funds have reached 50% of its respective registered capital. As of December 31, 2020 and 2021, the accumulated statutory surplus reserve was RMB3,330 million and RMB4,240 million, respectively, and such reserves are not available for dividend distribution.