XML 37 R27.htm IDEA: XBRL DOCUMENT
v3.25.0.1

FAIR VALUE MEASUREMENTS | 9 Months Ended
--- | ---
Sep. 30, 2024
FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS |
19. | FAIR VALUE MEASUREMENTS
The fair value of these financial instruments are summarized below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair value measurement using: | ​ | ​
​ | ​ | Quoted prices in | ​ | Significant other | ​ | ​ | ​ | ​
​ | ​ | active markets for | ​ | observable | ​ | Unobservable | ​ | ​
​ | ​ | identical assets | ​ | inputs | ​ | inputs | ​ | Fair value at
​ |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | September 30, 2023
​ |  | RMB |  | RMB |  | RMB |  | RMB
Convertible Notes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
- 2026 Convertible Notes |  | 3,381,686 |  | — |  | — |  | 3,381,686
- 2027 Convertible Notes |  | — |  | — |  | 1,421,600 |  | 1,421,600
Liabilities |  | 3,381,686 |  | — |  | 1,421,600 |  | 4,803,286
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Fair value measurement using: | ​ | ​
​ | ​ | Quoted prices in | ​ | Significant other | ​ | ​ | ​ | ​
​ | ​ | active markets for | ​ | observable | ​ | Unobservable | ​ | ​
​ | ​ | identical assets | ​ | inputs | ​ | inputs | ​ | Fair value at
​ |  | (Level 1) |  | (Level 2) |  | (Level 3) |  | September 30, 2024
​ |  | RMB |  | RMB |  | RMB |  | RMB
Short-term investments: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
- Wealth management product |  | — |  | 15,879 |  | — |  | 15,879
Available-for-sale debt securities |  | — |  | — |  | 42,689 |  | 42,689
Assets |  | — |  | 15,879 |  | 42,689 |  | 58,568
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Convertible Notes |  |  |  |  |  |  |  |
- 2027 Convertible Notes |  | — |  | — |  | 1,793,894 |  | 1,793,894
Liabilities |  | — |  | — |  | 1,793,894 |  | 1,793,894
​ The 2026 Convertible Notes are classified within Level 1 because they are valued by using quoted market prices. Short-term investments are valued based on price per unit quoted by financial institution and are classified within Level 2 of the fair value hierarchy. The 2027 Convertible Notes and long-term investments are classified within Level 3. The fair value of 2027 Convertible Notes is measured using binomial tree pricing model that involves several parameters including the Company’s stock price, stock price volatility determined from the Company’s historical stock prices, the remaining maturity term and the discount rate. The fair values of 2027 Convertible Notes as of September 30, 2023 and 2024 were estimated with the following key assumptions: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of September 30 | ​ | As of September 30 |
​ |  | 2023 |  | 2024 |
Volatility |  | 90.48 | % | 80.00 | %
Discount rate |  | 15.78 | % | 13.34 | %
Risk-free interest rate |  | 4.70 | % | 3.63 | %
​ The assumptions are inherently uncertain and subjective. Changes in any unobservable inputs may have a significant impact on the fair value of derivative liability.
19. | FAIR VALUE MEASUREMENTS (CONTINUED)
The Company measures equity investments elected to use the measurement alternative at fair value on a nonrecurring basis, in the cases of an impairment charge is recognized, fair value of an investment is remeasured in an acquisition/a disposal, and an orderly transaction for identical or similar investments of the same issuer was identified. The following tables presented a reconciliation of all liabilities measured at fair value on a recurring basis using significant unobservable inputs (level 3): ​
​ | ​ | ​
​ |  | 2027 Convertible Notes
​ |  | RMB
Fair value at August 20, 2024 |  | 1,683,270
Changes in fair value through the earnings |  | 135,075
Due to instrument-specific credit changes in other comprehensive income |  | 7,109
Foreign currency translation adjustiment |  | (31,560)
Fair value at September 30, 2024 |  | 1,793,894
​
​ | ​ | ​
​ |  | Derivative liability
​ |  | RMB
Fair value at December 31, 2023 |  | 188,706
Changes in fair value |  | (132,538)
Foreign currency translation adjustiment |  | 892
Fair value immediately prior to the extinguishment |  | 57,060
​

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration