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Condensed financial information of the parent company
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Condensed financial information of the parent company
2
1
. Condensed financial information of the parent company
The Company performed a test on the restricted net assets of consolidated subsidiaries in accordance with Securities and Exchange Commission Regulation
S-X
Rule
4-08
(e) (3), “General Notes to Financial Statements’ and concluded that it was applicable for the Company to disclose the financial statements for the parent company.
The subsidiaries did not pay any dividend to the Company for the year
s
presented. For the purpose of presenting parent only financial information, the Company records its investments in its subsidiaries under the equity method of accounting. Such investments are presented on the separate condensed balance sheets of the Company as “Investments in subsidiaries” and the profit (loss) of the subsidiaries is presented as “share of profit (loss) of subsidiaries”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. These statements should be read in conjunction with the notes to the consolidated financial statements of the Company.
The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2018 and 2019.
                         
 
As of December 31,
 
 
2018
 
 
2019
 
 
RMB
 
 
 
 
 
RMB
 
 
 
 
 
US$
Note2(f)
 
Assets
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
  
461,054
 
 
  
157,143
 
 
  
22,572
 
Prepaid expenses and other assets
 
  
4,798
 
 
  
4,443
 
 
  
638
 
Investment in and advances to subsidiaries
 
  
5,476,363
 
 
  
8,223,441
 
 
  
1,181,220
 
Total assets
 
  
5,942,215
 
 
  
8,385,027
 
 
  
1,204,430
 
Liabilities and Shareholders’ Equity
 
 
 
 
 
 
 
 
Accrued expenses and other liabilities
 
  
18,333
 
 
  
437,071
 
 
  
62,781
 
Total liabilities
 
  
18,333
 
 
  
437,071
 
 
  
62,781
 
Shareholders’ equity :
 
 
 
 
 
 
 
 
Class A ordinary shares (US$0.00001 par value;
10,000,000,000 shares authorized as of December 31, 2018 and 2019; 874,071,169 and 964,071,169 issued as of December 31, 2018 and 2019; 827,770,169 and 943,436,904 outstanding as of December 31, 2018 and 2019)
 
  
58
 
 
  
64
 
 
  
9
 
Class B ordinary shares (US$0.00001 par value;
10,000,000,000 shares authorized as of December 31, 2018 and 2019;
659,000,000 and 586,000,000 issued and outstanding as of December 31,
2018 and 2019)
 
  
44
 
 
  
39
 
 
  
6
 
Additional
paid-in
capital
 
  
5,896,017
 
 
  
5,640,898
 
 
  
810,265
 
Treasury stock (46,301,000 and 20,634,265 shares as of December 31, 2018

and 2019, respectively)
 
  
(332,121
 ) 
 
  
(47,174
)
 
  
(6,777
)
Statutory reserves
 
  
256,006
 
 
  
317,198
 
 
  
45,563
 
Accumulated other comprehensive income
 
  
58,210
 
 
  
70,320
 
 
  
10,097
 
Retained earnings
 
  
45,668
 
 
  
1,966,611
 
 
  
282,486
 
Total shareholders’ equity
 
  
5,923,882
 
 
  
7,947,956
 
 
  
1,141,649
 
Total liabilities and shareholders’ equity
 
  
5,942,215
 
 
  
8,385,027
 
 
  
1,204,430
 
 
 
 
  
 
 
    
 
 
      
 
 
 
 
Statements of comprehensive loss
                                 
 
For the Years Ended December 31,
 
 
2017
 
 
2018
 
 
2019
 
 
RMB
 
 
RMB
 
 
RMB
 
 
US$
Note 2(f)
 
Operating expenses
 
 
 
 
 
 
 
 
 
 
 
 
                                 
Sales and marketing expenses
   
—
      
(2
 )    
—
     
—
 
General and administrative expenses
   
(71,189
 )    
(57,448
 )    
(25,590
)     
(3,675
)
                                 
Profits from operations
 
 
  
 
 
 
  
 
 
 
  
 
 
 
—
 
 
 
Other income, net
   
2,515
     
21,183
     
7,898
     
1,133
 
Share of profit of subsidiaries
   
1,151,657
     
2,505,341
     
2,390,542
     
343,380
 
                                 
Net profit
   
1,082,983
     
2,469,074
     
2,372,850
     
340,838
 
                                 
Accretion on Series A convertible redeemable preferred shares to redemption
value
   
(1,237,274
 )    
—
      
—
     
—
 
Accretion on Series B convertible redeemable preferred shares to redemption value
   
(905,861
 )    
—
      
—
     
—
 
Accretion on Series C convertible redeemable preferred shares to redemption value
   
(930,336
 )    
—
      
—
     
—
 
                                 
Net profit (loss) attributable to ordinary shareholders
   
(1,990,488
 )    
2,469,074
     
2,372,850
     
340,838
 
                                 
 
 
 
 
 
Statements of cash flows
                                 
 
For the Years Ended December 31,
 
 
2017
 
  
2018
 
  
2019
 
 
RMB
   
RMB
   
RMB
   
US$
Note 2(f)
 
Net cash provided by (used in) operating activities
   
(12,178
 )    
12,111
     
8,474
     
1,217
 
Net cash used in investing activities
   
(720,259
 )    
(69,660
 )    
86,471
     
12,421
 
Net cash provided by (used in) financing activities
   
1,677,222
     
(438,253
 )    
(401,400
)     
(57,658
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
   
(13,447
 )    
22,098
     
2,544
     
366
 
                                 
Net increase (decrease) in cash, cash equivalents and restricted cash
   
931,338
     
(473,704
 )    
(303,911
)     
(43,654
)
Cash, cash equivalents and restricted cash-beginning of year
   
3,420
     
934,758
     
461,054
     
66,226
 
                                 
Cash, cash equivalents and restricted
cash-end
of year
    
934,758
     
461,054
     
157,143
     
22,572