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Long-Term Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract] |
Schedule of Long-Term Investments | The Group's long-term investments consist of:
|  | As of December 31, |
|  | 2022 |  |  | 2023 |
|  | RMB |  |  | RMB |
Equity method investments: |  |  |  |  |  |
Qingdao Qingle Venture Capital Partnership (“Qingle”) (1) |  |  | 30,002 |  |  |  | 30,070 |
Nantong Wanwuchuangxin Venture Capital Partnership (“Wanwuchuangxin”) (2) |  |  | 27,867 |  |  |  | 57,333 |
Jinsong (Shanghai) Network Information Technology CO. Ltd (“Jinsong”) (3) |  |  | 21,355 |  |  |  | 22,116 |
Other equity method investments |  |  | 12,766 |  |  |  | 21,027 |
Equity securities without readily determinable fair values: |  |  |  |  |  |
Jinsong (Shanghai) Network Information Technology CO. Ltd (“Jinsong”) (3) |  |  | 63,430 |  |  |  | 63,430 |
AiFenLei Global Co., Ltd. (“AiFenLei”) (4) |  |  | 16,844 |  |  |  | 228,815 |
Other equity securities without readily determinable fair values (5) |  |  | 31,539 |  |  |  | 31,994 |
Investments at fair value: |  |  |  |  |  |
China Dynamic Fund I SP |  |  | 15,780 |  |  |  | 12,310 |
Total |  |  | 219,583 |  |  |  | 467,095 |
(1) Qingle As of December 31, 2022, the Group held 11.95% equity interests of Qingle as its limited partner, amounted to RMB 30,000 and accounted as an equity-method investment. In December 2023, after finishing a series of equity transactions of Qingle, the Group held 17.54% equity interest of Qingle. (2) Wanwuchuangxin In November 2021, the Group acquired 29.0% equity interest in Wanwuchuangxin, a limited partnership managed by an unrelated third party, as a limited partner with cash consideration of RMB 29,000, and accounted for the investment as an equity-method investment. (3) Jinsong In September 2017, the Group disposed of its mobile phone rental platform to an entity jointly formed by shareholder of the Group and a former employee, Jinsong, and retained 30% shareholding with no board representation. The Group determined it did not have the ability to exercise significant influence over Jinsong and accounted for it under alternative measurement. In 2019, the Group made an additional RMB 8,430 investment in preferred shares and RMB 1,940 investment in ordinary shares. In July 2021, the Group made another RMB 55,000 investment in preferred shares and was entitled to nominate one director to the board. The Group accounted for the investment in ordinary shares of RMB 28,370 under equity-method as the Group has the ability to exert significant influence over the investee in July 2021 and accounted for the investment in preferred shares of RMB 63,430 under equity securities without readily determinable fair value as they are not in substance ordinary shares. In November 2023, Jinsong repurchased its ordinary shares and preferred shares from certain shareholders, which resulted an increase in the Group’s equity holding in ordinary shares and preferred shares. The total equity holding was 25.71% and 29.99% as of December 31, 2022 and 2023, respectively. For the years ended December 31, 2022 and 2023, the Group recorded proportionately share of loss of RMB 1,448 and share of gain of RMB 761 in share of loss in equity method investments, respectively. 7. Long-term investments—(Continued) (4) AiFenLei In July 2019, the Group disposed of its household waste recycling business (“AiFenLei”) at zero consideration to the Founder and retained 52.5% economic rights without any voting or significant participating rights. The Group recognized RMB 9,259 of loss upon disposal. The retained interest was accounted for under alternative measurement with minimal value at the time of the disposal due to the significant uncertainty associated with AiFenLei. In January 2022, the Group made an additional RMB 16,844 investment in preferred shares. The total equity holding was 33.9% as of December 31, 2022 due to passive dilution. In March, 2023, the Group made another investment to AiFenlei for a total consideration of US$40 million. The Group was entitled to nominate two members of the Board of Directors among seven members and had the ability to exercise significant influence over AiFenLei since then. The total equity holding was 41.9% as of December 31, 2023. For the year ended December 31, 2023, the Group recorded proportionately share of loss of RMB 63,029 in share of loss in equity method investments. (5) Other equity securities without readily determinable fair values: As of December 31, 2022 and 2023, the Group had RMB 31,539 and RMB 31,994 respectively, of investment in other equity securities without readily determinable fair values, accounted for using alternative measurement. For years ended December 31 2021, 2022 and 2023, the Group recorded impairment loss of RMB 16,500, nil and nil, respectively, for these alternative measurement investments.

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