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Convertible notes payable (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of convertible debt

The following is a summary of the Company’s convertible notes payable and its fair value as of December 31, 2023 and June 30, 2024.

Principal amount

Unamortized debt issuance costs

Net Carrying amount

Fair Value

Amount

Leveling

RMB

RMB

RMB

5% Investor Notes due on November 8, 2025

As of December 31, 2023

461,494

(5,793)

455,701

396,884

Level 3

As of June 30, 2024

472,368

(4,751)

467,617

415,702

Level 3

The fair value of the convertible notes payable was estimated using the binomial model with the key assumptions including risk-free rate of return, volatility, and bond yield.

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Tabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount.

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