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Convertible redeemable preferred shares (Tables)

12 Months Ended

Dec. 31, 2023

Convertible redeemable preferred shares

Schedule of issuances of convertible redeemable preferred shares

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​	​	​	​	​	​	​
​		Issuance date/		Issue price		Number
Name	​	Amendment date	​	per share	​	of shares
Series A Preferred Shares		April 2016		RMB0.3078		58,480,000
Series A+ Preferred Shares		May 2017		RMB0.3420		84,480,000
Series B Preferred Shares		August 2017		RMB0.3848		649,760,000
Series B+ Preferred Shares		December 2017		RMB0.6733		277,730,000
Series C1 Preferred Shares		July 2018		RMB0.9334/US$0.1404		604,820,600
Series C2 Preferred Shares		August 2018		RMB0.9334		289,379,800
Series D1 Preferred Shares		June 2019		US$0.1899		705,523,600
Series D2 Preferred Shares		August 2019		US$0.1899		105,302,000
Series E Preferred Shares		October 2020		RMB2.3119/US$0.3425		803,222,500
Series F Preferred Shares		October 2022/ November 2023		US$0.5659		392,013,413

Schedule of preferred shares activities

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​		SeriesA				SeriesA+				SeriesB				SeriesB+				SeriesC1				SeriesC2				SeriesD1				SeriesD2				SeriesE				SeriesF				Total
​		Number of		​	​	Number of		​	​	Number of		​	​	Number of		​	​	Number of		​	​	Number of		​	​	Number of		​	​	Number of		​	​	Number of		​	​	Number of		​	​	Number of		​
​	​	shares	​	Amount	​	shares	​	Amount	​	shares	​	Amount	​	shares	​	Amount	​	shares	​	Amount	​	shares	​	Amount	​	shares	​	Amount	​	shares	​	Amount	​	shares	​	Amount	​	shares	​	Amount	​	shares	​	Amount
​	​	​	​	RMB	​	​	​	RMB	​	​	​	RMB	​	​	​	RMB	​	​	​	​	​	​	​	RMB	​	​	​	RMB	​	​	​	RMB	​	​	​	RMB	​	​	​	RMB	​	​	​	RMB
Balance as of January 1, 2022		58,480,000		26,703		84,480,000		39,901		734,209,000		381,310		277,730,000		228,493		604,820,600		702,521		372,859,000		430,041		705,523,600		1,105,823		105,302,000		168,717		803,222,500		1,958,419		—		—		3,746,626,700		5,041,928
Conversion of Series F convertible notes, net of cost		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		392,013,413		1,631,564		392,013,413		1,631,564
Accretion on Preferred Shares to redemption value		—		231		—		707		—		8,650		—		11,540		—		67,027		—		28,462		—		113,547		—		10,712		—		268,492		—		(87)		—		509,281
Balance as of December 31, 2022		58,480,000		26,934		84,480,000		40,608		734,209,000		389,960		277,730,000		240,033		604,820,600		769,548		372,859,000		458,503		705,523,600		1,219,370		105,302,000		179,429		803,222,500		2,226,911		392,013,413		1,631,477		4,138,640,113		7,182,773
Accretion on Preferred Shares to redemption value		—		223		—		691		—		8,444		—		11,578		—		60,431		—		29,188		—		120,500		—		17,339		—		224,990		—		186,686		—		660,070
Amendment of series F convertible redeemable preferred share		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		(272,426)		—		(272,426)
Automatic conversion of preferred shares into ordinary shares upon IPO(1)		(58,480,000)		(27,157)		(84,480,000)		(41,299)		(734,209,000)		(398,404)		(277,730,000)		(251,611)		(604,820,600)		(829,979)		(372,859,000)		(487,691)		(705,523,600)		(1,339,870)		(105,302,000)		(196,768)		(803,222,500)		(2,451,901)		(392,013,413)		(1,545,737)		(4,138,640,113)		(7,570,417)
Balance as of December 31, 2023		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—		—

(1) All of the preferred shares were converted to Class A Ordinary Shares upon the completion of the Company’s IPO in December 2023.

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Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

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-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480244/480-10-S99-1

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-Name Accounting Standards Codification
-Section S99
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-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

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The tabular disclosure of activity in convertible redeemable preferred stock.

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