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Parent Company Only Condensed Financial Information | 12 Months Ended
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Dec. 31, 2021
Condensed Financial Information Disclosure [Abstract] |
Parent Company Only Condensed Financial Information |
24. | PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION
Condensed balance sheets (in thousands)
|  |  |  |  |  |  |  |  |  |  |  |  | As of December 31, |
|  |  |  |  |  |  |  |  |  |  |  |  | 2020 |  |  | 2021 |  |  | 2021 |
|  |  |  |  |  |  |  |  |  |  |  |  | RMB |  |  | RMB |  |  | US$ |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  | 551,705 |  |  |  | 24,500 |  |  |  | 3,845 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | 700,052 |  |  |  | 109,853 |
Amounts due from subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | 8,496 |  |  |  | 1,333 |
Amounts due from related parties |  |  |  |  |  |  |  |  |  |  |  |  |  | 9,000 |  |  |  | — |  |  |  | — |
Other current assets |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | 1,723 |  |  |  | 271 |
Total current assets |  |  |  |  |  |  |  |  |  |  |  |  |  | 560,705 |  |  |  | 734,771 |  |  |  | 115,302 |
TOTAL ASSETS |  |  |  |  |  |  |  |  |  |  |  |  |  | 560,705 |  |  |  | 734,771 |  |  |  | 115,302 |
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ (DEFICIT)/EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other payables |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | 4,133 |  |  |  | 649 |
Amounts due to subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,390 |  |  |  | 2,569 |  |  |  | 403 |
Warrant liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  | 108,160 |  |  |  | — |  |  |  | — |
Total current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  | 128,550 |  |  |  | 6,702 |  |  |  | 1,052 |
Non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Share of losses in excess of investments in subsidiaries and amounts due from subsidiaries |  |  |  |  |  |  |  |  |  |  |  |  |  | 662,264 |  |  |  | — |  |  |  | — |
Total non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  | 662,264 |  |  |  | — |  |  |  | — |
TOTAL LIABILITIES |  |  |  |  |  |  |  |  |  |  |  |  |  | 790,814 |  |  |  | 6,702 |  |  |  | 1,052 |
Mezzanine equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Redeemable convertible preferred shares |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,174,910 |  |  |  | — |  |  |  | — |
Shareholders’ (deficit)/equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Ordinary shares (US$0.000002 par value per share; 24,819,646,300 and nil shares authorized as of December 31, 2020 and 2021, respectively; 64,908,700 and nil shares issued and outstanding as of December 31, 2020 and 2021, respectively) |  |  |  |  |  |  |  |  |  |  |  |  |  | 1 |  |  |  | — |  |  |  | — |
Class A ordinary shares (US$0.000002 par value per share; nil and 20,000,000,000 shares authorized as of December 31, 2020 and 2021, respectively; nil and 299,797,728 shares issued as of December 31, 2020 and 2021, nil and 270,054,584 shares outstanding as of December 31, 2020 and 2021, respectively) |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | 3 |  |  |  | 1 |
Class B ordinary shares (US$0.000002 par value per share; nil and 2,500,000,000 shares authorized as of December 31, 2020 and 2021, respectively; nil and 54,543,800 shares issued and outstanding as of December 31, 2020 and 2021, respectively) |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | 1 |  |  |  | — |
Additional paid-in capital |  |  |  |  |  |  |  |  |  |  |  |  |  | 117,298 |  |  |  | 13,685,062 |  |  |  | 2,147,485 |
Treasury stock |  |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  | (7,042 | ) |  |  | (1,105 | )
Accumulated deficit |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,499,357 | ) |  |  | (12,765,713 | ) |  |  | (2,003,219 | )
Accumulated other comprehensive loss |  |  |  |  |  |  |  |  |  |  |  |  |  | (22,961 | ) |  |  | (184,242 | ) |  |  | (28,912 | )
TOTAL SHAREHOLDERS’ (DEFICIT)/EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,405,019 | ) |  |  | 728,069 |  |  |  | 114,250 |
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDER’S (DEFICIT)/EQUITY |  |  |  |  |  |  |  |  |  |  |  |  |  | 560,705 |  |  |  | 734,771 |  |  |  | 115,302 |
Condensed statements of comprehensive loss (in thousands)
|  | For the years ended December 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2021 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  |  | 375 |  |  |  | (142,186 | ) |  |  | (271,436 | ) |  |  | (42,594 | )
Total operating expenses |  |  | 375 |  |  |  | (142,186 | ) |  |  | (271,436 | ) |  |  | (42,594 | )
Income/(loss) from operations |  |  | 375 |  |  |  | (142,186 | ) |  |  | (271,436 | ) |  |  | (42,594 | )
Interest income |  |  | 24,423 |  |  |  | 7,699 |  |  |  | 8,611 |  |  |  | 1,351 |
Interest expenses |  |  | (39,477 | ) |  |  | (21,334 | ) |  |  | — |  |  |  | — |
Other expenses |  |  | — |  |  |  | (29,141 | ) |  |  | — |  |  |  | — |
Changes in fair value of warrant liabilities |  |  | (100,672 | ) |  |  | 11,450 |  |  |  | (44,457 | ) |  |  | (6,976 | )
Share of losses in subsidiarie s |  |  | (1,758,032 | ) |  |  | (3,003,402 | ) |  |  | (6,121,777 | ) |  |  | (960,641 | )
Net loss |  |  | (1,873,383 | ) |  |  | (3,176,914 | ) |  |  | (6,429,059 | ) |  |  | (1,008,860 | )
Accretions of redeemable convertible preferred shares |  |  | (74,558 | ) |  |  | (320,301 | ) |  |  | (288,380 | ) |  |  | (45,253 | )
Deemed dividend |  |  | (46,168 | ) |  |  | — |  |  |  | — |  |  |  | — |
Net loss attributable to ordinary shareholders |  |  | (1,994,109 | ) |  |  | (3,497,215 | ) |  |  | (6,717,439 | ) |  |  | (1,054,113 | )
Other comprehensive income/(loss), net of tax of nil: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  |  | 30,409 |  |  |  | (53,370 | ) |  |  | (161,281 | ) |  |  | (25,308 | )
Comprehensive loss |  |  | (1,842,974 | ) |  |  | (3,230,284 | ) |  |  | (6,590,340 | ) |  |  | (1,034,168 | )
Accretions of redeemable convertible preferred shares |  |  | (74,558 | ) |  |  | (320,301 | ) |  |  | (288,380 | ) |  |  | (45,253 | )
Deemed dividend |  |  | (46,168 | ) |  |  | — |  |  |  | — |  |  |  | — |
Comprehensive loss attributable to ordinary shareholders |  |  | (1,963,700 | ) |  |  | (3,550,585 | ) |  |  | (6,878,720 | ) |  |  | (1,079,421 | )
Condensed statements of cash flows (in thousands)
|  | For the years ended December 31, |
|  | 2019 |  |  | 2020 |  |  | 2021 |  |  | 2021 |
|  | RMB |  |  | RMB |  |  | RMB |  |  | US$ |
Net cash provided by/(used in) operating activities |  |  | 24,414 |  |  |  | 7,564 |  |  |  | (4,066 | ) |  |  | (638 | )
Net cash used in investing activities |  |  | (1,663,826 | ) |  |  | (1,957,689 | ) |  |  | (7,713,202 | ) |  |  | (1,210,370 | )
Net cash generated from financing activities |  |  | 1,340,157 |  |  |  | 2,281,673 |  |  |  | 7,215,688 |  |  |  | 1,132,299 |
Effect of exchange rate changes on cash and cash equivalents and restricted cash |  |  | 20,632 |  |  |  | (41,844 | ) |  |  | (25,625 | ) |  |  | (4,021 | )
Net (decrease)/increase in cash and cash equivalents |  |  | (278,623 | ) |  |  | 289,704 |  |  |  | (527,205 | ) |  |  | (82,730 | )
Cash and cash equivalents at beginning of the year |  |  | 540,624 |  |  |  | 262,001 |  |  |  | 551,705 |  |  |  | 86,575 |
Cash and cash equivalents at end of the year |  |  | 262,001 |  |  |  | 551,705 |  |  |  | 24,500 |  |  |  | 3,845 |
(a) Basis of presentation Condensed financial information is used for the presentation of the Company, or the parent company. The condensed financial information of the parent company has been prepared using the same accounting policies as set out in the Company’s consolidated financial statements except that the parent company used the equity method to account for investment in its subsidiaries. The Company records its investment in its subsidiaries under the equity method of accounting as prescribed in ASC 323-10 Investment-Equity Method and Joint Ventures , such investment is presented on the condensed balance sheets as “Investment in subsidiaries” and share of the subsidiaries’ losses as “Share of losses in subsidiaries” on the condensed statements of comprehensive loss. Under the equity method of accounting, the Company’s carrying amount of its investment in subsidiaries for its share of the subsidiaries cumulative losses were reduced to nil and the carrying amount of “Amounts due from subsidiaries” was further adjusted in 2020 and 2021. In 2020, the Company continued to record losses after “Amounts due from subsidiaries” were reduced to nil as the Company is committed to provide financial support to its subsidiaries, resulting in a negative equity method investment which is presented as “Share of losses in excess of investments in subsidiaries and amounts due from subsidiaries” in the condensed balance sheets. The subsidiaries did not pay any dividends to the Company for the periods presented. The Company does not have significant commitments or long-term obligations as of the period end other than those presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted and as such, these Company-only financial statements should be read in conjunction with the Group’s consolidated financial statements.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=123454820&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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