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v3.23.1

Intangible assets | 12 Months Ended
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Dec. 31, 2022
Intangible assets. |
Intangible assets | 13 Intangible assets ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Application and platform | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Contributed | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Development | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | by Ping | ​ | Developed | ​ | ​ | ​ | Purchased | ​ | costs in | ​ | ​ | ​ | Business | ​ | ​ | ​ | ​
​ |  | An Group |  | internally |  | Acquired |  | Software |  | progress |  | Goodwill |  | license |  | Others |  | Total
​ |  | RMB’000 |  | RMB’000 | ​ | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000
Year ended December 31, 2021 |  |  |  |  | ​ | ​ |  |  |  |  |  |  |  |  |  |  |  |
Opening net book amount |  | — | ​ | 287,674 | ​ | 29,709 | ​ | 44,758 | ​ | 121,122 | ​ | 289,161 | ​ | 124,145 | ​ | 20,494 | ​ | 917,063
Additions |  | — | ​ | — | ​ | 570 | ​ | 19,606 | ​ | 62,287 | ​ | — | ​ | — | ​ | — | ​ | 82,463
Disposal, net |  | — | ​ | — | ​ | — | ​ | (1,103) | ​ | — | ​ | — | ​ | — | ​ | — | ​ | (1,103)
Write-off | ​ | — | ​ | (1,899) | ​ | — | ​ | — | ​ | (3,747) | ​ | — | ​ | — | ​ | — | ​ | (5,646)
Transfer |  | — | ​ | 133,548 | ​ | — | ​ | — | ​ | (133,548) | ​ | — | ​ | — | ​ | — | ​ | —
Amortization |  | — | ​ | (190,503) | ​ | (28,048) | ​ | (36,013) | ​ | — | ​ | — | ​ | (31,804) | ​ | (16,406) | ​ | (302,774)
Exchange differences | ​ | — | ​ | (1,877) | ​ | - | ​ | (207) | ​ | (725) | ​ | — | ​ | — | ​ | — | ​ | (2,809)
Closing net book amount |  | — | ​ | 226,943 | ​ | 2,231 | ​ | 27,041 | ​ | 45,389 | ​ | 289,161 | ​ | 92,341 | ​ | 4,088 | ​ | 687,194
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at December 31, 2021 |  | ​ |  | ​ | ​ | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​ |  | ​
Cost |  | 690,910 | ​ | 721,175 | ​ | 61,078 | ​ | 148,807 | ​ | 46,114 | ​ | 289,161 | ​ | 155,492 | ​ | 80,263 | ​ | 2,193,000
Accumulated amortization |  | (690,910) | ​ | (491,264) | ​ | (58,847) | ​ | (121,156) | ​ | - | ​ | - | ​ | (63,151) | ​ | (76,175) | ​ | (1,501,503)
Exchange differences | ​ | — | ​ | (2,968) | ​ | — | ​ | (610) | ​ | (725) | ​ | - | ​ | - | ​ | - | ​ | (4,303)
Net book amount |  | — | ​ | 226,943 | ​ | 2,231 | ​ | 27,041 | ​ | 45,389 | ​ | 289,161 | ​ | 92,341 | ​ | 4,088 | ​ | 687,194
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Application and platform | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Contributed | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Development | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | by Ping | ​ | Developed | ​ | ​ | ​ | Purchased | ​ | costs in | ​ | ​ | ​ | Business | ​ | ​ | ​ | ​
​ |  | An Group |  | internally |  | Acquired |  | Software |  | progress |  | Goodwill |  | license |  | Others |  | Total
​ |  | RMB’000 |  | RMB’000 | ​ | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000 |  | RMB’000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Year ended December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Opening net book amount | ​ | — | ​ | 226,943 | ​ | 2,231 | ​ | 27,041 | ​ | 45,389 | ​ | 289,161 | ​ | 92,341 | ​ | 4,088 | ​ | 687,194
Additions | ​ | — | ​ | — | ​ | — | ​ | 927 | ​ | 44,950 | ​ | — | ​ | — | ​ | — | ​ | 45,877
Write-off | ​ | — | ​ | (6,371) | ​ | — | ​ | — | ​ | (3,837) | ​ | — | ​ | — | ​ | — | ​ | (10,208)
Transfer | ​ | — | ​ | 58,528 | ​ | — | ​ | — | ​ | (58,528) | ​ | — | ​ | — | ​ | — | ​ | —
Amortization | ​ | — | ​ | (110,801) | ​ | (2,231) | ​ | (15,729) | ​ | — | ​ | — | ​ | (31,315) | ​ | (2,045) | ​ | (162,121)
Exchange differences | ​ | — | ​ | 7,907 | ​ | — | ​ | 582 | ​ | 1,205 | ​ | — | ​ | — | ​ | — | ​ | 9,694
Closing net book amount | ​ | — | ​ | 176,206 | ​ | — | ​ | 12,821 | ​ | 29,179 | ​ | 289,161 | ​ | 61,026 | ​ | 2,043 | ​ | 570,436
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
As at December 31, 2022 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost | ​ | 690,910 | ​ | 773,332 | ​ | 61,078 | ​ | 149,734 | ​ | 28,699 | ​ | 289,161 | ​ | 155,492 | ​ | 80,263 | ​ | 2,228,669
Accumulated amortization | ​ | (690,910) | ​ | (602,065) | ​ | (61,078) | ​ | (136,885) | ​ | — | ​ | — | ​ | (94,466) | ​ | (78,220) | ​ | (1,663,624)
Exchange differences | ​ | — | ​ | 4,939 | ​ | — | ​ | (28) | ​ | 480 | ​ | — | ​ | — | ​ | — | ​ | 5,391
Net book amount | ​ | — | ​ | 176,206 | ​ | — | ​ | 12,821 | ​ | 29,179 | ​ | 289,161 | ​ | 61,026 | ​ | 2,043 | ​ | 570,436
​ 13 Intangible assets (Continued) The Group assesses at each reporting date whether there is an indication that intangible assets may be impaired. During the year ended December 31, 2022, impairment charge of RMB6,371,000 and RMB3,837,000 has been charged to cost of revenue and research and development expenses, respectively. The impairment charge was charged against development costs which were in progress for certain application and platform developed internally, following a decision to reduce the output of certain products. During the years ended December 31, 2020, 2021 and 2022, the amount of amortization charged to cost of revenue, research and development expenses and general and administrative expenses are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31,
Amortization of intangible assets | ​ | 2020 | ​ | 2021 | ​ | 2022
​ |  | RMB’000 |  | RMB’000 |  | RMB’000
​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of revenue |  | 275,479 | ​ | 297,406 | ​ | 146,466
Research and development expenses |  | 3,812 | ​ | 3,396 | ​ | 6,282
General and administrative expenses |  | 3,406 | ​ | 1,972 | ​ | 9,373
​ |  | 282,697 | ​ | 302,774 | ​ | 162,121
​
(a) | Impairment tests for goodwill
Goodwill arises from the Group’s acquisitions of Vantage Point Technology on July 31, 2018, BER Technology on June 30, 2019, and View Foundation on August 30, 2019. The goodwill of the Group is attributable to the acquired workforce and synergies expected to be derived from combining with the operations of the Group. During the year ended December 31, 2021 and 2022, the goodwill is regarded as attributable to the CGU of Technology Solutions segment. The Group carries out its impairment testing on goodwill by comparing the recoverable amounts of groups of CGUs to their carrying amounts. The management did the value-in-use calculations to determine the recoverable amounts. Value-in-use is calculated based on discounted cash flows. The discounted cash flows calculations of group of CGUs use cash flow projection developed based on financial budgets approved by management of the Group, after considering the current and historical business performance, the future business plan and market data. The significant assumptions used for value-in-use calculations are as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, | ​
​ |  | 2021 |  | 2022 | ​
​ | ​ | RMB'000 | ​ | RMB'000 | ​
​ |  | ​ | ​ | ​ | ​
Revenue growth rate | ​ | 10%-24 | % | -15%-13 | %
Profit Margin | ​ | -24%-15 | % | -15%-10 | %
Long term growth rate |  | 2 | % | 2 | %
Pre-tax discount rate | ​ | 16.30 | % | 17.50 | %
Recoverable amount of the CGU exceeding its carrying amount (RMB’000) |  | 3,191,952 | ​ | 781,499 | ​
​ 13 Intangible assets (Continued)
(a) | Impairment tests for goodwill (Continued)
For the year ended December 31, 2021, the performance of the Technology Solution segment have generally been in line with management’s expectations. In addition, the industry in which the Group operated and the market and regulatory environment were also largely stable. Hence, there were no significant changes in the operating risk, the renew growth rate and expected returns required by investors, which have resulted in relatively stable significant assumptions for the year ended December 31, 2021. With the impact of general economic environment, the business development of the Group, global socio-political conditions, pandemics outbreaks and changes in investors’ expected return, the expected revenue growth rate decreased and the discount rates increased in 2022, therefore the headroom decreased accordingly. The following table sets forth the impact of reasonable possible changes in each of the significant assumptions, with all other variables held constant, of goodwill impairment testing at the dates indicated. ​
​ | ​ | ​ | ​ | ​
Possible changes of significant assumptions | ​ | Recoverable amount of the CGU
​ | ​ | exceeding its carrying amount
​ | ​ | Year ended December 31,
​ |  | 2021 |  | 2022
​ |  | RMB’000 |  | RMB’000
​ | ​ | ​ | ​ | ​
Revenue growth rate decrease by 5% |  | 1,325,839 |  | 373,790
Profit margin decrease by 1% | ​ | 2,532,835 | ​ | 459,556
Long term growth rate decrease by 1% |  | 2,741,710 |  | 669,058
Pre-tax discount rate increase by 1% |  | 2,594,933 |  | 616,950
​

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