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CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

12 Months Ended

Dec. 31, 2023

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

19. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

​

​	​	​	​	​	​	​
​		As of December 31,
​		2022		2023		2023
​	​	RMB	​	RMB	​	US$
​	​	(in thousands, except for number of shares and per share data)
ASSETS
Current assets
Cash and cash equivalents		186,825	​	138,574	​	19,518
Amounts due from subsidiaries		282,687	​	315,959	​	44,502
Prepayments and other current assets	​	—	​	4,205	​	592
Total current assets		469,512	​	458,738	​	64,612
Non-current assets		​	​	​	​	​
Investments in subsidiaries, the VIE and VIE’s subsidiaries		306,751	​	506,526	​	71,343
Other non-current assets	​	2,382	​	2,422	​	341
Total non-current assets		309,133	​	508,948	​	71,684
Total assets		778,645	​	967,686	​	136,296
LIABILITIES		​	​	​	​	​
Current liabilities		​	​	​	​	​
Amounts due to subsidiaries and the VIE		2,092	​	5,973	​	841
Accrued expenses and other current liabilities		7,101	​	3,909	​	551
Total current liabilities		9,193	​	9,882	​	1,392
Total liabilities		9,193	​	9,882	​	1,392
SHAREHOLDERS’ EQUITY				​		​
Ordinary shares (par value of US$0.0001 per share, 700,000,000 Class A shares authorized as of December 31, 2022 and December 31, 2023; 125,122,382 Class A shares issued and 121,722,467 outstanding as of December 31, 2022; 125,122,382 Class A shares issued and 119,704,787 outstanding as of December 31, 2023; 200,000,000 Class B shares authorized, 144,000,000 Class B ordinary shares issued and outstanding as of December 31, 2022 and December 31, 2023; 100,000,000 shares (undesignated) authorized, nil shares (undesignated) issued and outstanding as of December 31, 2022 and December 31, 2023)		185	​	185	​	26
Additional paid-in capital		1,079,099	​	1,088,628	​	153,330
Treasury stock		(7,123)	​	(16,665)	​	(2,347)
Accumulated other comprehensive income		10,497	​	17,955	​	2,529
Accumulated deficit		(313,206)	​	(132,299)	​	(18,634)
Total shareholders’ equity		769,452	​	957,804	​	134,904
Total liabilities and shareholders’ equity		778,645	​	967,686	​	136,296

​

19. CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY (Continued)

​

​	​	​	​	​	​	​	​	​
​		For the year ended December 31,
​		2021		2022		2023		2023
​	​	RMB	​	RMB	​	RMB	​	US$
​	​	(in thousands)
Operating expenses
General and administrative expenses		(22,755)	​	(18,993)	​	(16,011)	​	(2,255)
Total operating expenses		(22,755)	​	(18,993)	​	(16,011)	​	(2,255)
Operating loss		(22,755)	​	(18,993)	​	(16,011)	​	(2,255)
Share of income (loss) from subsidiaries, the VIE and VIE’s subsidiaries		(15,874)	​	126,241	​	190,880	​	26,885
Other income, net		1,578	​	2,571	​	6,038	​	849
Income (loss) before income taxes		(37,051)	​	109,819	​	180,907	​	25,479
Income tax expenses		—	​	—	​	—	​	—
Net income (loss)		(37,051)	​	109,819	​	180,907	​	25,479
Total comprehensive income (loss)		(49,867)	​	154,993	​	188,365	​	26,529
​	​	​	​	​	​	​	​	​
Net cash used in operating activities		(15,837)	​	(18,992)	​	(15,968)	​	(2,249)
Net cash provided by (used in) investing activities		127,514	​	(1,655)	​	(25,483)	​	(3,589)
Net cash provided by (used in) financing activities		313	​	(6,956)	​	(9,448)	​	(1,331)
Effect of exchange rate changes on cash and cash equivalents		(3,787)	​	17,047	​	2,648	​	373
Net change in cash and cash equivalents		108,203	​	(10,556)	​	(48,251)	​	(6,796)
Cash and cash equivalents at the beginning of the year		89,178	​	197,381	​	186,825	​	26,314
Cash and cash equivalents at the end of the year		197,381	​	186,825	​	138,574	​	19,518

​

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 VIE and VIE’s subsidiaries.

The parent company records its investment in its subsidiaries, the VIE and VIE’s subsidiaries under the equity method of accounting as prescribed in ASC 323, Investments-Equity Method and Joint Ventures. Under the equity method of accounting, the Company shall adjust the carrying amount of the investment for its share of the subsidiaries’ and other equity investees’ cumulative losses until the investment balance reaches zero, unless it is contractually obligated to continue to pick up the subsidiaries’ and other equity investees’ losses. The Company confirmed its unlimited financial support to its subsidiaries for their operations. Consequently, the Company recognized its investment in excess of its share of cumulative losses in “Investments in subsidiaries, the VIE and VIE’s subsidiaries” on the condensed balance sheets, and the respective share in income (loss) in “Share of income (loss) from subsidiaries, the VIE and VIE’s subsidiaries” on the condensed statements of comprehensive income (loss). The subsidiaries did not pay any dividends to the Company for the periods presented.

The parent company’s condensed financial statements should be read in conjunction with the Group’s consolidated financial statements.

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- References

No definition available.

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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
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6

Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-11

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