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ORDINARY SHARES CONTINGENTLY REDEEMABLE | 12 Months Ended
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Dec. 31, 2025
ORDINARY SHARES CONTINGENTLY REDEEMABLE |
ORDINARY SHARES CONTINGENTLY REDEEMABLE | 33. ORDINARY SHARES CONTINGENTLY REDEEMABLE In 2024, the Group issued restricted shares as consideration for investments in Beijing Naonao and Shenma Limited. The investees have the right to force redemption or cancellation of all or a portion of the Company’s consideration shares which remain locked up and are held by the respective investees. Accordingly, these consideration shares are classified as temporary equity in the mezzanine section of the consolidated balance sheets. On June 30, 2025, the Group and Beijing Naonao entered an amendment of SPA which executed on March 26, 2024. In the amendment, the terms of share repurchase have been removed. In July 2025, the Group and Beijing Naonao mutually returned their respective consideration shares to each other, effectively unwinding the share exchange arrangement. Upon completion of this exchange, Beijing Naonao’s right to force redemption or cancellation of the Company’s consideration shares was extinguished, and the related temporary equity was derecognized with the offsetting entries recorded to investment, ordinary shares, and additional paid-in capital. As of December 31, 2025, the remaining ordinary shares contingently redeemable of 417,880,500 shares relate solely to Shenma Limited’s consideration shares, which remain subject to Shenma’s right to force redemption or repurchase. Ordinary shares contingently redeemable is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31, | ​ | December 31,
​ | ​ | 2024 | ​ | 2025 | ​ | 2025
​ | ​ ​ ​ | RMB | ​ ​ ​ | RMB | ​ ​ ​ | US$
​ | ​ | ​ | ​ | ​ | ​ | (Note 3)
​ | ​ | ​ | ​ | (in thousands) | ​ | ​
Ordinary shares contingently redeemable ending balance |  | 102,638 | ​ | 72,699 | ​ | 10,396
​

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- Definition The entire disclosure of the entity's 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. + References No definition available. + Details
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- References No definition available. + Details
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