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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Summary of provisions for income tax expense

The provisions for income tax expense are summarized as follows (in thousands):

		For the Years Ended December 31,
		2017				2018				2019				2019
		RMB				RMB				RMB				US$
Current tax expense			20,936				19,819				23,218				3,336
Deferred tax (benefit)/expense			(6,153	)			286				(2,977	)			(428	)
Income tax expense			14,783				20,105				20,241				2,908

Components of income before tax and income tax expense for PRC and non-PRC operations

The components of income before tax and income tax expense for PRC and non-PRC operations are as follows (in thousands):

		For the Years Ended December 31,
		2017				2018				2019				2019
		RMB				RMB				RMB				US$
Income/(loss) arising from PRC operations			104,208				(43,009	)			(214,743	)			(30,846	)
(Loss)/income arising from non-PRC operations			(55,001	)			(2,498	)			958,986				137,750
Income/(loss) before tax			49,207				(45,507	)			744,243				106,904
Income tax expense relating to PRC operations			14,739				20,129				20,243				2,908
Income tax expense/(benefit) relating to non-PRC operations			44				(24	)			(2	)			(0.3	)
Income tax expense			14,783				20,105				20,241				2,908
Effective tax rate for PRC operations			14.1	%			(46.8	)%			(9.4	)%			(9.4	)%

Reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rate for PRC operations

Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rate for PRC operations for the years ended December 31, 2017, 2018 and 2019 is as follows:

		For the Years Ended December 31,
		2017				2018				2019
		%				%				%
Statutory income tax rate			25.0				25.0				25.0
Permanent differences*			(10.1	)			46.2				18.0
Change in valuation allowance			2.9				(77.2	)			(33.0	)
Effect of preferential tax treatment			(6.6	)			(37.5	)			(18.7	)
Uncertain tax positions			2.9				(3.3	)			(0.7	)
Effective income tax rate			14.1				(46.8	)			(9.4	)

* Permanent differences mainly included the tax-deductible expenses of the research and development expenses so incurred in a year in determining their tax assessable profits for that year for enterprises engaging in research and development activities, which were of 150% before 2018 and of 175% beginning from January 1, 2018, according to policies promulgated by the State Tax Bureau of the PRC.

Combined effects of the income tax exemption and other preferential tax treatment

The combined effects of the income tax exemption and other preferential tax treatment available to the Group are as follows (in thousands, except per share data):

		For the Years Ended December 31,
		2017				2018				2019				2019
		RMB				RMB				RMB				US$
Effect of preferential tax treatment			6,836				(16,128	)			(40,054	)			(5,753	)
Basic net income/(loss) per share effect			0.01				(0.03	)			(0.07	)			(0.01	)

Tax effects of temporary differences that give rise to deferred tax assets and liabilities

The tax effects of temporary differences that give rise to the deferred tax assets and liabilities balances as of December 31, 2018 and 2019 are as follows (in thousands):

		As of December 31,
		2018				2019				2019
		RMB				RMB				US$
Deferred tax assets:
Provision of allowance for doubtful accounts			21,431				31,240				4,487
Accrued payroll and expenses and others			25,576				32,849				4,720
Net operating loss carryforward			69,150				136,503				19,607
Less: valuation allowance			(55,997	)			(126,904	)			(18,229	)
Total deferred tax assets, net			60,160				73,688				10,585

17.  Income Taxes (Continued)

		As of December 31,
		2018				2019				2019
		RMB				RMB				US$
Deferred tax liabilities:
Unrealized holding gain of available-for-sale debt investments*			132,272				190,830				27,412
Amortizable intangible assets from acquisition of a subsidiary			7,376				5,668				814
Others			1,312				1,312				188
Total deferred tax liabilities			140,960				197,810				28,414

*The Company recognized a deferred tax liability of RMB132.3 million and RMB190.8 million (US$27.4 million) for the unrealized holding gain of available-for-sale debt investments in Particle, as of December 31, 2018 and 2019, respectively, which was recorded net against the pre-tax changes in other comprehensive income.

Movement of valuation allowance for deferred tax assets

The following table sets forth the movement of the valuation allowance for deferred tax assets (in thousands):

		2017				2018				2019				2019
		RMB				RMB				RMB				US$
Balance as of January 1,			11,402				14,208				55,997				8,043
Additions			6,164				37,584				70,709				10,158
Increase from an acquired subsidiary			—				8,576				997				143
Reversals			(3,358	)			(4,371	)			(799	)			(115	)
Balance as of December 31,			14,208				55,997				126,904				18,229

Reconciliation of liabilities associated with uncertain tax positions

A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax positions is as follows (in thousands):

		2017				2018				2019				2019
		RMB				RMB				RMB				US$
Balance as of January 1,			21,723				24,714				26,131				3,753
Increase related to current year tax positions			2,991				1,417				1,481				213
Balance as of December 31,			24,714				26,131				27,612				3,966

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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