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FINANCIAL INSTRUMENTS | 12 Months Ended
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Dec. 31, 2022
Financial Instruments |
FINANCIAL INSTRUMENTS |
22. |  | FINANCIAL INSTRUMENTS
(a) Financial assets Set out below is an overview of financial assets, other than cash and short-term deposits, held by the Group as of December 31, 2021 and 2022:
Schedule of financial assets |  |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2021 |  |  | 2022 |  |  | 2022 |
|  | CNY |  |  | CNY |  |  | US$ |
Debt instruments at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |
Trade receivables: current |  |  | 41,526 |  |  |  | 46,760 |  |  |  | 6,779 |
Trade receivables: non-current |  |  | 9,501 |  |  |  | 10,520 |  |  |  | 1,525 |
Financial assets included in other receivables |  |  | 85,224 |  |  |  | 82,406 |  |  |  | 11,946 |
Financial assets at fair value through other comprehensive income： |  |  |  |  |  |  |  |  |  |  |  |
Bills receivable |  |  | — |  |  |  | 8,500 |  |  |  | 1,232 |
Total |  |  | 136,251 |  |  |  | 148,186 |  |  |  | 21,482 |
Total current |  |  | 126,750 |  |  |  | 137,666 |  |  |  | 19,957 |
Total non-current |  |  | 9,501 |  |  |  | 10,520 |  |  |  | 1,525 |
(b) Financial liabilities Set out below is an overview of financial liabilities of the Group as of December 31, 2021 and 2022：
Schedule of financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2021 |  |  | 2022 |  |  | 2022 |
|  |  | CNY |  |  |  | CNY |  |  |  | US$ |
Derivatives not designated as hedging instruments： |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial liabilities (i) |  |  | 1,710 |  |  |  | 824 |  |  |  | 119 |
Financial liabilities at amortized cost: |  |  |  |  |  |  |  |  |  |  |  |
Trade payables |  |  | 21,118 |  |  |  | 20,326 |  |  |  | 2,946 |
Financial liabilities in other payables and accruals |  |  | 5,903 |  |  |  | 6,749 |  |  |  | 978 |
Dividends payable |  |  | 5,048 |  |  |  | — |  |  |  | — |
Lease liabilities |  |  | 2,189 |  |  |  | 2,915 |  |  |  | 422 |
Due to related companies |  |  | 5,710 |  |  |  | 3,408 |  |  |  | 494 |
Due to the Shareholder |  |  | 14,050 |  |  |  | 7,153 |  |  |  | 1,037 |
Interest-bearing loans and borrowings |  |  | 77,000 |  |  |  | 74,000 |  |  |  | 10,729 |
Total |  |  | 132,728 |  |  |  | 115,375 |  |  |  | 16,725 |
Total current |  |  | 57,520 |  |  |  | 42,777 |  |  |  | 6,200 |
Total non-current |  |  | 75,208 |  |  |  | 72,598 |  |  |  | 10,525 |
(i) |  | On January 20, 2021, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company issued and sold on January 22, 2021, (i) in a registered direct offering, an aggregate of 3,960,000 of its common shares at a price of US$1.85 per share, and (ii) in a concurrent private placement, warrants initially exercisable for the purchase of an aggregate of 1,584,000 of its common shares with an initial exercise price of US$2.35 per share.
The Company recognized the warrants issued to the investors as derivative financial liabilities (not designated as hedging instruments) with a fair value of CNY9,246 (US$1,427)* on the issue date as the investors have the right to exercise their warrants on a cashless basis. In accordance with IAS 32, a contract settled by a single net payment (generally referred to as net cash-settled or net equity-settled as the case may be) is a financial liability and not an equity instrument. The fair value gain of derivative financial liabilities for the years ended December 31, 2021 and 2022 was CNY7,467 and CNY1,007 (US$146), respectively.
* |  | As the changes in equity from this private placement transaction are denominated in US$, the amount in US$ is the actual transaction amount and the corresponding amount in CNY was translated from US$ at the applicable exchange rate of the transaction date, January 22, 2021.
(c) Fair value Set out below is a comparison, by class, of the carrying amounts and fair values of the Group’s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values:
Schedule of the carrying amounts and fair values of the Group’s financial instruments other than those with carrying amounts |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | December 31, |
|  | 2021 |  |  | 2022 |  |  | 2022 |
|  | CNY |  |  | CNY |  |  | US$ |
|  | Carrying amount |  |  | Fair value |  |  | Carrying amount |  |  | Fair value |  |  | Carrying amount |  |  | Fair value |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest-bearing loans and borrowings |  |  | 77,000 |  |  |  | 79,003 |  |  |  | 74,000 |  |  |  | 77,636 |  |  |  | 10,728 |  |  |  | 11,255 |
The following table provides the fair value measurement hierarchy of the Group’s financial assets and financial liabilities as of December 31, 2021 and 2022:
Schedule of the fair value measurement hierarchy of the Group’s financial assets and financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of December 31, 2021 |  | Fair value measurement using
|  | Quoted prices in active markets (Level 1) |  | Significant observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |  |  | Total |
|  | CNY |  | CNY |  |  | CNY |  |  | CNY |
Recurring fair value measurement: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial liabilities |  | — |  |  | 1,710 |  |  |  | — |  |  |  | 1,710 |
As of December 31, 2022 |  | Fair value measurement using |
|  | Quoted prices in active markets (Level 1) |  |  | Significant observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |  |  | Total |
|  | CNY |  |  | CNY |  |  | CNY |  |  | CNY |
Recurring fair value measurement: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bills receivable |  |  | — |  |  |  | 8,500 |  |  |  | — |  |  |  | 8,500 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial liabilities |  |  | — |  |  |  | 824 |  |  |  | — |  |  |  | 824 |
As of December 31, 2022 |  | Fair value measurement using |
|  | Quoted prices in active markets (Level 1) |  |  | Significant observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |  |  | Total |
|  | US$ |  |  | US$ |  |  | US$ |  |  | US$ |
Recurring fair value measurement: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Bills receivable |  |  | — |  |  |  | 1,232 |  |  |  | — |  |  |  | 1,232 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial liabilities |  |  | — |  |  |  | 119 |  |  |  | — |  |  |  | 119 |
Level 2: Bills receivable The fair value valuation of bills receivable is based on directly or indirectly observable inputs (such as recent bill discount rate) through valuation techniques. Derivative financial liabilities The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. There is no established public trading market for the warrants issued to investors on January 22, 2021. As of December 31, 2022, the Group measured the fair value of those warrants on a recurring basis using a binomial lattice pricing model with significant inputs including, among other relevant observable inputs, the underlying spot price of the Company’s common shares, exercise price, time to expiration, risk-free rate and equity volatility. During the years ended 2021 and 2022, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 for both financial assets and liabilities.

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