Parent Company Only Condensed Financial Information (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Condensed Balance Sheets

Condensed Balance Sheets (In thousands, except for share and per share data)

	As of December 31,
	2020		2021
	RMB		RMB		US$
					Note 2(e)
ASSETS
Current assets
Cash and cash equivalents		846		1,845		290
Amounts due from subsidiaries		371,814		354,241		55,588
Prepaid expenses and other current assets		6,272		28,427		4,461
Total current assets		378,932		384,513		60,339
Non-current assets
Investments in subsidiaries, the VIEs and the VIEs’ subsidiaries		7,004,849		9,563,708		1,500,754
Long-term investments		68,151		—		—
Other assets		—		215		34
Total non-current assets		7,073,000		9,563,923		1,500,788
Total assets		7,451,932		9,948,436		1,561,127
LIABILITIES
Current liabilities
Amounts due to subsidiaries, the VIEs and the VIEs’ subsidiaries		18,264		17,887		2,807
Accrued interest payable		9,233		8,735		1,371
Accrued expenses and other current liabilities		13,470		11,509		1,806
Total current liabilities		40,967		38,131		5,984
Non-current liabilities
Convertible notes		1,920,227		1,882,689		295,435
Total non-current liabilities		1,920,227		1,882,689		295,435
Total liabilities		1,961,194		1,920,820		301,419
Commitments and contingencies (Note 21)
SHAREHOLDERS’ EQUITY:
Class A Ordinary Shares ($0.0001 par value per share; 1,889,352,801 shares authorized, 268,935,832 shares issued, 267,356,928 shares outstanding as of December 31, 2020; 1,889,352,801 shares authorized, 286,430,946 shares issued, 273,270,100 shares outstanding as of December 31, 2021)		176		180		28
Class B Ordinary Shares ($0.0001 par value per share; 110,647,199 shares authorized, 96,727,057 shares issued and outstanding as of December 31, 2020; 110,647,199 shares authorized, 94,465,693 shares issued and outstanding as of December 31, 2021)		58		57		9
Additional paid-in capital		2,724,006		2,918,993		458,054
Accumulated other comprehensive income		3,308		11,273		1,769
Retained earnings		2,763,190		5,097,113		799,848
Total shareholders’ equity		5,490,738		8,027,616		1,259,708
Total liabilities and shareholders’ equity		7,451,932		9,948,436		1,561,127

Condensed Statements of Operations and Comprehensive Income

Condensed Statements of Operations and Comprehensive Income (In thousands)

	For the Year Ended December 31,
	2019			2020			2021
	RMB			RMB			RMB			US$
										Note 2(e)
Operating expenses:
General and administrative expenses		(18,514	)		(15,707	)		(19,109	)		(2,999	)
Total operating expenses		(18,514	)		(15,707	)		(19,109	)		(2,999	)
Interest expense, net		(14,085	)		(47,783	)		(44,865	)		(7,040	)
Income from subsidiaries, the VIEs and the VIEs’ subsidiaries		2,260,115			626,877			2,395,789			375,952
Other long-term investments related impairment		—			—			—			—
Investment income/(loss)		57,391			27,624			(1,980	)		(311	)
Others, net		9,645			3,969			11,239			1,764
Income before income tax expense		2,294,552			594,980			2,341,074			367,366
Income tax expense		—			—			(7,151	)		(1,122	)
Net income attributable to ordinary shareholders		2,294,552			594,980			2,333,923			366,244
Other comprehensive income：
Foreign currency translation adjustments, net of tax		7,020			10,596			7,965			1,250
Total comprehensive income attributable to ordinary shareholders		2,301,572			605,576			2,341,888			367,494

Condensed Statements of Cash Flows

Condensed Statements of Cash Flows (In thousands)

	For the Year Ended December 31,
	2019			2020			2021
	RMB			RMB			RMB			US$
										Note 2(e)
Net cash (used in)/provided by operating activities		(6,596	)		(53,626	)		14,196			2,228
Cash flows from investing activities:
Cash paid on long–term investments		—			—			(18,868	)		(2,961	)
Proceeds from disposal of long-term investments		9,000			27,754			65,537			10,284
Cash paid on loans to third parties		—			—			(22,317	)		(3,502	)
Net cash used in funds to Group companies		(2,290,814	)		(107,446	)		(15,263	)		(2,395	)
Net cash (used in)/provided by investing activities		(2,281,814	)		(79,692	)		9,089			1,426
Cash flows from financing activities:
Proceeds from receivables from Pre–IPO Series C–1 preferred shareholders		348,264			—			—			—
Proceeds from issuance of convertible notes, net of debt discount		2,096,408			—			—			—
Payment of debt issuance costs		(24,048	)		—			—			—
Payment of initial public offering expenses		—			—			—			—
Exercise of share–based awards		10,968			7,970			7,124			1,118
Net cash provided by financing activities		2,431,592			7,970			7,124			1,118
Effect of exchange rate changes on cash, cash equivalents and restricted cash		(4,140	)		(13,607	)		(29,410	)		(4,615	)
Net increase/(decrease) in cash, cash equivalents and restricted cash		139,042			(138,955	)		999			157
Cash, cash equivalents and restricted cash at beginning of the year		875			139,917			846			133
Effect on the cash and cash equivalents at beginning of the year due to the adoption of ASC 326 (Note 2(g))		—			(116	)		—			—
Cash, cash equivalents and restricted cash at end of the year		139,917			846			1,845			290