Condensed Financial Information of the Parent Company

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

25.CONDENSED FINANCIAL INFORMATION OF THE PARENT COMPANY

Condensed Balance Sheets

	As of December 31,
	Note		2022			2023			2023
			RMB			RMB			US$
ASSETS
Current assets:
Cash and cash equivalents				4,334,968			401,002			56,480
Prepayments and other assets				20,751			4,725			666
Amounts due from entities within the Group				19,925,446			22,653,118			3,190,625
Total current assets				24,281,165			23,058,845			3,247,771
Total non-current assets				—			—			—
Total assets				24,281,165			23,058,845			3,247,771
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Convertible senior notes				8,305,447			2,802,442			394,716
Accrued expenses and other liabilities				156,807			25,891			3,647
Total current liabilities				8,462,254			2,828,333			398,363
Non-current liabilities
Convertible senior notes		14		9,568,279			8,143,994			1,147,058
Total non-current liabilities				9,568,279			8,143,994			1,147,058
Total liabilities				18,030,533			10,972,327			1,545,421
Commitments and contingencies		17
Shareholders’ equity:
Class A ordinary shares (US$0.00001 par value; 94,000,000,000        shares authorized as of December 31, 2022 and 2023,       respectively; 3,246,481,443 and 3,853,820,658 shares       issued as of December 31, 2022 and 2023, respectively;       3,047,568,900 and 3,675,039,807 shares outstanding       as of December 31, 2022 and 2023, respectively)		18		194			237			34
Class B ordinary shares (US$0.00001 par value; 5,000,000,000        shares authorized as of December 31, 2022 and 2023;       3,041,097,278 shares issued and outstanding       as of December 31, 2022 and 2023)		18		193			193			27
Additional paid-in capital				50,885,688			54,971,469			7,742,569
Accumulated deficit		19		(46,498,897	)		(44,573,428	)		(6,278,036	)
Accumulated other comprehensive income		24		1,863,454			1,688,047			237,756
Total shareholders’ equity				6,250,632			12,086,518			1,702,350
Total liabilities and shareholders’ equity				24,281,165			23,058,845			3,247,771

Condensed Statements of Comprehensive (Loss)/Income

	Year ended December 31,
		2021			2022			2023			2023
		RMB			RMB			RMB			US$
Operating costs and expenses:
Selling, general and administrative			(26,658	)		(66,883	)		(11,397	)		(1,605	)
Operating loss
Share of (losses)/income of subsidiaries, VIEs and VIEs’ subsidiaries			(5,807,189	)		2,076,676			2,975,000			419,020
Interest income			19,026			12,845			115,209			16,227
Interest expenses			(889,263	)		(234,870	)		(726,487	)		(102,324	)
Foreign exchange gain/(loss), net			496,669			(1,954,314	)		(665,335	)		(93,710	)
Others, net			37,831			30,334			238,479			33,589
Net (loss)/income			(6,169,584	)		(136,212	)		1,925,469			271,197
Accretion of redeemable noncontrolling interests			(20,336	)		—			—			—
Net (loss)/income attributable to ordinary shareholders			(6,189,920	)		(136,212	)		1,925,469			271,197
Other comprehensive income/(loss):
Foreign currency translation adjustments			169,141			(849,395	)		(164,040	)		(23,105	)
Unrealized losses on available-for-sale debt securities			(2,819	)		(21,091	)		(11,367	)		(1,601	)
Total other comprehensive income/(loss), net of tax			166,322			(870,486	)		(175,407	)		(24,706	)
Comprehensive (loss)/income			(6,003,262	)		(1,006,698	)		1,750,062			246,491

Condensed Statements of Cash Flows

	Year ended December 31,
	2021			2022			2023			2023
	RMB			RMB			RMB			US$
Net cash used for operating activities		(360,187	)		(157,273	)		(370,682	)		(52,209	)
Net cash provided by/(used for) investing activities		483,685			(2,462,807	)		238,001			33,522
Net cash (used for)/provided by financing activities		(3,441,602	)		5,307,603			(3,859,442	)		(543,591	)
Effect of exchange rate changes on cash and cash equivalents		(167,636	)		31,492			58,157			8,191
Net (decrease)/increase in cash and cash equivalents		(3,485,740	)		2,719,015			(3,933,966	)		(554,087	)
Cash and cash equivalents at the beginning of the year		5,101,693			1,615,953			4,334,968			610,567
Cash and cash equivalents at the end of the year		1,615,953			4,334,968			401,002			56,480

Basis of presentation

For the presentation of the parent company only condensed financial information, the Company records its investments in subsidiaries and VIEs under the equity method of accounting as prescribed in ASC 323. The subsidiaries, VIEs and VIEs’ subsidiaries losses are reported as “Share of (losses)/income of subsidiaries, VIEs and VIEs’ subsidiaries” on the condensed statements of comprehensive (loss)/income. Under the equity method of accounting, the Company’s carrying amount of its investment in subsidiaries, VIEs and VIEs’ subsidiaries was reduced to nil as of December 31, 2022 and 2023, and the carrying amount of “Amounts due from entities within the Group” was further adjusted as the Company committed to provide financial support to its VIEs as disclosed in Note 1.

The subsidiaries did not pay any dividends to the Company for the periods presented.

The Company does not have significant commitments or long-term obligations as of the period end other than those presented.

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