Summary of Significant Accounting Policies (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Summary of Significant Accounting Policies [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables represent the fair value hierarchy of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and June 30, 2023:

	As of December 31, 2022
	Fair Value Measurement at the Reporting Date using
	Quoted price in active markets for identical assets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Financial assets:
Investment in marketable equity security	¥	40,548					¥	40,548
Financial liabilities:
Earn-out liability from BeeLive acquisition	¥	-	¥	-	¥	-	¥	-
Earn-out liability from Weiliantong acquisition		-		-		4,336		4,336
Warrant liability						166		166
Total	¥	-	¥	-	¥	4,502	¥	4,502

	As of June 30, 2023
	Fair Value Measurement at the Reporting Date using
	Quoted price in active markets for identical assets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Financial assets:
Investment in marketable equity security	¥	105,697					¥	105,697
Financial liabilities:
Earn-out liability from BeeLive acquisition	¥	-	¥	-	¥	-	¥	-
Earn-out liability from Weiliantong acquisition		-		-		6,314		6,314
Warrant liability						15		15
Total	¥	-	¥	-	¥	6,329	¥	6,329

The following tables represent the fair value hierarchy of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and 2022:

	As of December 31, 2021
	Fair Value Measurement at the Reporting Date using
	Quoted price in active markets for identical assets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Financial assets:
Investment in marketable equity security	¥	38,789		-		-	¥	38,789
Financial liabilities:
Earn-out liability from BeeLive acquisition		-		-		10,638		10,638
Warrants liabilty						10,324		10,324
Total	¥	-	¥	-	¥	20,962	¥	20,962

	As of December 31, 2022
	Fair Value Measurement at the Reporting Date using
	Quoted price in active markets for identical assets Level 1		Significant other observable inputs Level 2		Significant unobservable inputs Level 3		Total
Financial assets:
Investment in marketable equity security	¥	40,548					¥	40,548
Financial liabilities:
Earn-out liability from BeeLive acquisition	¥	-	¥	-	¥	-	¥	-
Earn-out liability from Weiliantong acquisition		-		-		4,336		4,336
Warrant liability						166		166
Total	¥	-	¥	-	¥	4,502	¥	4,502

Schedule of Major Assumptions Used in the Binomial Model

The major assumptions used in the binomial model are as follows:

	June 30, 2022			December 31, 2022
Risk-free interest rate		2.49	%		4.73	%
Share price	$	3.27		$	1.97
Probability		20% - 50	%		20% - 50	%

	June 30, 2022			December 31, 2022			June 30, 2023
Risk-free interest rate		2.52-2.86	%		4.73	%		5.47
Share price	$	3.27		$	1.97		$	2.74
Probability		20% - 50	%		20% - 50	%		20%-50	%

	December 31, 2021			December 31, 2022			June 30, 2023
Risk-free interest rate		0.75	%		4.70	%		5.45	%
Share price	$	5.68		$	1.97		$	2.74
Volatility		53	%		68	%		59	%

The major assumptions used in the binomial model are as follows:

	May 7, 2020			December 31, 2020			December 31, 2021
Risk-free interest rate		0.14	%		0.10	%		0.38	%
Share price	$	8.92		$	8.66		$	5.68
Probability		20% - 50	%		10	%		20%-50	%

	August 10, 2020			December 31, 2020			December 31, 2021			December 31, 2022
Risk-free interest rate		0.12 - 0.14	%		0.11% - 0.13	%		0.38	%		4.73	%
Share price	$	6.2		$	8.66		$	5.68		$	1.97
Probability		20% - 50	%		20% - 50	%		20% - 50	%		20%-50	%

	January 1, 2022			December 31, 2022
Risk-free interest rate		0.39-0.73	%		4.73	%
Share price	$	5.13		$	1.97
Probability		20% - 50	%		20% - 50	%

	May 7, 2020			December 31, 2020			December 31, 2021			December 31, 2022
Risk-free interest rate		0.23	%		0.18	%		0.75	%		4.70	%
Share price	$	8.92		$	8.66		$	5.68		$	1.97
Volatility		37	%		38	%		53	%		68	%

Schedule of Fair Value on a Recurring Basis Using Significant Unobservable Inputs

The following is a reconciliation of the beginning and ending balances for contingent consideration measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

	Balance
Balance at December 31, 2021	¥	10,638
Contingent consideration resulting from Weiliantong acquisition		19,875
Fair value change		(13,071	)
Reclassification to shares to be issued		(13,106	)
Balance at December 31, 2022		4,336
Fair value change		1,978
Balance at June 30, 2023		6,314
Less: Contingent consideration – earn-out liability – non-current portion		-
Contingent consideration – earn-out liability –current portion	¥	6,314

	Balance
Balance as of December 31, 2021	¥	10,324
Fair value change		(10,776	)
Exchange difference		618
Balance as of December 31, 2022	¥	166
Fair value change		(153	)
Exchange difference		2
Balance as of June 30, 2023		15

The following is a reconciliation of the beginning and ending balances for contingent consideration measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the years ended December 31, 2020, 2021 and 2022:

	Balance
Balance at January 1, 2020	¥	-
Contingent consideration resulting from SPAC Transaction		266,828
Contingent consideration resulting from BeeLive acquisition		39,755
Fair value change		14,068
Exchange difference		(13,252	)
Reclassification to shares to be issued		(200,100	)
Balance at December 31, 2020	¥	107,299
Fair value change		33,584
Exchange difference		(2,126	)
Reclassification to shares to be issued		(128,119	)
Balance at December 31, 2021	¥	10,638
Contingent consideration resulting from Weiliantong acquisition		19,875
Fair value change		(13,071	)
Reclassification to shares to be issued		(13,106	)
Balance at December 31, 2022	¥	4,336
Less: Contingent consideration – earn-out liability – non-current portion		-
Contingent consideration – earn-out liability –current portion	¥	4,336

	Balance
Balance at January 1, 2020	¥	-
Warrant liabilities resulting from SPAC Transaction		36,121
Fair value change		(3,904	)
Exchange difference		(2,659	)
Balance as of December 31, 2020	¥	29,558
Fair value change		(16,421	)
Exercised		(115	)
Exchange difference		(2,698	)
Balance as of December 31, 2021	¥	10,324
Fair value change		(10,776	)
Exchange difference		618
Balance as of December 31, 2022	¥	166

Schedule of Forth Types of Our Revenue

The following table sets forth types of our revenue for the periods indicated:

	For the six months ended
	June 30,		June 30,		June 30,
	2022		2023		2023
Amounts in thousands of RMB and USD	RMB		RMB		USD
Live streaming - consumable virtual items revenue		940,768		640,740		88,362
Live streaming - time based virtual item revenue		14,382		11,890		1,640
Technical services and others		14,823		14,812		2,042
Total revenue		969,973		667,442		92,044

The following table sets forth types of our revenue for the periods indicated:

	For the years ended December 31,
	2020		2021		2022		2022
Amounts in thousands of RMB and USD	RMB		RMB		RMB		USD
Live streaming - consumable virtual items revenue		1,187,431		1,617,056		1,886,179		273,470
Live streaming - time based virtual item revenue		29,596		32,905		27,683		4,014
Technical services and others		5,156		19,397		39,395		5,712
Total revenue		1,222,183		1,669,358		1,953,257		283,196

Schedule of Sets Forth Our Revenue

The following table sets forth our revenue by platforms for the periods indicated:

	For the six months ended
	June 30,		June 30,		June 30,
	2022		2023		2023
Amounts in thousands of RMB and USD	RMB		RMB		USD
Showself		282,856		171,689		23,678
Lehai		130,411		100,818		13,903
Haixiu		167,450		121,639		16,775
Beelive		243,522		160,379		22,117
Hongle		130,911		98,105		13,529
Technical services and others		14,823		14,812		2,042
TOTAL		969,973		667,442		92,044

The following table sets forth our revenue by platforms for the periods indicated:

	For the years ended December 31,
	2020		2021		2022		2022
Amounts in thousands of RMB and USD	RMB		RMB		RMB		USD
Showself		549,763		595,004		521,155		75,561
Lehai		180,112		242,910		241,851		35,065
Haixiu		321,468		326,661		317,953		46,099
Beelive		165,684		485,386		545,296		79,060
Hongle		-		-		287,607		41,699
Technical services and others		5,156		19,397		39,395		5,712
TOTAL		1,222,183		1,669,358		1,953,257		283,196

Schedule of Estimated Useful Lives

The estimated useful lives are as follows:

Computer and transmission equipment	3 years
Furniture, fixtures and office equipment	5 years

Schedule of Estimated Economic Life of the Intangible Assets

Intangible assets with a finite useful life are amortized using the straight-line method over the estimated economic life of the intangible assets as follows:

Trademark	10 years
Patent	10 years
Copyright	10 years
Software	3 to 10 years
Licenses acquired	3 years to infinite life