Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Significant Accounting Policies [Abstract]

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

Schedule of Financial 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 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
	RMB		RMB		RMB		RMB
Financial assets:
Investment in marketable equity security		40,548		-		-		40,548
Financial liabilities:
Earn-out liability from Weiliantong acquisition		-		-		4,336		4,336
Warrant liability						166		166
Total		-		-		4,502		4,502

	As of December 31, 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
	RMB		RMB		RMB		RMB
Financial assets:
Investment in marketable equity security		31,525		-		-		31,525
Financial liabilities:
Earn-out liability from Weiliantong acquisition		-		-		-		-
Warrant liability		-		-		-		-
Total		-		-		-		-

Schedule of Major Assumptions Used in the Binomial Model

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

	December 31, 2021			December 31, 2022
Risk-free interest rate		0.38	%		4.73	%
Share price	$	5.68		$	1.97
Probability		20% - 50	%		20% - 50	%

The major assumptions used are as follows:

	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	%

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

	December 31, 2021			December 31, 2022			December 31, 2023
Risk-free interest rate		0.75	%		4.70	%		5.58	%
Share price	$	5.68		$	1.97		$	3.48
Volatility		53	%		68	%		60	%

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) during the years ended December 31, 2021, 2022 and 2023:

	Amount
	RMB
Balance at January 1, 2021		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
Fair value change		5,624
Reclassification to shares to be issued		(9,960	)
Balance at December 31, 2023		-

The following table sets forth the establishment of the Company’s Level 3 warrant liabilities, as well as a summary of the changes in the fair value:

	Amount
	RMB
Balance as January 1, 2021		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
Fair value change		(170	)
Exchange difference		4
Balance as of December 31, 2023		-

Schedule of Forth Types of Our Revenue

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

	For the years ended December 31,
	2021		2022		2023		2023
Amounts in thousands of RMB and USD	RMB		RMB		RMB		US$
Live streaming - consumable virtual items revenue		1,617,056		1,886,179		1,420,258		200,040
Live streaming - time based virtual item revenue		32,905		27,683		25,004		3,522
Technical services and others		19,397		39,395		19,609		2,761
Total revenue		1,669,358		1,953,257		1,464,871		206,323

Schedule of Sets Forth Our Revenue

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

	For the years ended December 31,
	2021		2022		2023		2023
Amounts in thousands of RMB and USD	RMB		RMB		RMB		US$
Showself		595,004		521,155		334,186		47,070
Lehai		242,910		241,851		263,517		37,116
Haixiu		326,661		317,953		245,049		34,514
Beelive		485,386		545,296		304,730		42,921
Hongle		-		287,607		297,780		41,941
Technical services and others		19,397		39,395		19,609		2,761
TOTAL		1,669,358		1,953,257		1,464,871		206,323